Ceramic Industry News

Libbey Announces Third Quarter Results (posted 11/8/07)

November 8, 2007
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Libbey Inc. recently announced that its third quarter 2007 sales increased 10.5% to $202.4 million from $183.3 million in the third quarter of 2006. Libbey reported net income of $0.4 million, or $0.03 per diluted share, for the third quarter ended September 30, 2007, compared to a net loss of $3.3 million, or a loss of $0.23 per diluted share, in the prior year quarter.

The increase in sales was broad-based and included a 27.3% increase in International sales, as shipments to Royal Leerdam and Crisal glassware customers increased more than 14% and Libbey China had a full quarter of shipments. In addition, North American Glass sales increased 7.6%, benefiting from more than a 9% increase in shipments to U.S. and Canadian foodservice and retail glassware customers. Shipments of Crisa glassware were up over 5%. North American Other sales increased 5.7% on the strength of increases of more than 7% in shipments of World Tableware and Traex products.

The company reported income from operations of $14.7 million during the quarter, compared to income from operations of $10.8 million in the year-ago quarter. Factors contributing to the increase in income from operations were higher sales and related margins, savings from the capacity realignment at Crisa and higher production activity. Partially offsetting these improvements was $1.0 million in increased natural gas costs.

For the nine months ended September 30, 2007, sales increased 23.7% to $589.0 million from $476.1 million in the year-ago period. The increase in sales was primarily attributable to the consolidation of the sales of Crisa, a 17% increase in sales to export customers outside of North America and increases of more than 5% in shipments to U.S. and Canadian foodservice and retail glassware customers resulting in 28.7% growth in North American Glass. International sales grew 26.5% as sales for the first nine months of 2007 included Libbey China shipments, and sales to Royal Leerdam customers and Crisal customers each increased over 19% compared to the first nine months of 2006. North American Other sales increased 4.7% on the strength of higher sales of World Tableware products.

For additional details, as well as an archive of a recent conference call discussing these results, visit www.libbey.com.


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