Citing the benefits of higher equity earnings, lower interest expenses and tax reductions, Libbey Inc. recently announced that its diluted earnings per share for the third quarter ended September 30, 2001, were 90 cents. For the quarter ended September 30, 2001, sales were $106.9 million compared with $108.1 million in the year-ago quarter. Increased retail sales partially offset declines in other channels of distribution, principally as a result of sluggish economic conditions and the negative impact of the events of September 11, 2001, on the economy. The company recorded income from operations of $19.6 million during the quarter, which compares with income from operations of $23.7 million in the year-ago quarter. Lower selling, general and administrative expenses, primarily due to lower compensation expenses, partially offset the impact of higher natural gas costs, lower sales and energy savings initiatives, which were realized in the prior year quarter.
Additional information can be found at http://www.libbey.com.