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Libbey Announces Third Quarter Results

Libbey Inc. today reported net income of $3.5 million, or 23 cents per diluted share, for the quarter ended September 30, 2009, compared to a net loss of $6 million, or 40 cents per diluted share, in the prior-year third quarter. Net sales were $186.9 million in the third quarter of 2009, compared to $211.5 million in the prior-year third quarter.
As of September 30, 2009, working capital, defined as inventories and accounts receivable less accounts payable, decreased by $14.3 million year-to-date in 2009 from $206.9 million at December 31, 2008, to $192.6 million at September 30, 2009. The decline is primarily the result of significantly lower inventories, partially offset by an increase in accounts receivable, reflecting the company’s continued success in its cash management efforts, according to Libbey.
John F. Meier, chairman and CEO, said in a statement, “During the third quarter, we continued our solid success in cash flow generation for the year, resulting in increasingly improved liquidity.”
He added, “Our U.S. retail shipments again led the way during the third quarter, as sales in this channel increased over nine percent compared to the third quarter of 2008. As a result of overall increases in demand, primarily in North America, we also benefited from increased capacity utilization in all three North American glass factories during the third quarter of 2009. These factors, along with the continued success of our cost reduction program, allowed us to generate $31.9 million in normalized EBITDA during the quarter.”