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Libbey’s First Quarter Sales Increase 10.2%

Libbey Inc. announced that sales for the first quarter of 2010 were $173.9 million, compared to $157.9 million in the first quarter of 2009, an improvement of 10.2%.
Libbey reported net income of $55.4 million, or $2.76 per diluted share, for the first quarter ended March 31, 2010, compared to a net loss of $27.9 million, or $1.89 per diluted share, in the prior-year quarter. Excluding special items of $56.4 million, Libbey had a net loss of $1 million and diluted loss per share of $0.05 for the first quarter of 2010. The special items in the first quarter of 2010 included a gain of $70.2 million, which represented the difference between the carrying value and the face value of the Payment in Kind notes which were redeemed in February 2010. This gain was partially offset by the write-off of $13.4 million of unamortized fees and discounts on the refinanced floating rate senior notes and ABL credit facility and call premium payments.
For the quarter ended March 31, 2010, sales were $173.9 million, compared to $157.9 million in the year-ago quarter. Sales in the North American Glass segment were $120.6 million, an increase of 10.9%, compared to $108.7 million in the first quarter of 2009. Primary contributors to the increased sales included a 32.2% increase in sales of Crisa products and a 12.8% increase in sales to U.S. and Canadian retail customers, compared to the prior-year quarter.
Libbey reported earnings before interest and taxes (EBIT) of $66.9 million, compared to a loss before interest and taxes of $12.1 million in the year-ago quarter. Libbey reported that Adjusted EBITDA was $20.8 million for the first quarter, compared to $3.9 million in the first quarter of 2009.
John Meier, chairman and CEO said, “We were pleased with the double-digit sales improvements we saw in both the North American Glass and International segments in the first quarter. We were also pleased that the higher sales and capacity utilization resulted in a $16.9 million improvement in Adjusted EBITDA, when compared to the prior year first quarter.”