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Libbey announces third-quarter results

US tableware operation Libbey Inc. cited the continuing benefits of improved factory utilization, lower administrative expenses and higher equity earnings, when announcing diluted earnings per share f…

US tableware operation Libbey Inc. cited the continuing benefits of improved factory utilization, lower administrative expenses and higher equity earnings, when announcing diluted earnings per share for the third quarter ended 30 September 2000. EPS increased 9.5 per cent to 92 cents from 84 cents in the year-ago period. For the quarter ended 30 September, sales totalled US$ 108.1 million compared to US$ 112 million in the year-ago quarter. Increased sales of core foodservice and industrial glassware were offset by the lack of millennium-related sales in the current quarter and the company“s decision last year to exit low margin bottleware and certain low margin retail business. Income from operations was US$ 23.7 million compared to US$ 24.5 million in the same quarter last year. Lower selling, general and administrative expenses only partially offset the impact of lower sales. In addition, expense reductions in other areas helped offset increases of 55 per cent in costs for natural gas and smaller increases in corrugated packaging costs. During the third quarter of 1999, the company also recorded non-recurring items that had a net favorable impact on income from operations of US$ 1.3 million last year. For the nine months to 30 September, sales were US$ 318.1 million compared with US$ 320.2 million in the year-ago period. Income from operations increased 6.1 per cent to US$ 60.9 million compared with US$ 57.4 million in the year-ago period. According to chairman and CEO John F. Meier, the Libbey end-of-year goal remains to achieve diluted earnings per share of US$ 3.00, an increase of 13.6 per cent for the year.

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