US-based glass tableware manufacturer Libbey Inc. said its board of directors authorized a stock repurchase plan of up to one million shares in addition to a previously announced 875,000 share buy bac…
US-based glass tableware manufacturer Libbey Inc. said its board of directors authorized a stock repurchase plan of up to one million shares in addition to a previously announced 875,000 share buy back plan. Libbey said it has repurchased 748,000 shares under its original programme at an average price of US$ 26.48 per share. It said as of January 31, there are over 15.2 million shares outstanding. The company also reported a higher-than-expected profit for the fourth quarter against a year-ago loss. Toledo-based Libbey said it earned US$ 11.9 million, or 74 cents a fully-diluted share, in the fourth quarter of 1999. This compares with a loss of US$ 8.7 million, or 49 cents a share, a year earlier, including a charge of 68 cents for expenses associated with a realignment of its glass tableware production, which included costs associated with the closing of the company“s glassware plant in Wallaceburg, Ontario. Sales rose 14% to US$ 140.4 million from US$ 123.2 a year ago bolstered by a record performance in foodservice glassware and sales of products associated with the millennium. John Meier, Libbey“s chairman and chief executive, said the company was pleased with the results for 1999 and the success of its capacity realignment programme. “Our goal is to deliver US$ 48 million in net income in 2000, which would represent continued strong growth and another record performance.” It earned US$ 43.4 million in 1999.