US tableware maker, Libbey Inc., said fourth-quarter net income dipped marginally and revenues fell 12%, amid rising energy prices and a slowing economy.
For the quarter ended 31 December 2000, the c…
US tableware maker, Libbey Inc., said fourth-quarter net income dipped marginally and revenues fell 12%, amid rising energy prices and a slowing economy. For the quarter ended 31 December 2000, the company reported net income of US$ 11.8 million, or 76 cents per diluted share, compared with net income of US$ 11.9 million, or 74 cents per share, on a greater number of shares in the same period last year Net sales fell to US$ 123.7 million from US$ 140.4 million in the fourth quarter of 1999. Looking ahead, the company said it expects earnings in the first quarter of 2001 to be roughly flat, year-on-year, as a result of higher costs for natural gas and electricity. For the year, the company said its goal is to grow sales by 6-7% and to deliver US$ 52 million in net income in 2001. For all of 2000, net income rose to US$ 46.9 million from US$ 43.4 million in 1999, or US$ 3.01 per diluted share, up from US$ 2.64 in 1999. Sales fell to US$ 441.8 million from US$ 460.6 million.