Libbey: narrower 4Q 2006 loss on stronger sales

Glassware and flatware maker Libbey Inc. posted a narrower loss in the 4Q 2006, helped by strong revenues, particularly in the North American glassware division, the company said on 15 February 2007.

Glassware and flatware maker Libbey Inc. posted a narrower loss in the 4Q 2006, helped by strong revenues, particularly in the North American glassware division, the company said on 15 February 2007. The company reported a loss of USD 8.5 million, or a loss of USD 0.60 per share, versus a loss of USD 21 million, or a loss of USD 1.50 per share in the year-ago period. The 2006 results included charges of USD 3.4 million for restructuring and realignment associated with the closure of a California facility and a salary reduction program. Excluding the charges, the company posted a loss of USD 0.37 per share. Revenue rose 35% to USD 213.9 million from USD 158.7 million in the 4Q of 2005. Sales in the North American glass division helped overall revenues substantially, rising 50% in the quarter to USD 156 million. The company said the sales increase was partly due to the consolidation of sales from Crisa, the company“s former joint venture in Mexico. Libbey bought previous partner Vitro SA“s 51% share of Crisa on 16 June 2006. The Mexico-based unit manufactures tableware. The company also credited a 10% increase in shipments to food service and retail glassware customers for the sales boost. The company“s yearly loss, however, increased to USD 20.9 million, or USD 1.47 per share. In 2005, the company reported a loss of USD 19.4 million, or a loss of USD 1.39 per share. Revenue rose 21% to USD 689.5 million from USD 568.1 million in the prior year.