Libbey Inc., (OTCBB: LYBI) Reports Improving Trends Continue

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Libbey Inc. (OTCBB: LYBI) recently publicized that net sales were $195.8 million in the second quarter of 2009, compared to $224.8 million in the prior-year second quarter. Libbey reported net income of $2.7 million, or $0.18 per diluted share, for the quarter-ended June 30, 2009, compared to a net loss of $2.1 million, or $0.14 per diluted share, in the prior-year second quarter.

John F. Meier, chairman and chief executive officer, commenting on the quarter said, "We continued our success in cash flow generation and inventory reduction for the quarter, resulting in improved liquidity." Mr. Meier added, "Our U.S. retail shipments again led the way during the second quarter, as sales in this channel increased almost seven percent compared to the second quarter of 2008. Given overall increases in demand, primarily in North America, we have increased our scheduled capacity utilization in all three North American glass factories for the third quarter of 2009."

Based in Toledo, Ohio, since 1888, Libbey operates glass tableware manufacturing plants in the United States in Louisiana and Ohio, as well as in Mexico, China, Portugal and the Netherlands. Its Crisa subsidiary, located in Monterrey, Mexico, is the leading producer of glass tableware in Mexico and Latin America. Its Royal Leerdam subsidiary, located in Leerdam, Netherlands, is among the world leaders in producing and selling glass stemware to retail, foodservice and industrial clients. Its Crisal subsidiary, located in Portugal, provides an expanded presence in Europe. It’s Syracuse China subsidiary designs and distributes an extensive line of high-quality ceramic dinnerware, principally for foodservice establishments in the United States. Its World Tableware subsidiary imports and sells a full-line of metal flatware and hollowware and an assortment of ceramic dinnerware and other tabletop items principally for foodservice establishments in the United States. Its Traex subsidiary, located in Wisconsin, designs, manufactures and distributes an extensive line of plastic items for the foodservice industry. In 2008, Libbey Inc.'s net sales totaled $810.2 million.

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