Libbey Posts $2.3 Million Net Income for Q3
October 20, 2010,
TOLEDO, Ohio-Libbey reported net income of $2.3 million for the third quarter ended September 30, 2010. This compares to net income of $3.5 million in the prior-year quarter.
Excluding special items of $2.4 million, Libbey had net income of $4.7 million for the third quarter of 2010. The special items in the third quarter of 2010 included a write-down of decorating assets at the Company's Shreveport, Louisiana, facility and fees related to the secondary stock offering completed in August 2010, for which no proceeds were received.
Sales for the third quarter of 2010 were $200 million, compared to $186.9 million in the third quarter of 2009, an increase of 7 percent.
"We were pleased with the solid sales improvements we saw in both the North American glass and international segments in the third quarter as well as quarterly year-over-year improvement in sales in North American Other for the first time in 2010," said John Meier, chairman and chief executive officer.