Libbey Turns Loss into Profit in First Quarter
April 27, 2012,
TOLEDO, Ohio-Libbey Inc. began its fiscal year on an upbeat note, posting net income of $641,000 compared to a net loss of $1 million in last year's first quarter, helped by the absence of a $2.8 million loss from the redemption of debt.
Net sales in the quarter, which ended on March 31, improved by 3.8 percent to $187.8 million. The top line benefited from a 5.7 percent gain in sales from the glass operations segment, and a massive 69 percent increase in sales to the China region.
Stephanie Streeter, Libbey's CEO, said, "Our ongoing success depends on a continued focus on improving our cost structure, leveraging our high-growth overseas markets and strengthening our balance sheet."