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Libbey Inc., one of Toledo's oldest companies, Wednesday morning reported a massive loss of $68.9 million, or $4.68 a share, for the fourth quarter of 2008, compared to a loss of $5 million, or 34 cents a share, for the same quarter of 2007.
The retail and commercial glassware company, whose fortunes are closely tied to the struggling restaurant industry, said its revenues had fallen over 17 percent to $186.6 million in the fourth quarter of 2008, compared with $225.1 million in the same period of 2007.
The company announced that its board had chosen to suspend its annual 10 cents a share dividend in light of its current economic condition. It also announced that it would cut capital spending by $10 million, impose a 5 percent pay cut on most U.S.-based salaried employees and a 7.5 percent pay cut on all officers of the company, and suspend 401(k) matches for all salaried and non-unionized hourly employees.
The moves are expected to increase cash flow by approximately $50 million this year, company officials said.
For 2008, Libbey recorded a loss of $80.5 million, or $5.48 a share, compared to a loss of $2.3 million, or $0.16 a share in 2007.