Libbey Inc. s losses grow seven-fold

4/30/2009

Libbey Inc. Thursday reported first-quarter losses of $27.9 million, or $1.89 a share, almost seven times worse than the $3.5 million, or 24 cents a share, lost in the same period last year.

The Toledo glassmaker reported sales fell to $157.9 million during the quarter, a 16 percent drop from $187.3 million a year earlier.

Libbey said it had improved its liquidity and free cash flow, even as it continued to shed sales because of current economic conditions. It also recorded special charge-offs to close its Syracuse China factory in New York state and a distribution center in California.

"While we continued to be impacted by the global economic recession, we were pleased with the stronger performance in both our U.S. foodservice and retail shipments in February and March," said John Meier, Libbey s chairman and chief executive officer.