13797 Thu, 02/14/2008 - 12:31pm
TOLEDO, Ohio–Despite a healthy sales gain in the fourth quarter of 2007, Libbey posted a decline in income.
The company reported a net loss of $5 million for the fourth quarter ended Dec. 31, 2007, compared with a net loss of $8.5 million in the prior-year quarter. Excluding the non-cash charge of $15.3 million for a tax-valuation allowance, net income would have been $10.3 million.
Sales increased 5.5 percent to $225 million in the fourth quarter of 2007 from $213 million in the prior-year fourth quarter. This is a sales record for the company.
“We are extremely pleased with the strength of our fourth-quarter and full-year 2007 performance,” said John Meier, chairman and chief executive officer, in a statement. The company had increases in retail, food service, industrial and international glassware shipments during 2007, he said, and sales to European glassware customers were “robust.”
Meier said he expected first-quarter 2008 sales to be in the range of $185 million to $190 million, and earnings to be between $20 million and $22 million.
Libbey also reported that it expects sales for 2008 to be in the range of $850 million to $870 million.