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SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): January 9, 1998
LIBBEY INC.
(Exact name of registrant as specified in its charter)
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<S> <C> <C>
Delaware 1-12084 34-1559357
(State of incorporation) (Commission File Number) (IRS Employer identification No.)
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300 Madison Avenue
Toledo, Ohio 43604
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (419) 325-2100
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ITEM 5. OTHER INFORMATION
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On January 9, 1998 Libbey Inc. (the "Company") through a press release
announced estimated fourth quarter financial results.
(c) EXHIBITS
Exhibit
No. Description
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99 Text of Press Release dated January 9, 1998.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
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LIBBEY INC.
Registrant
Date: January 9, 1998 By: /s/ Kenneth G. Wilkes
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Kenneth G. Wilkes
Vice President, Chief Financial Officer
and Treasurer
(Principal Accounting Officer)
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EXHIBIT INDEX
Exhibit No. Description
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99 Press release dated January 9, 1998
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EXHIBIT 99
NEWS LIBBEY INC.
BULLETIN 300 MADISON AVE.
P.O. BOX 10060
TOLEDO, OH 43699
FROM:
FRB
THE FINANCIAL RELATIONS BOARD, INC.
FOR FURTHER INFORMATION:
AT THE COMPANY: AT THE FINANCIAL RELATIONS BOARD:
KENNETH WILKES JENIFER ESTABROOK SUZY LYNDE
VP/CFO & TREASURER GENERAL INQUIRIES ANALYST INQUIRIES
(419) 325-2490 (312) 640-6787 (312) 640-6772
FOR IMMEDIATE RELEASE
FRIDAY, JANUARY 9, 1998
LIBBEY ESTIMATES 4TH-QTR NET INCOME OF
$0.55 TO $0.60 PER SHARE;
CITES DISAPPOINTING RETAIL SALES AS CONTRIBUTING FACTOR
TOLEDO, OHIO, JANUARY 9, 1998--LIBBEY INC. (NYSE: LBY) announced today that it
expects net income for the fourth quarter ended December 31, 1997, to be between
55 and 60 cents per share. Despite the lower than expected performance, Libbey's
goal of double-digit net income growth remains in place for 1998. The company
expects to announce earnings on or about February 4, 1998.
The company cited the primary factor adversely affecting the quarter was
disappointing sales to retail customers late in the Christmas selling season,
which included a less profitable mix of products sold. Other factors included
higher than expected costs in the company's factory and distribution operations.
John F. Meier, chairman and chief executive officer, commenting on the company's
performance, said, "While we expect total company sales to increase for the
quarter, sales to select mass merchants were adversely affected by tighter
control over inventories by retailers and less promotional activity as compared
to the 1996 Christmas season. The World Tableware acquisition and Vitrocrisa, a
joint venture, are meeting our expectations and were a bright spot in the
quarter. We expect these recent acquisitions will continue to provide growth
opportunities in 1998 In addition, we saw a continued gradual improvement in
sales to the foodservice industry in the quarter."
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LIBBEY INC.
ADD -1-
Commenting on the outlook for the company, Meier added, "We recognize that
improvements in sales and profits in our core glassware business are key to
meeting our financial objectives. We also expect Syracuse China to realize
greater profits from its improving sales performance. Plans are in place to
address these issues and our goal of double-digit net income growth remains in
place for 1998."
Certain of the above information is forward-looking and as such, only reflects
the company's best assessment at this time. Investors are cautioned that
forward-looking statements involve risks and uncertainty, that actual results
may differ materially from such statements, and that investors should not place
undue reliance on such statements. For a discussion of factors that may affect
actual results, investors should refer to the Company's Securities and Exchange
Commission reports, including but not limited to, Exhibit 99 to the Annual
Report on Form 10-K for the year 1996.
Libbey Inc.:
- is the largest producer of glass tableware in North America;
- is a leading producer of tabletop products for the foodservice industry;
- exports to more than 100 countries; and,
- provides technical assistance to glass tableware manufacturers around the
world.
Based in Toledo, Ohio, the company operates glass tableware manufacturing plants
in California, Louisiana, Ohio and Ontario, Canada. In addition, Libbey is a
joint venture partner in the largest glass tableware company in Mexico. Through
its Syracuse China subsidiary, the company designs, manufactures and distributes
an extensive line of high-quality ceramic dinnerware, principally for the
foodservice industry in the United States. Through its World Tableware
subsidiary, the company imports and sells a full-line of metal flatware and
hollowware and an assortment of ceramic dinnerware and other tabletop items,
principally for the foodservice industry in the United States. In 1996, its net
sales totaled $398 million.
FOR FURTHER INFORMATION REGARDING LIBBEY INC., FREE OF CHARGE VIA FAX,
DIAL 1-800-PRO-INFO AND USE TICKER SYMBOL "LBY."
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