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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): December 15, 1998
LIBBEY INC.
(Exact name of registrant as specified in its charter)
Delaware 1-12084 34-1559357
(State of incorporation) (Commission File Number) (IRS Employer
identification No.)
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 December 15, 1998 Libbey Inc. (the "Company") through a press
release announced that the Board of Directors authorized the repurchase
of up to 875,000 shares of the Company's common stock in open market
and negotiated purchases.
(c) EXHIBITS
Exhibit
No. Description
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99 Text of Press Release dated December 15, 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.
LIBBEY INC.
Registrant
Date: December 16, 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 December 15, 1998
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EXHIBIT 99
FOR IMMEDIATE RELEASE
TUESDAY, DECEMBER 15, 1998
LIBBEY INC. ANNOUNCES NEW SHARE REPURCHASE PLAN
COMPANY CONFIRMS COMPLETION OF PREVIOUS PLAN TO PURCHASE 875,000 SHARES,
BOARD OF DIRECTORS APPROVES PURCHASE OF AN ADDITIONAL 875,000 SHARES
TOLEDO, OHIO, DECEMBER 15, 1998-- LIBBEY INC. (NYSE: LBY) announced that its
Board of Directors authorized the company to buy back as many as 875,000 shares
of the company's common stock in open market and negotiated purchases. In
addition, the company confirmed that it has successfully completed the
repurchase of 875,000 shares pursuant to an announcement of April 30, 1998. The
average price of the shares repurchased was $31.125.
As of December 14, 1998, Libbey had 16,813,481 shares outstanding. Libbey said
the timing of any share repurchases will depend on market conditions and
repurchases will be in amounts as deemed advisable.
DESIGNED TO INCREASE SHAREHOLDER VALUE
John F. Meier, chairman and chief executive officer, commenting on the
repurchase plan, said, "The authorization to repurchase up to an additional
875,000 is consistent with our objective to opportunistically fund future stock
option obligations and balance our financial profile to maximize shareholder
value. Our time horizon is long term, and we have adequate financial flexibility
given our strong cash flows and debt repayment track record."
Certain of the above information may be 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 1997.
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.
