14362 Thu, 05/01/2008 - 12:23pm
TOLEDO, Ohio–Glassmaker Libbey has reported a net loss of $3.5 million for the first quarter ended March 31, compared with a net loss of $1.8 million in the prior-year quarter. Sales increased 4.3 percent to $187.3 million from $179.5 million in the prior-year first quarter.
Income from operations was hampered by an unfavorable mix of sales, as a result of lower food-service sales, an increase in natural gas expenses and a $2.1 million increase in depreciation partially offset by a reduction in expenses.
“We are pleased with the strength of our total sales performance,” said John F. Meier, chairman and chief executive officer, in a statement. “We experienced healthy increases in U.S. and Canadian retail glassware, Crisa and Libbey China shipments during the quarter. We reported solid EBITDA performance in spite of softness in the U.S. food-service market and higher natural gas costs.”
Meier expects second-quarter sales to be in the range of $215 million to $220 million.