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Libbey Turns To Profit In Q1

Libbey Inc. (LBY: Quote) reported first-quarter net income of $0.6 million or $0.03 per share, compared to a net loss of $1.0 million or $0.05 per share last year.

Net sales for the quarter rose to $187.8 million from $181.0 million a year ago.

The company also announced that its subsidiary, Libbey Glass Inc., plans to call for redemption of an aggregate principal amount of $40.0 million of its outstanding 10.0 percent senior secured notes due 2015 prior to the second quarter.

The company plans to fund this redemption using cash on its balance sheet and/or borrowings under its Asset Backed Loan credit facility. This redemption is expected to result in a one-time charge of $2.2 million or about $0.10 per share in the second quarter for early extinguishment of debt.

by RTT Staff Writer

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