logo
Share SHARE
FONT-SIZE Plus   Neg

Libbey Turns To Profit In Q1

Libbey Inc. (LBY) 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

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
French aircraft maker Dassault Aviation SA said Wednesday that following repeated delays, it has terminated a contract with French defense company Safran for its Silvercrest engine that was intended to power Dassault's Falcon 5X business jet. Walt Disney Co. has agreed to buy certain assets of Rupert Murdoch's Twenty-First Century Fox, Inc. for about $52.4 billion in stock, the two companies said Thursday. Immediately prior to the acquisition by Disney, 21st Century Fox will separate the Fox Broadcasting network, Fox News Channel, Fox Business Network, FS1, FS2 and Big Ten Network into a newly listed company that will be spun off. Crypto Co., engaged in the digital currencies and blockchain sector, announced its plans to execute a 10-for-1 stock split, citing the significant growth in the value and demand for its shares amid the ongoing digital currency market boost. CEO Mike Poutre said, ""We are aware of the recent fluctuation in our stock, and want to see orderly market activity surrounding the trading of our stock."
comments powered by Disqus
Follow RTT