Libbey - Fourth Quarter Earnings Up

Tableware giant Libbey said on 6 February/03 that quarterly earnings rose 21%, lifted by strong sales to food service and retail customers. The company also said it forsees 2003 earnings per share rising 8% to 10%. Net income in the fourth quarter rose to US$ 8.42M ($0.56/share) FROM us$7.0m. Sales Rose 4.7% from US$117.4M. The results were better than the company's prior expectation for earnings of US$0.53-55/share. Libbey also said it anticipates a US$7M or US$0.30/share rise in its non-cash pension expense and retiree medical costs for 2003, an increase that will be offset by its cost reduction efforts.