Libbey Revises Forecast

Glass tableware leader Libbey, Inc. announced that for the 3Q 2008 it expects income from operations to be approximately US$ 14.6M on increased sales of around US$ 211.5M. This is expected to result in earnings before interest, taxes, depreciation and amortization (EBITDA) of approx US$ 24.5M for 3Q 2008, compared to prior given EBITDA guidance of US$27.0 to US$ 29.0M. For the 4Q 2008, the company expects sales of US$ 210-220M and EBITDA of US$ 20.5-23.5M. Based on the forecast for 4Q, the company expects fiscal 2008 sales of US$ 833-843M and EBITDA in the range of US$ 97-100M. Analysts had expected higher figures but global economic conditions lead to a revision in forecasts.