Tableware manufacturer Libbey, increased sales in 2004 to nearly US$545M, but profits fell to less than US$8.3M after charges for the forthcoming closure if its California factory and higher costs. Libbey reported 3 February that its sales for 2004 increased 6% from US$513.6M (03) although profits declined nearly 72% from US$29.1M. Profits per share were US$0.60 in 2004, less than a third of the US$2.11 in 2003. Libbey closed its California plant in February/05, for which it took charges of US$14.5M in 2004. Without the charge, Libbey would have had profits of US$1.34/share in 2004 and US$0.29/share in the fourth quarter, when sales increased 7% to US$154.1M but profits fell 79% to US$1.5M, or US$0.11/share. Profit for 2004 was also affected by higher expenses for distribution, packaging, medical benefits, pensions, and natural gas, the company said.
