Tableware firm Libbey Inc. increased sales in 2004 to nearly USD $545M but profits fell to less than $8.3M after charges for the forthcoming closure of its California factory & higher costs. Libbey reported 3 Feb/05 that its sales for 2004 increased 6% from $513.6M in 2003, although profits declined nearly 72% from $29.1M. Profits per share were $0.60 in 2004, less than a third of the $2.11 in 2003. Libbey is due to close its City of Industry, California plant soon, for which it took charges of $14.5M in 2004. Without the charge, Libbey would have had profits of $1.34/share in 2004 & $0.29 a share in the 4Q, when sales increased 7% to $154.1M but profits fell 79% to $1.5M, or $0.11/share. Libbey's results were short of the consensus expectation of analysts polled by Thomson Financial Network by $0.02 a share for 4Q & $0.03/share for the year.
