Libbey reported a net loss of $1.8 million, or $0.12 per share, for the first quarter ended March 31, 2007, compared to net income of $0.5 million, or $0.04 per share in the prior year quarter.
First Quarter Results
For the quarter-ended March 31, 2007, sales increased 33.1 percent to $179.5 million from $134.9 million in the year-ago quarter. North American Glass sales increased 47.4 percent to $124.7 million (see Table 4). The increase in sales was attributable to the consolidation of the sales of Crisa, the Company's former joint venture in Mexico, a 30 percent increase in shipments to export customers outside of North America and a more than 18 percent increase in shipments to retail glassware customers. In addition, North American Other sales increased 2.3 percent, as shipments of World Tableware products were up over 14 percent. Shipments to Syracuse China customers were down approximately 7 percent. International sales increased 26.2 percent as the result of increased shipments to customers of Royal Leerdam and Crisal. On a pro forma basis giving effect to the consolidation of Crisa as of January 1, 2006, as detailed in the attached Table 3, sales were up 2.2 percent in total.
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