Last $27.01 USD
Change Today +0.31 / 1.16%
Volume 47.7K
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As of 2:05 PM 04/16/14 All times are local (Market data is delayed by at least 15 minutes).

libbey inc (LBY) Key Developments

Libbey Inc. and Libbey Glass, Inc. Complete Refinancing of Existing $405.0 Million of 6.875% Senior Secured Notes Due 2020

On April 9, 2014 Libbey Inc. and its subsidiary, Libbey Glass Inc. completed a refinancing of the existing $405.0 million of Libbey Glass's 6.875% Senior Secured Notes due 2020 which included: the repurchase of $360.0 million of Notes pursuant to a previously announced tender offer and consent solicitation the delivery of a notice of redemption for the remaining $45.0 million of Notes outstanding (to be redeemed on May 9, 2014) at a redemption price of 103%, plus any applicable accrued and unpaid interest and the payment to the trustee for the Notes of the amount required to satisfy such redemption obligation, the entry into a new $440.0 million senior secured term loan B facility (the Term Loan B Credit Facility) and an amendment to Libbey Glass's existing revolving credit facility. Libbey used proceeds from the Term Loan B Credit Facility, cash on hand and borrowings under the Revolving Credit Facility to fund the purchase of Notes pursuant to the Tender Offer and the Notes Redemption. On the Effective Date, Libbey Glass entered into the Revolving Credit Facility Amendment. This amendment extended the term of the Revolving Credit Facility from May 18, 2017 to April 9, 2019, reduced the commitment fee rate under the Revolving Credit Facility from 0.375% to 0.25%, and modified certain covenants to allow Libbey Glass to enter into the Term Loan B Credit Facility and to provide greater flexibility to pay dividends, make investments and incur additional debt outside of the Revolving Credit Facility.

Libbey Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2013; Provides Earnings Guidance for the Full Year 2014

Libbey Inc. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2013. For the quarter, the company's net sales were $221,045,000 against $219,061,000 a year ago. Total revenues were $221,942,000 against $219,744,000 a year ago. Income from operations was $19,070,000 against $13,068,000 a year ago. Earnings before interest and income taxes was $23,885,000 against $13,615,000 a year ago. Income before income taxes was $16,146,000 against $4,973,000 a year ago. Net income was $9,285,000 or $0.42 diluted per share against $1,607,000 or $0.07 diluted per share a year ago. EBITDA was $33,684,000 against $24,189,000 a year ago. Adjusted EBITDA was $37,580,000 against $29,859,000 a year ago. Net cash provided by operating activities was $41,257,000 against $52,127,000 a year ago. Capital expenditures were $19,255,000 against $15,476,000 a year ago. Adjusted income from operations was $26,722,000 against $18,738,000 a year ago. Adjusted income before income taxes was $19,876,000 against $10,643,000 a year ago. Adjusted net income was $12,819,000 or $0.58 diluted per share against $7,277,000 or $0.34 diluted per share a year ago. For the year, the company's net sales were $818,811,000 against $825,287,000 a year ago. Total revenues were $822,155,000 against $828,452,000 a year ago. Income from operations was $72,499,000 against $81,289,000 a year ago. Earnings before interest and income taxes was $73,706,000 against $50,402,000 a year ago. Income before income taxes was $41,700,000 against $12,675,000 a year ago. Net income was $28,459,000 or $1.31 diluted per share against $6,966,000 or $0.33 diluted per share a year ago. EBITDA was $117,675,000 against $91,873,000 a year ago. Adjusted EBITDA was $134,401,000 against $132,404,000 a year ago. Net cash provided by operating activities was $72,729,000 against $8,497,000 a year ago. Capital expenditures were $49,407,000 against $32,720,000 a year ago. Return on invested capital was 14.7%. Adjusted income from operations was $92,162,000 against $90,745,000 a year ago. Adjusted income before income taxes was $59,959,000 against $53,206,000 a year ago. Adjusted net income was $44,651,000 or $2.05 diluted per share against $47,471,000 or $2.23 diluted per share a year ago. The company expects to further increase adjusted EBITDA margins in 2014 as the company realize the benefits of North American capacity realignment.

Libbey Inc., Q4 2013 Earnings Call, Feb 21, 2014

Libbey Inc., Q4 2013 Earnings Call, Feb 21, 2014

Libbey Inc. to Report Q4, 2013 Results on Feb 21, 2014

Libbey Inc. announced that they will report Q4, 2013 results at 11:00 AM, US Eastern Standard Time on Feb 21, 2014

Libbey Inc. Presents at CJS Securities 14th Annual "New Ideas For The New Year" Investor Conference, Jan-15-2014

Libbey Inc. Presents at CJS Securities 14th Annual "New Ideas For The New Year" Investor Conference, Jan-15-2014 . Venue: New York, New York, United States.

 

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