TOLEDO, Ohio, Feb. 20 /PRNewswire-FirstCall/ -- Libbey Inc. (NYSE: LBY)
announced today that the New York Stock Exchange notified the Company on
February 17, 2009, that it has fallen below the NYSE's continued listing
standard relating to the Company's total market capitalization and its
stockholders' equity. The NYSE requires that the average market capitalization
of a listed company be not less than $75 million over a consecutive 30
trading-day period and that stockholders' equity be not less than $75 million.
Libbey intends to provide the NYSE, within 45 days from the date of the
NYSE notice, a business plan that demonstrates Libbey's strategy to return to
compliance with these continued listing standards within 18 months. During
this period, Libbey's common stock will continue to be traded on the NYSE,
subject to the Company's compliance with other NYSE continued listing
requirements.
This press release includes forward-looking statements as defined in the
Private Securities Litigation Reform Act of 1995. Such statements only
reflect the Company's best assessment at this time and are indicated by words
or phrases such as "goal," "expects," " believes," "will," "estimates,"
"anticipates," or similar phrases. Investors are cautioned that
forward-looking statements involve risks and uncertainty, that actual results
may differ materially from such statements, and that investors should not
place undue reliance on such statements. These forward-looking statements may
be affected by the risks and uncertainties in the Company's business. This
information is qualified in its entirety by cautionary statements and risk
factor disclosures contained in the Company's Securities and Exchange
Commission filings, including the Company's report on Form 10-K filed with the
Commission on March 17, 2008. Important factors potentially affecting
performance include but are not limited to increased competition from foreign
suppliers endeavoring to sell glass tableware in the United States and Mexico;
the impact of lower duties for imported products; global economic conditions
and the related impact on consumer spending levels; major slowdowns in the
retail, travel or entertainment industries in the United States, Canada,
Mexico, Western Europe and Asia, caused by terrorist attacks or otherwise;
significant increases in per-unit costs for natural gas, electricity,
corrugated packaging, and other purchased materials; higher indebtedness
related to the Crisa acquisition; higher interest rates that increase the
Company's borrowing costs or volatility in the financial markets that could
constrain liquidity and credit availability; protracted work stoppages related
to collective bargaining agreements; increases in expense associated with
higher medical costs, increased pension expense associated with lower returns
on pension investments and increased pension obligations; devaluations and
other major currency fluctuations relative to the U.S. dollar and the Euro
that could reduce the cost competitiveness of the Company's products compared
to foreign competition; the effect of high inflation in Mexico and exchange
rate changes to the value of the Mexican peso and the earnings and cash flow
of Crisa, expressed under U.S. GAAP; the inability to achieve savings and
profit improvements at targeted levels in the Company's operations or within
the intended time periods; and whether the Company completes any significant
acquisition and whether such acquisitions can operate profitably. Any
forward-looking statements speak only as of the date of this press release,
and the Company assumes no obligation to update or revise any forward-looking
statement to reflect events or circumstances arising after the date of this
press release.
Libbey Inc.:
-- is the largest manufacturer of glass tableware in the western
hemisphere and one of the largest glass tableware manufacturers in the world;
-- is expanding its international presence with facilities in China,
Mexico, the Netherlands and Portugal;
-- is the leading manufacturer of tabletop products for the U.S.
foodservice industry; and
-- supplies products to foodservice, retail, industrial and business-to-
business customers in over 100 countries.
Based in Toledo, Ohio, since 1888, Libbey operates glass tableware
manufacturing plants in the United States in Louisiana and Ohio, as well as in
Mexico, China, Portugal and the Netherlands. Its Crisa subsidiary, located in
Monterrey, Mexico, is the leading producer of glass tableware in Mexico and
Latin America. Its Royal Leerdam subsidiary, located in Leerdam, Netherlands,
is among the world leaders in producing and selling glass stemware to retail,
foodservice and industrial clients. Its Crisal subsidiary, located in
Portugal, provides an expanded presence in Europe. Its Syracuse China
subsidiary designs, manufactures and distributes an extensive line of
high-quality ceramic dinnerware, principally for foodservice establishments in
the United States. Its World Tableware subsidiary imports and sells a
full-line of metal flatware and holloware and an assortment of ceramic
dinnerware and other tabletop items principally for foodservice establishments
in the United States. Its Traex subsidiary, located in Wisconsin, designs,
manufactures and distributes an extensive line of plastic items for the
foodservice industry. In 2008, Libbey Inc.'s net sales totaled $810.2
million.
