Libbey forecasts quarterly net loss on lower sales (closing Cal. plant)

[UpInArms]

http://www.marketwatch.com/news/newsfinder/pulseone.asp?dateid=38531.7840729398-837421377&siteID=mktw&scid=0&doctype=806&

SAN FRANCISCO (MarketWatch) -- Libbey Inc. (LBY) after Tuesday's closing bell forecast a second-quarter net loss of 5 cents to 10 cents a share on sales of $140 milllon to $144 million, citing lower-than-expected sales and lower-than-expected results at its joint venture in Mexico. Pro forma earnings for the quarter are seen coming in between 23 cents and 28 cents a share. The tabletop and tableware producer said also forecast second-quarter savings to be generated by the closure of its California facility of between $1.5 million and $1.7 million, substantially less than the $3 million in savings expected during each of the third and fourth quarters. Libbey also announced that it has implemented plans to reduce its North American salaried workforce by 7% by the end of June. The annual savings expected from the job cuts are expected to be $4.5 million a year, Libbey said.

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