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LIBBEY INC

No Longer Reporting

The company has not filed an annual or quarterly report since its Q2 FY2020 10-Q, filed Aug 10, 2020. Its latest SEC filing is a 15-12B from Nov 16, 2020.

The sections below describe the company as of the FY2019 annual report.

What Did They Do?

Manufactures and sells glass tableware and other tabletop products, including ceramic dinnerware and metal flatware, to foodservice, retail and business-to-business customers.

How Did They Make Money?

Makes money by selling glass tableware produced in its facilities and globally sourced tabletop products, including glassware, ceramicware and metalware.

FY2019 revenue

Who Were Their Customers?

Foodservice venues are served mainly through foodservice distributors; retail customers include mass merchants, online sellers and housewares stores, while business buyers include beverage companies and glass decorators.

Did Revenues Turn Into Profits?

Not on paper. It lost $69M in FY2019, but brought in more cash than it spent: $32.3M of free cash flow.

Operating income, FY2019
−4% of revenue
▼ Now a loss vs FY2018 ($27M, 3%)
Net income, FY2019
−9% of revenue
▲ +768% (Loss) vs FY2018 (−$8M, −1%)
Free cash flow, FY2019
4% of revenue
▲ Now profitable vs FY2018 (−$8.2M, −1%)

How Were They Changing?

Since the FY2019 annual report
Latest quarter: Q2 FY2020, the three months to Jun 30, 2020
Revenue
▼ −62%
vs $207M in Q2 FY2019
Net income
▲ +91% (Loss)
vs −$43.8M in Q2 FY2019
  • Nov 16, 2020 Libbey emerged from Chapter 11 as former lenders took control Libbey Glass became a wholly owned subsidiary of an entity formed and controlled by the former lenders; existing common stock was canceled.

Held flat. Revenue was $785.6M in FY2019, about the same as the $822.3M of FY2015.

Digital sales reach foodservice The earlier report described planned digital capabilities for retail; the latest says Libbey extended its digital platform to foodservice customers and launched a foodservice website.

Who Did They Compete With?

Competes with Arc International, Paşabahçe, Anchor Hocking, AnHui DeLi Glassware, VICRILA, Oneida Hospitality Group, and Steelite

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