Seeking Alpha
We cover over 5K calls/quarter
Profile| Send Message|
( followers)

Libbey (NYSEMKT:LBY)

Q1 2013 Earnings Call

April 25, 2013 11:00 am ET

Executives

Kenneth A. Boerger - Vice President and Treasurer

Stephanie A. Streeter - Chief Executive Officer, Director and Member of Proxy Committee

Sherry L. Buck - Chief Financial Officer and Vice President

Analysts

Arnold Ursaner - CJS Securities, Inc.

James Fronda - Sidoti & Company, LLC

Kevin Leary - Spitfire Capital LLC

John Malcolm - Citigroup Inc, Research Division

Kevin Ziets

Michael Hughes

Operator

Good day, ladies and gentlemen, and welcome to the Quarter 1 2013 Libbey Earnings Conference Call. My name is Cathy, and I will be your operator today. [Operator Instructions] As a reminder, this call is being recorded for replay purposes.

I would now like to turn the call over to Mr. Ken Boerger, Vice President and Treasurer. Please proceed, sir.

Kenneth A. Boerger

Thank you, Cathy, and good morning, everyone. We apologize for the delays we've had this morning due to some technical issues. Hopefully, you were all able to get in without too many problems. And Welcome to Libbey's First Quarter 2013 Earnings Conference Call.

Our press release and supplemental financials were distributed this morning and are available on our website in the Investor Relations section. We are hosting a live webcast of today's call, which can be accessed on that same section of the website. The replay of today's call will be available on the website for 7 days.

Before we get underway, I'd like to say that this conference call will contain forward-looking statements under the Securities Act of 1933 and other federal securities laws. These statements are based on current expectations, estimates and projections about the market in the industry in which the company operates, in addition to management's beliefs and assumptions. Forward-looking statements are not guarantees of performance, and actual operating results may be affected by a wide variety of factors. For a list of these factors, please refer to the forward-looking statement notice included within our SEC filing.

I would now like to introduce the members of the management team here with me today: Stephanie Streeter, Chief Executive Officer; Sherry Buck, Vice President and Chief Financial Officer; and Ronni Smith, Vice President and Corporate Controller.

I will now turn the call over to Stephanie.

Stephanie A. Streeter

Thanks very much, Ken. Good morning, again, and welcome to our First Quarter 2013 Conference Call. Before we discuss the quarter's results, I'm going to ask Sherry to review the revised reporting structure that we implemented this quarter. Sherry?

Sherry L. Buck

Thanks, Stephanie, and good morning, everyone.

As you know, Libbey announced a comprehensive strategic plan last year, Libbey 2015, which is designed to further strengthen our core business and enable the company to improve profitability and realize growth opportunities. Fundamental to the plan was the realignment of our business into regionally focused organization structure to enable us to better serve our customers across the globe. In order to align our financial reporting with that structure, we will now issue results for the 3 following categories: Americas; Europe, Middle East and Africa or EMEA; and Other, which includes both our Asian Pacific regional business and our sourced tableware business. In addition, sales and segment EBIT reflect the change to end-market reporting that has sales and related costs in the segment EBIT and are generally based on the geographical destination of the sale.

The revised segment results do not affect any previously reported consolidated financial results, and the prior year results will be presented in the same format for comparative purposes.

I'll turn it back to you now, Steph.

Stephanie A. Streeter

Thanks very much, Sherry.

Let me begin my remarks by saying that, overall, we're very pleased with the results that we reported today. While disappointed with the sales decline in the U.S. and Canada and Asia Pacific regions, I'm very pleased and encouraged by our significant increases in Mexico and Latin America as well as our EMEA region.

The real story of the quarter is our success in cost reductions. These cost reductions were driven primarily by the results of the difficult actions taken in the second half of 2012 and our ongoing focus on productivity improvements, and they resulted in record adjusted income from operations and adjusted EBITDA for any first quarter ever. This performance is even more notable given that we experienced an extensive amount of maintenance activity and, of course, the associated underutilization of capacity during the quarter.

Among the financial highlights for the first quarter. While we recorded sales of $183.5 million, a 2.3% decrease from last year's first quarter, adjusted income from operations improved 9.9% over the first quarter of 2012 to $16.4 million. And our adjusted EBITDA was $26.2 million, a 5.2% improvement over last year. Both of these are records for any first quarter in Libbey's history. And Q1 2013 marks the fifth consecutive quarter of solid growth in both adjusted income from operations and adjusted EBITDA.

Sales in our Americas segment were $123.5 million compared to $129.7 million in the first quarter of 2012, a decrease of 4.7%. Sales performance was led by a 4.5% increase in sales within our Mexican and Latin America end market. That was 2.8%, excluding currency impact, which unfortunately was offset by an 8.6% decrease in sales within our U.S. and Canada end market. I think what you'll see by the results is that Libbey 2015 is delivering what we said it would.

Executing on our strategy, continuing to improve our cost structure, boosting efficiency across the company, reinforcing our leadership position in key market segments, preparing the business for accelerating growth and reducing our liabilities and working capital required to operate the core business will remain at the heart of our efforts in 2013.

Additionally, as Sherry outlined, we're now presenting our financial results in alignment with how we run the business so you can see more clearly how we'll be measuring our success moving forward.

And now I'd like to turn the call over to Sherry to provide more depth and breadth on the Q1 2013 financial results. Sherry?

Sherry L. Buck

Thank you, Stephanie. I'd like to walk you through the details of our first quarter financials.

As Steph mentioned, while the Americas segment sales were down 4.7% in total, our Mexican and Latin America end markets showed strong performance in the first quarter, increasing 4.5% versus the first quarter of 2012, driven by strong foodservice and retail sales. Our U.S. and Canada market posted a decrease at 8.6% largely due to weaker retail and foodservice performance.

Sales in the EMEA segment increased 11.2% or 10.4%, excluding currency impact, to $34.2 million compared to 30 million -- $30.8 million in the first quarter of 2012.

Sales in Other were $25.7 million compared to $27.4 million in the prior year quarter due largely to the impact of a slowing Chinese economy resulting in decreased sales in the Asia Pacific end market for the quarter.

Selling, general and administrative expenses were 6.1% or $1.7 million lower than the first quarter of 2012. These lower expenses were driven, in large part, by the staffing reductions and benefit changes implemented in the second half of 2012 and contributed to our increased adjusted income from operations.

Adjusted income from operations increased to $16.4 million, a record for any first quarter, from $14.9 million in the year-ago quarter. This represented an improvement of 100 basis points in the adjusted income from operations compared to the prior year first quarter. The primary driver of the margin improvement was the realization of productivity and cost reductions in both adjusted gross margin and SG&A.

For the quarter, we realized a decrease in interest expense of $2 million to $8.4 million compared to $10.4 million in the year-ago period, primarily driven by lower interest rates. We also announced during the quarter that we plan to retire $45 million of our outstanding senior notes on May 7, 2013. This action will reduce our outstanding debt, further decrease interest expense and be another significant step in our progress toward reaching our goal of 2.5x net debt-to-adjusted EBITDA.

Our effective tax rate was 25% for the quarter ended March 31, 2013, compared to 83.7% for the quarter ended March 31, 2012. The effective tax rate was influenced by jurisdictions with recorded valuation allowances and changes in the mix of earnings with differing statutory rates.

We had available capacity of $73.3 million under our ABL credit facility as of March 31, 2013, with no loans currently outstanding. The company also had cash on hand of $45.9 million at March 31, 2013.

As you saw in today's announcement, there was a total of $4.9 million of restructuring charges related to discontinuing production of certain glassware in North America and reducing manufacturing capacity at our Shreveport, Louisiana, manufacturing facility. Approximately $2.2 million of these charges will result in cash payments primarily in the second quarter of 2013. As announced in an earlier 8-K filing, we anticipate the total expenses related to this project to be in the range of $8 million to $10 million, with the balance of the expenses occurring later this year. Approximately $5 million of the total $8 million to $10 million of expenses is expected to be cash charges. Annual savings from these changes are expected to range from $7 million to $9 million. We expect to begin seeing the benefits for these changings beginning in late Q4 2013. The full annual savings are expected to be realized in 2014.

And finally, CapEx was $8.9 million in the first quarter compared with $6.4 million in the year-ago period. We still expect CapEx for the full year 2013 to be in the range of $46 million to $50 million. Depreciation and amortization amounted to $10.8 million in the first quarter of 2013 versus $10.5 million in Q1 2012.

We would now like to open the call for any questions. And Stephanie will have some brief summary comments at the end of the Q&A.

Question-and-Answer Session

Operator

[Operator Instructions] The first question comes from Arnold Ursaner of CJS Securities.

Arnold Ursaner - CJS Securities, Inc.

I guess my first question is, you had given pretty specific guidance about 1.5 months, 2 months or so ago and materially exceeded it. With hindsight, what caused the dramatic beat? Other -- you mentioned the cost cutting, but are there some other factors you'd like to highlight?

Sherry L. Buck

Arnie, this is Sherry. We saw better margins in the quarter, really, for about 3 different reasons. I think, first, we had a better mix of products that we sold. And we were also continuing to get benefits from the cost reductions. I'd say a second item is, currency was more of a tailwind for us than a headwind, so we like to get those when we can. And then a third factor is, is we were seeing some of the softness in the markets. We really clamped down on our spending and cost cutting. So some of these expenses will come back later in the year, as we look at the timing of some of those. But some of those, we do expect to fall to the bottom line. So it's really mix, currency and spending controls.

Arnold Ursaner - CJS Securities, Inc.

Okay. Regarding the capital spending. You did, in your prepared remarks and in the press release, indicated you had extensive maintenance activity in the quarter. Can you comment on the overall spend for the year and how we should think about, perhaps, that building in the quarter? And highlight, if you can, more specifically what you actually did incur in Q1 for maintenance.

Sherry L. Buck

Yes. So what we're talking about is our CapEx spending for the furnace rebuilds and maintenance activity, which is just our planned activities. And as you know, we have significant activity in Mexico. So we're still looking at the full year of $46 million to $50 million. I would say that it's primarily more front-end loaded, the first half, particularly as we complete our Mexico furnace rebuilds here in Q2 and then ramping down in the second half.

Arnold Ursaner - CJS Securities, Inc.

Okay. 2 more quick questions, if I can. I assume you have not notified your distributors or others of price increases; is that correct?

Stephanie A. Streeter

That's correct, Arnie. Given the competitive environment and what we're seeing just generally in the marketplace, we're still analyzing an increase in foodservice in the U.S. And as you know, in retail, it's a case-by-case kind of operation.

Arnold Ursaner - CJS Securities, Inc.

Okay. final question for me, if I can. The 8% sales decline in the U.S., obviously your customer base is dependent on travel. And last year, we had extraordinarily good weather; this year, more normal, particularly in March, weather deteriorated. Have you given any thought to how that may have impacted your results in the quarter?

Stephanie A. Streeter

We definitely saw an impact from a number of different areas. You called out some of them. Certainly, weather was part of it; the higher tax rate and late tax refunds; increased gas prices. So we think that all of those -- and they've been also singled-out by third-party resources like KNAPP-TRACK. And then you've certainly seen from retailers what February looked like. So we think that all of those have increased -- have impacted our sales in the U.S. and Canada.

Operator

The next question comes from the line of James Fronda, Sidoti & Co.

James Fronda - Sidoti & Company, LLC

Could you just give us a little color on Spiegelau and how that's doing?

Stephanie A. Streeter

Sure, I'll take that. The Spiegelau and Nachtmann rollout is going quite well. It's definitely in line with our expectations. But I'll just remind you that, while it's an important addition to our product offering, it's not really a needle mover, one way or the other, in terms of our total sales. With the exit from Luigi Bormioli and the transition to Spiegelau and Nachtmann, we may actually see a very small negative impact on revenues in 2013 as we make that transition. But as our distribution of these lines expands, we'd expect to see some revenue growth in 2014 but again not really a needle mover.

James Fronda - Sidoti & Company, LLC

And do you have like, I guess, a tone of how the foodservice channel in the U.S. is doing going forward?

Stephanie A. Streeter

You know what, I'll take the opportunity to go through how do we think all of our markets are looking for the rest of the year, if that's okay.

James Fronda - Sidoti & Company, LLC

Yes, it's good.

Stephanie A. Streeter

Okay. So I think, first of all, in U.S. and Canada, we experienced lower sales with a stronger mix, and then we had the -- and cost reductions that was offset by the underutilized capacity. And in EMEA, we had lower-priced mix as a result of going after B2B and retail sales. Sherry talked a little bit about the Other category. And going forward, what we'd expect to see is, in the U.S., we think the foodservice business, hopefully, will pick up as the impacts from weather and people absorb the tax rate and that sort of thing dissipates. We continue to see retail as up and down, and traffic in the U.S, hopefully, is increasing as people start to feel better and consumer confidence goes up. In Mexico and Latin America, as you saw, sales inside of Mexico and Latin America were strong. We were up both in retail as well as foodservice, and retail was extremely strong compared to the prior year. And our outlook, given the political stability and the smooth transition that's happening in politics in Mexico, it's helping the peso, it's building confidence, all the inflation in China is actually helping Mexico, so we see a solid outlook for the balance of 2013 in that market. In Europe, we continue to see surprising strength. As Sherry indicated, Q1 sales were up in local currency over 10%. In aggregate, they were over 11%. Our margins were a little bit weaker as we were going after market share and starting to improve our cash generation from that business. B2B is up nicely after a pretty weak fourth quarter. So we think we will be able to potentially continue to be at or a little bit better than our sales from prior years, but I think the European margins are going to get worse before it gets better. And we're trying to be aggressive in reducing costs and improving our competitive position. We have driven down inventories. In fact, I think inventories are the lowest in EMEA since we've owned the company. So we're optimistic about being able to hold our own there but don't see it improving any time fast. And in Asia Pacific, we had a very tough comparison in Q1. If you recall, Q1 2012 was actually up 69% versus the prior quarter in 2011. So we had sales that continued to be weak as they were in the second half of last year, and that's due to a number of reasons. We had, foodservice, the government is restricting official entertainment and they've also launched a national Clean Your Plate campaign that's curbing excess food consumption and waste in restaurants, and that's for smaller portions and fewer dishes being served. That indirectly targets food inflation and the foodservice business. But we are continuing to expand distribution in the very large cities. We're expanding into other provinces. For example, we've got upwards of 50 distributors in the first quarter versus 20 that we had last year, but most of those are new. So I'd say the outlook for that is modest sales growth through the balance of 2013. And then in our sourced products area, we continue to see growth there. And we're very pleased with our performance there, but the margins, we've seen cost increases from our suppliers and so we're working to offset those. Does that give you a good idea?

James Fronda - Sidoti & Company, LLC

Yes, that's good, perfect. Thank you. And I guess, with the cost cuts going on, do you expect, I guess, any incremental decrease in sales related to that at all?

Stephanie A. Streeter

No, we don't.

Operator

The next question comes from Kevin Leary, Spitfire Capital.

Kevin Leary - Spitfire Capital LLC

Could you maybe talk at all in little bit more detail on the gross margin in the quarter? Had furnace rebuilds been at more of a normalized level, how much gross margin did you give up from rebuilds?

Stephanie A. Streeter

Well, as Sherry said, in sort of equal parts, we were advantaged by the improvement in margins that we got from last year. So if you remember, we had -- we've talked about $10 million in cost decreases from last year. We saw part of that show up in the fourth quarter as margins improved. You would see some of that, obviously, in the first quarter as well. Then we had currency and we also had the spending reductions. So that all combined to give us a much better first quarter than -- on adjusted margins, anyway, than we had in the first quarter of 2012.

Kevin Leary - Spitfire Capital LLC

And then just quickly, can you break out U.S. growth in both foodservice and retail, separately?

Stephanie A. Streeter

We haven't really done that in the past. And in the new segments, it's -- I'm not sure what you're trying to get as a result. Can you give me an idea on that so maybe I can answer your question more specifically?

Kevin Leary - Spitfire Capital LLC

Okay. I'm just sort of wondering if you can give us some color, really, on if one's doing better than the other. Just general color would be helpful, between the two.

Stephanie A. Streeter

Well, since traffic in both areas is what's important, we had declines, really, in both, and they were roughly similar in terms of each of the channels. But as you know, foodservice is a little bit more profitable than retail, so that would affect us a little bit more. And so that's why you see that cost reductions and everything else matters so much to us.

Operator

The next question comes from the line of John Malcolm of Citi.

John Malcolm - Citigroup Inc, Research Division

I wanted -- no, I apologize if you had mentioned this, but I wanted to get a little bit more color behind the decrease in U.S. sales. How much of that was due

[Technical Difficulty]

Stephanie A. Streeter

Hello?

Kenneth A. Boerger

John, we can't hear you.

John Malcolm - Citigroup Inc, Research Division

I apologize if you had mentioned this already, but I was wondering if you can give us a little more background behind the decline in U.S. sales. How much of that was brought on a little bit by yourselves by reducing some of the glassware capacity, as you had discussed in the past first, the general economic weakness that we're hearing across-the-board?

Stephanie A. Streeter

Our foodservice and retail sales were both soft in the quarter, although the mix of sales was slightly better in both of those. And beyond that, I don't want to break out each of them specifically. We will tell you, though, that whatever has transpired in the first quarter, we are still having an outlook for the year that includes all of that, that shows growth in the low single digits for the year.

Sherry L. Buck

Yes. Can I just add that it was not because we are reducing capacity or shifted any of the sales yet. This is really more of the economics that are driving this externally.

John Malcolm - Citigroup Inc, Research Division

Okay. Should -- and should we still continue to expect some sales declines just due to reducing some capacity on your own?

Stephanie A. Streeter

The outlook for the year is growth in the low single digits on the top line.

Operator

The next question comes from Arnold Ursaner of CJS Securities.

Arnold Ursaner - CJS Securities, Inc.

A couple of quick follow-ups, if I can. Can you give us a feel for the pattern of your business by month in the first quarter and how -- an early read on April?

Stephanie A. Streeter

Sure. January was fine, it was kind of jumping along. February was extremely slow. And if you follow KNAPP-TRACK or Technomics or any of the third-party foodservice reporters, as well as retail sales, you'll know that February was weak across-the-board. March was much stronger, and that would be worldwide, actually. But -- especially in the U.S. and Canada. But it didn't make up for February. And April has been like March; it's been pretty good. But as you know, Arnie, 1 month does not a quarter make. So we see things improving slightly, but we're -- we know that we're going to have to work every day for sales increases, and we intend to do that.

Arnold Ursaner - CJS Securities, Inc.

Okay. I know I'm one of the handful of analysts that keep an eye on your stock. Can you speak to the free cash flow expectations you have for the year but particularly, since I get asked this all the time and there's a lot of confusion, how the pension would impact this -- pension issue would impact it on an ongoing basis?

Kenneth A. Boerger

Yes, Arnie. From a -- this is Ken. From the pension standpoint, as we've shared and as we continue to believe, our -- the expense that's running through the P&L that will impact EBITDA in 2013 is going to be somewhere around $19 million. And at this point in time, we would expect the cash contributions globally in total to be around $11 million. So there would be an $8 million add-back from EBITDA of lower pension contributions to get you as you work towards your free cash flow number.

Arnold Ursaner - CJS Securities, Inc.

And, Stephanie, take a step back. Obviously, you've highlighted the Libbey 2015 plan. What key steps should investors look for in 2013 towards moving towards accomplishing the plan?

Stephanie A. Streeter

Well, we were looking to sustain the -- advance the cost reductions that we made in 2012. We've just talked about the Shreveport reductions and that, towards the end of this -- so we'll complete those and that should marginally show up late in the fourth quarter of 2013. And then those savings, those $7 million to $9 million in savings, should show up in 2014. So you should just continue to see us working to continue with the cost reductions and make sure that we're becoming -- we're being as competitive as possible. We're working on making sure that, from a balance sheet perspective, we're working on working capital, inventories, et cetera, so strengthening our balance sheet there, as Sherry talked about. We plan to pay back the $45 million in -- on that call in May. And I think you'll see us start to put a number of things in place in our foodservice business especially and in our advantaged businesses to really start to accelerate growth there. And we're doing a lot of work on people development so that we go into 2014 with both those areas very strong.

Operator

The next question comes from the line of Kevin Ziets of PrinceRidge.

Kevin Ziets

First one is on -- I was wondering if you could comment on the point-of-sale data for your products in retail versus your shipments?

Stephanie A. Streeter

We -- so there's only a number of -- a small number of retailers who actually give us point-of-sale, and so it's not going to give you a very full picture.

Kevin Ziets

Okay. Do you have a sense for, I guess, where inventory levels are versus historically?

Stephanie A. Streeter

We don't feel that there's any excess inventory in the channel that we have to work through at all.

Kevin Ziets

Okay. And then do you have a sense for market share trends? Or does that sort of tie into the POS data?

Stephanie A. Streeter

In terms of market share data, since there's -- we think we're maintaining market share both in the foodservice and in the retail area. So we don't see any big loss of share there. We think it's just really traffic, and that seems to be substantiated by what we've seen from third-party resources, both, as I said, KNAPP-TRACK, Technomics and then NPD data, on the retail side.

Kevin Ziets

Okay. And your -- I guess, in your evaluation of pricing, are you seeing of a -- any changes in the competitive environment? Or is it more just responding to your -- the end customer's sluggishness?

Stephanie A. Streeter

I think it's mostly due to general economics, although, obviously, with those general economics, the competitive environment gets tougher with a business that's got a lot of fixed overhead. And everybody is trying to keep their furnaces full, so -- and you're all going after the same accounts. So it's all driven by general economics.

Kevin Ziets

Got you. And last question. You can't help but notice how natural gas has moved in the last year or so. Curious about when or how you see that impacting your results in this year and beyond.

Kenneth A. Boerger

Yes, for 2013, based on what we have hedged -- we have a policy where we typically hedge between 40% and 70% of our needs for the next 6 months and then smaller percentages out further 18 months. At this point in time, we've got a little over 60% of our 2013 needs hedged. And based on that and current market prices, even though they have gone up in the last month, we would still expect our total spend on natural gas in 2013 to be very similar to what it was in 2012.

Operator

[Operator Instructions] The next question comes from the line of Mike Hughes of SGF Capital.

Michael Hughes

A couple of questions for you. First, with your net debt-to-EBITDA target in sight now, how do you think about return of capital to shareholders, whether it be in the form of dividends or a share buyback?

Sherry L. Buck

Yes, I would say we are continuing to focus on paying down our debt, that will still continue to be a focus. I'd say our next priority would be investing in our business as we continue to drive where we want to grow our business, whether it be organic or other outside growth opportunities. So that's where we really prioritize our cash and don't have any plans as you mentioned there.

Michael Hughes

Okay. And then on the workforce reduction, I thought there were some press accounts that most of that had already happened. I guess, first question, is that incorrect? But if it's correct, why would the savings be -- why would you not start to realize the savings earlier?

Stephanie A. Streeter

So the announcement in Shreveport, we have not started to -- so let me back up. Last year, in 2012, we reduced 9% of our salaried workforce globally. And then we earlier this year announced a reduction in force in Shreveport, specifically, shutting down the furnace and furloughing people associated with that, both salaried and hourly. That has not happened yet. So we announced our plans to because we were going into decision bargaining. That is finalized. And that will happen as the year progresses.

Operator

Thank you for your question. I would now like to turn the question [ph] over to Stephanie Streeter for closing remarks.

Stephanie A. Streeter

Thanks very much, Cathy. And thanks, everybody, for joining us on our call today.

Again, we are very pleased with our overall results for the quarter. We executed well, and the difficult decisions we made in 2012 to take out costs are clearly paying off. We're building a track record of success, improving our cost structure, focusing on productivity improvements, leveraging our advantaged businesses and strengthening our balance sheet. And we believe that this solid start to the year should enable continued financial and operational performance for the remainder of 2013 and will position us for growth in the future.

We thank you all for your support of Libbey. And I hope you have a great day.

Operator

Thank you for your participation in today's conference. This concludes the presentation. You may now disconnect. Good day.

Copyright policy: All transcripts on this site are the copyright of Seeking Alpha. However, we view them as an important resource for bloggers and journalists, and are excited to contribute to the democratization of financial information on the Internet. (Until now investors have had to pay thousands of dollars in subscription fees for transcripts.) So our reproduction policy is as follows: You may quote up to 400 words of any transcript on the condition that you attribute the transcript to Seeking Alpha and either link to the original transcript or to www.SeekingAlpha.com. All other use is prohibited.

THE INFORMATION CONTAINED HERE IS A TEXTUAL REPRESENTATION OF THE APPLICABLE COMPANY'S CONFERENCE CALL, CONFERENCE PRESENTATION OR OTHER AUDIO PRESENTATION, AND WHILE EFFORTS ARE MADE TO PROVIDE AN ACCURATE TRANSCRIPTION, THERE MAY BE MATERIAL ERRORS, OMISSIONS, OR INACCURACIES IN THE REPORTING OF THE SUBSTANCE OF THE AUDIO PRESENTATIONS. IN NO WAY DOES SEEKING ALPHA ASSUME ANY RESPONSIBILITY FOR ANY INVESTMENT OR OTHER DECISIONS MADE BASED UPON THE INFORMATION PROVIDED ON THIS WEB SITE OR IN ANY TRANSCRIPT. USERS ARE ADVISED TO REVIEW THE APPLICABLE COMPANY'S AUDIO PRESENTATION ITSELF AND THE APPLICABLE COMPANY'S SEC FILINGS BEFORE MAKING ANY INVESTMENT OR OTHER DECISIONS.

If you have any additional questions about our online transcripts, please contact us at: transcripts@seekingalpha.com. Thank you!

Source: Libbey Management Discusses Q1 2013 Results - Earnings Call Transcript
This Transcript
All Transcripts