Exhibit 99.1
[Libbey, Inc. logo] LIBBEY INC.
300 MADISON AVE
P.O. BOX 10060
TOLEDO, OH 43699
==============================================================================
N E W S R E L E A S E
AT THE COMPANY: AT FRB | WEBER SHANDWICK:
KENNETH WILKES KENNETH BOERGER SUZY LYNDE
VP/CFO VP/TREASURER ANALYST INQUIRIES
(419) 325-2490 (419) 325-2279 (312) 640-6772
FOR IMMEDIATE RELEASE
FRIDAY, JANUARY 10, 2003
LIBBEY INC. ANNOUNCES 33% INCREASE IN DIVIDEND AMOUNT
TOLEDO, OHIO, JANUARY 10, 2003--LIBBEY INC. (NYSE: LBY) announced today that it
will increase its regular quarterly dividend from 7.5 cents per share to 10
cents per share in 2003. This 33.3 percent increase will take the annual
dividend from 30 cents per share to 40 cents per share, resulting in an annual
dividend yield of 1.5% based on the closing price on January 9, 2003. Today the
Board of Directors declared a quarterly cash dividend of 10 cents per share to
be paid on March 4, 2003, to shareholders of record as of February 11, 2003. As
of January 9, 2003, Libbey had 14,631,277 shares outstanding.
The company also announced that it would expect to begin a pattern of regular
increases in dividends. However, the declaration of future dividends is within
the discretion of the Board of Directors of the company and will depend upon,
among other things, business conditions, earnings and the financial condition of
the company.
The above information 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.
Important factors potentially affecting performance include: increased
competition from foreign suppliers endeavoring to sell glass tableware in the
United States and Mexico, including the impact of lower duties for imported
products; major
E-1
Libbey, Inc.
Add 1
slowdowns in the retail, travel or entertainment industries in the United
States, Canada, Mexico and Western Europe, caused by terrorist attacks or
otherwise; significant increases in per-unit costs for natural gas, electricity,
corrugated packaging, and other purchased materials; higher interest rates that
increase the company's borrowing costs; protracted work stoppages related to
collective bargaining agreements; increases in expenses associated with higher
medical costs, reduced pension income associated with lower returns on pension
investments and increased pension obligations; devaluations and other major
currency fluctuations relative to the U.S. dollar 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 the company's joint venture
in Mexico, Vitrocrisa, 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; whether the company completes any
significant acquisition, and whether such acquisitions can operate profitably.
Libbey Inc.:
o is a leading producer of glass tableware in North America;
o is a leading producer of tabletop products for the foodservice industry;
o exports to more than 75 countries; and,
o provides technical assistance to glass tableware manufacturers around
the world.
Based in Toledo, Ohio, the company operates glass tableware manufacturing plants
in the United States in California, Louisiana, and Ohio and in The Netherlands.
In addition, Libbey is a joint venture partner in the largest glass tableware
company in Mexico. 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, including: ware washing racks, trays,
dispensers, bar supply, tabletop, food preparation items and brushes. In 2001,
Libbey Inc.'s net sales totaled $419.6 million.
E-2