Attached files
| file | filename |
|---|---|
| EX-21 - EX-21 - LIBBEY INC | l41827exv21.htm |
| EX-23 - EX-23 - LIBBEY INC | l41827exv23.htm |
| EX-24 - EX-24 - LIBBEY INC | l41827exv24.htm |
| EX-32.2 - EX-32.2 - LIBBEY INC | l41827exv32w2.htm |
| EX-31.2 - EX-31.2 - LIBBEY INC | l41827exv31w2.htm |
| EX-32.1 - EX-32.1 - LIBBEY INC | l41827exv32w1.htm |
| EX-31.1 - EX-31.1 - LIBBEY INC | l41827exv31w1.htm |
| 10-K - FORM 10-K - LIBBEY INC | l41827e10vk.htm |
EXHIBIT 13.1
Selected Financial Information included in Registrant’s 2010 Annual Report to Shareholders
Dollars in thousands, except per-share amounts
| Year end December, 31 | 2010 (e) | 2009 (b) (e) (h) | 2008 (b) (e) | 2007 | 2006 (e) (h) | 2005 (e) | 2004 (e) | 2003 | 2002 (f) | 2001 | ||||||||||||||||||||||||||||||
Operating Results: |
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Net sales |
$ | 799,794 | $ | 748,635 | $ | 810,207 | $ | 814,160 | $ | 689,480 | $ | 568,133 | $ | 544,767 | $ | 513,632 | $ | 433,761 | $ | 419,594 | ||||||||||||||||||||
Gross profit (e) |
$ | 168,013 | $ | 133,145 | $ | 109,337 | $ | 157,669 | $ | 123,164 | $ | 86,542 | $ | 100,462 | $ | 108,206 | $ | 107,928 | $ | 114,424 | ||||||||||||||||||||
Gross profit margin |
21.0 | % | 17.8 | % | 13.5 | % | 19.4 | % | 17.9 | % | 15.2 | % | 18.4 | % | 21.1 | % | 24.9 | % | 27.3 | % | ||||||||||||||||||||
Selling, general and administrative expenses |
$ | 97,390 | $ | 94,900 | $ | 88,451 | $ | 91,568 | $ | 87,566 | $ | 71,535 | $ | 68,574 | $ | 68,479 | $ | 56,631 | $ | 55,716 | ||||||||||||||||||||
Impairment of goodwill and other intangible assets (e) |
$ | — | $ | — | $ | 11,890 | $ | — | $ | — | $ | 9,179 | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||
Income (loss) from operations (IFO) (e) |
$ | 68,821 | $ | 36,614 | $ | (5,548 | ) | $ | 66,101 | $ | 19,264 | $ | (8,917 | ) | $ | 23,895 | $ | 39,727 | $ | 51,297 | $ | 58,708 | ||||||||||||||||||
IFO margin |
8.6 | % | 4.9 | % | (0.7 | )% | 8.1 | % | 2.8 | % | (1.6 | )% | 4.4 | % | 7.7 | % | 11.8 | % | 14.0 | % | ||||||||||||||||||||
Equity earnings (loss) — pretax |
$ | — | $ | — | $ | — | $ | — | $ | 1,986 | $ | (4,100 | ) | $ | (1,435 | ) | $ | 4,429 | $ | 6,379 | $ | 6,384 | ||||||||||||||||||
Other income
(expense) (e) (f) (j) |
$ | 58,018 | $ | 4,053 | $ | 1,119 | $ | 8,778 | $ | (3,236 | ) | $ | 2,567 | $ | 2,369 | $ | 3,484 | $ | (12,740 | ) | $ | 3,500 | ||||||||||||||||||
Earnings (loss) before interest and income
taxes after non-controlling interest (EBIT) (e) (f) (j) |
$ | 126,839 | $ | 40,667 | $ | (4,429 | ) | $ | 74,879 | $ | 17,948 | $ | (10,484 | ) | $ | 24,829 | $ | 47,640 | $ | 44,936 | $ | 68,592 | ||||||||||||||||||
EBIT margin |
15.9 | % | 5.4 | % | (0.5 | )% | 9.2 | % | 2.6 | % | (1.8 | )% | 4.6 | % | 9.3 | % | 10.4 | % | 16.3 | % | ||||||||||||||||||||
Interest expense (h) |
$ | 45,171 | $ | 66,705 | $ | 69,720 | $ | 65,888 | $ | 46,594 | $ | 15,255 | $ | 13,049 | $ | 13,436 | $ | 8,263 | $ | 9,360 | ||||||||||||||||||||
Income (loss) before income taxes (e) (f) (h) (j) |
$ | 81,668 | $ | (26,038 | ) | $ | (74,149 | ) | $ | 8,991 | $ | (28,580 | ) | $ | (25,705 | ) | $ | 11,780 | $ | 34,204 | $ | 36,673 | $ | 59,232 | ||||||||||||||||
Provision (benefit) for income taxes |
$ | 11,582 | $ | 2,750 | $ | 6,314 | $ | 11,298 | $ | (7,747 | ) | $ | (6,384 | ) | $ | 3,528 | $ | 5,131 | $ | 8,618 | $ | 19,840 | ||||||||||||||||||
Effective tax rate |
14.2 | % | (10.6 | )% | (8.5 | )% | 125.7 | % | 27.1 | % | 24.8 | % | 30.0 | % | 15.0 | % | 23.5 | % | 33.5 | % | ||||||||||||||||||||
Net income (loss) (b) (e) (f) (h) (j) |
$ | 70,086 | $ | (28,788 | ) | $ | (80,463 | ) | $ | (2,307 | ) | $ | (20,899 | ) | $ | (19,355 | ) | $ | 8,252 | $ | 29,073 | $ | 28,055 | $ | 39,392 | |||||||||||||||
Net income margin |
8.8 | % | (3.8 | )% | (9.9 | )% | (0.3 | )% | (3.0 | )% | (3.4 | )% | 1.5 | % | 5.7 | % | 6.5 | % | 9.4 | % | ||||||||||||||||||||
Per-Share Amounts: |
||||||||||||||||||||||||||||||||||||||||
Diluted net
income (loss) (b) (e) (f) (h) (j) |
$ | 3.51 | $ | (1.90 | ) | $ | (5.48 | ) | $ | (0.16 | ) | $ | (1.47 | ) | $ | (1.39 | ) | $ | 0.60 | $ | 2.11 | $ | 1.82 | $ | 2.53 | |||||||||||||||
Dividends paid |
$ | 0.00 | $ | 0.00 | $ | 0.10 | $ | 0.10 | $ | 0.10 | $ | 0.40 | $ | 0.40 | $ | 0.40 | $ | 0.30 | $ | 0.30 | ||||||||||||||||||||
Other Information: |
||||||||||||||||||||||||||||||||||||||||
EBIT |
$ | 126,839 | $ | 40,667 | $ | (4,429 | ) | $ | 74,879 | $ | 17,948 | $ | (10,484 | ) | $ | 24,829 | $ | 47,640 | $ | 44,936 | $ | 68,592 | ||||||||||||||||||
Depreciation & amortization (b) |
$ | 41,115 | $ | 43,166 | $ | 44,430 | $ | 41,572 | $ | 35,556 | $ | 32,217 | $ | 29,505 | $ | 28,109 | $ | 19,143 | $ | 18,843 | ||||||||||||||||||||
EBITDA (c) (e) (f) (j) |
$ | 167,954 | $ | 83,833 | $ | 40,001 | $ | 116,451 | $ | 53,504 | $ | 21,733 | $ | 54,334 | $ | 75,749 | $ | 64,079 | $ | 87,435 | ||||||||||||||||||||
EBITDA margin |
21.0 | % | 11.2 | % | 4.9 | % | 14.3 | % | 7.8 | % | 3.8 | % | 10.0 | % | 14.7 | % | 14.8 | % | 20.8 | % | ||||||||||||||||||||
Adjusted
EBITDA (c) (i) |
$ | 114,958 | $ | 90,141 | $ | 85,238 | $ | 116,451 | $ | 74,041 | $ | 48,969 | $ | 68,853 | $ | 75,749 | $ | 77,713 | $ | 87,435 | ||||||||||||||||||||
Adjusted EBITDA margin |
14.4 | % | 12.0 | % | 10.5 | % | 14.3 | % | 10.7 | % | 8.6 | % | 12.6 | % | 14.7 | % | 17.9 | % | 20.8 | % | ||||||||||||||||||||
Employees |
7,005 | 6,857 | 7,306 | 7,442 | 7,156 | 3,563 | 3,808 | 3,838 | 3,837 | 3,218 | ||||||||||||||||||||||||||||||
Balance Sheet Data: |
||||||||||||||||||||||||||||||||||||||||
Total assets |
$ | 818,971 | $ | 791,514 | $ | 818,407 | $ | 897,970 | $ | 876,976 | $ | 595,784 | $ | 578,204 | $ | 551,116 | $ | 524,527 | $ | 468,082 | ||||||||||||||||||||
Total liabilities |
$ | 807,705 | $ | 858,421 | $ | 876,296 | $ | 804,855 | $ | 789,126 | $ | 476,179 | $ | 434,641 | $ | 411,259 | $ | 384,309 | $ | 302,717 | ||||||||||||||||||||
Working Capital (a) |
$ | 181,152 | $ | 170,900 | $ | 210,033 | $ | 215,320 | $ | 201,215 | $ | 162,426 | $ | 160,265 | $ | 150,999 | $ | 133,301 | $ | 114,421 | ||||||||||||||||||||
% of net
sales (g) |
22.6 | % | 22.8 | % | 25.9 | % | 26.4 | % | 29.2 | % | 28.6 | % | 29.4 | % | 29.4 | % | 30.7 | % | 27.3 | % | ||||||||||||||||||||
Total borrowings — net |
$ | 447,125 | $ | 515,239 | $ | 550,257 | $ | 496,634 | $ | 491,232 | $ | 261,679 | $ | 225,372 | $ | 230,933 | $ | 191,178 | $ | 148,032 | ||||||||||||||||||||
| Year end December, 31 | 2010 (e) | 2009 (b) (e) (h) | 2008 (b) (e) | 2007 | 2006 (e) (h) | 2005 (e) | 2004 (e) | 2003 | 2002 (f) | 2001 | ||||||||||||||||||||||||||||||
Cash Flow Data: |
||||||||||||||||||||||||||||||||||||||||
Net cash provided by (used in) operating activities |
$ | 47,699 | $ | 102,148 | $ | (1,040 | ) | $ | 51,457 | $ | 54,858 | $ | 38,113 | $ | 42,750 | $ | 29,210 | $ | 55,001 | $ | 52,930 | |||||||||||||||||||
Capital expenditures |
$ | 28,247 | $ | 17,005 | $ | 45,717 | $ | 43,121 | $ | 73,598 | $ | 44,270 | $ | 40,482 | $ | 25,718 | $ | 17,535 | $ | 36,863 | ||||||||||||||||||||
Acquisitions and related costs |
$ | — | $ | — | $ | — | $ | — | $ | 78,434 | $ | 28,948 | $ | — | $ | — | $ | 62,046 | $ | — | ||||||||||||||||||||
Proceeds from asset sales and other |
$ | — | $ | 265 | $ | 117 | $ | 8,213 | $ | — | $ | 212 | $ | 16,623 | $ | 897 | $ | 3,523 | $ | (1,563 | ) | |||||||||||||||||||
Dividends received from equity investments |
$ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 980 | $ | 4,900 | $ | 4,659 | $ | 4,918 | ||||||||||||||||||||
Payment of interest on New PIK Notes |
$ | 29,400 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||
Free Cash Flow (d) |
$ | 48,852 | $ | 85,408 | $ | (46,640 | ) | $ | 16,549 | $ | (97,174 | ) | $ | (34,893 | ) | $ | 19,871 | $ | 9,289 | $ | (16,398 | ) | $ | 19,422 | ||||||||||||||||
Shares repurchased |
$ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 38,918 | $ | 26,837 | $ | 1,229 | ||||||||||||||||||||
Dividends paid |
$ | — | $ | — | $ | 1,466 | $ | 1,446 | $ | 1,417 | $ | 5,536 | $ | 5,481 | $ | 5,506 | $ | 4,574 | $ | 4,588 | ||||||||||||||||||||
| (a) | Defined as net accounts receivable plus net inventory less accounts payable. | |
| (b) | Includes $705 and $261 in 2009 and 2008, respectively, of depreciation expense included in special charges disclosed in note 7 to the Consolidated Financial Statements. | |
| (c) | We believe that EBITDA (earnings before interest, taxes, depreciation and amortization) and Adjusted EBITDA (adjusted earnings before interest, taxes, depreciation and amortization), non-GAAP financial measures, are useful metrics for evaluating our financial performance, as they are measures that we use internally to assess performance. | |
| (d) | We believe that Free Cash Flow (net cash provided by (used in) operating activities, less capital expenditures and acquisition & related costs, plus proceeds from asset sales and other, plus dividends received from equity investments and payment of interest on New PIK Notes), is a useful metric for evaluating our financial performance, as it is the measure that we use internally to assess performance. | |
| (e) | Includes special charges of $5,194, $3,823 and $45,498 in 2010, 2009 and 2008, respectively and is disclosed in note 7 to the Consolidated Financial Statements. We incurred $18,492 in 2006 for our restructuring of Crisa, our capacity realignment and closure of our City of Industry, California facility and North American salaried workforce reduction program. We incurred $27,236 in 2005 for our capacity realignment and closure of our City of Industry, California facility, the North American salaried workforce reduction program and the Syracuse China asset impairment. We incurred $14,519 in 2004 for our capacity realignment and closure of our City of Industry, California facility. | |
| (f) | 2002, includes $13,634 of expenses related to an abandoned acquisition. | |
| (g) | The 2006 calculations include Crisa pro forma net sales for 2006. | |
| (h) | Interest expense includes a special charge of $2,700 in 2009 as disclosed in note 7 to the Consolidated Financial Statements. Interest expense includes a special charge of $4,906 in 2006 to write off unamortized finance fees related to debt that we refinanced. | |
| (i) | Excludes$945 insurance recovery and $1,047 of fees related to a secondary stock offering in 2010, pension settlement charges of $3,190 and $2,045 in 2009 and 2006, respectively, special charges discussed in footnotes (b) and (e) above, a gain on redemption of debt discussed in footnote (j) below and expenses related to an abandoned acquisition discussed in footnote (f) above. | |
| (j) | Includes $58,292 for gain on redemption of debt in 2010. |