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Libbey Inc. yesterday reported results for the fourth quarter and year-ended December 31, 2014. Sales for the fourth quarter were $231.4 million, compared to $221.0 million for the fourth quarter of 2013, an increase of 4.7 percent (7.1 percent excluding currency fluctuation). Net income for the fourth quarter was $19.8 million, compared to $9.3 million in the prior-year fourth quarter. Adjusted net income (see Table 1) for the fourth quarter was $11.9 million, compared to the $12.8 million adjusted net income recorded in the fourth quarter of 2013. Adjusted earnings before interest, taxes, depreciation and amortization for the quarter was $30.7 million, compared to $37.6 million in the prior-year quarter. Adjusted EBITDA of $30.7 million was at the high end of the Company's previous guidance of $29.0 million to $31.0 million. “Own the Moment” strategic foundation announced at 2015 Investor Day is driven by a balanced capital allocation strategy, including an $0.11 per share quarterly dividend, repurchases of up to 1.5 million shares and reinvestment in the business. "For the third consecutive quarter, we were able to defend and grow our market share in an extremely competitive market, as sales grew in each of our segments, excluding currency impacts. Adjusted EBITDA results were positively impacted by our North American capacity realignment and productivity improvements, but these gains were offset by the items we outlined at our Investor Day in January: costs associated with an earlier-than-planned furnace repair, strategic growth initiatives, negative sales mix, higher than expected currency impact from the weaker peso and euro and unplanned non-income tax assessments. We are pleased with our overall Company sales growth of 4.7 percent, 7.1 percent excluding currency fluctuation, during the quarter. We look forward to continuing our strong sales performance during 2015, as we leverage the investments we have made in new products, sales and marketing capabilities," said Stephanie A. Streeter, chief executive officer of Libbey Inc. For the remainder of the release from Libbey Inc. go here: http://investorrelations.libbey.com/phoenix.zhtml?c=64169&p=irol-newsarticle&ID=2021034
To read our full profile of this talented young lady, go here:
http://www.tabletopjournal.com/people/top-young-tabletop-talent-nina-kaul-rak-porcelain-germany BHS tabletop AG, (parent of the Bauscher, Schonwald, and Tafelstern dinnerware brands) a global market leader in the field of professional porcelain, remained on its winning track in the financial year ended (calendar year 2014). The company’s sales almost reached the 100 million mark at EUR 99.3 million, 9.1 per cent higher than in the previous year (EUR 91.1 million). The earnings position was equally pleasing: operating income (EBIT) in 2014 totalled EUR 4.7 million, an increase of around 29 per cent compared with the previous year (EUR 3.7 million). Christian Strootmann, CEO at BHS, explains: “We counter the persistently fierce price competition resulting from worldwide overcapacity with highly innovative product concepts and sophisticated international tabletop and logistic solutions. We position ourselves as a service provider and a problem-solver, and that is precisely why we remained the world’s most sought-after contact for the professional foodservice business last year.” The continued success of the BHS tabletop strategy in the financial year ended is shown by a number of new references such as the new cruise liner TUI Mein Schiff3, leading hotels such as the Four Seasons in Moscow and the Waldorf Astoria in Jerusalem, and the company’s presence at the football World Cup. In the VIP areas at the twelve World Cup stadiums in Brazil, BHS was represented with professional porcelain from its brands Bauscher, Schönwald and Tafelstern.
Noble China: BHS tabletop proves its innovative power
Strootmann regards the market launch of an extremely innovative bone-white porcelain body under the brand name Noble China as another milestone of the financial year ended and a revolution from a technological perspective. The porcelain, with its precious and filigree aura, is tailor-made for use in high-class catering establishments and hotels and impresses with its edge impact resistance and surface hardness. Accordingly, Purity, the new up-market china collection from Bauscher, is the most successful new product launch in the last 20 years at BHS. “Noble China has given BHS tabletop access to new target groups. We have shown that we can translate our state-of-the-art technology head start into innovative products of the highest quality”, adds BHS tabletop’s CEO. BHS tabletop makes further investments in Germany Investments in technology and capacity extension are the driving force for further growth and for differentiation among competitors. In the reporting year, BHS invested a total of EUR 14.7 million. The main focus of its investment, apart from the acquisition of UK hospitality supplier John Artis, was the installation of a new high-pressure casting plant at the company’s Schönwald site. BHS is going to invest another EUR 5 million in 2015. This will finance a further carousel crushing plant at the Weiden site with a view to increasing its existing capacities. The investment volume estimated for that project is EUR 1.3 million. In Schönwald, another EUR 1.4 million is going to be invested in the expansion of high-pressure casting capacities. From a sustainability point of view, too, BHS is playing a global pioneering role in the porcelain industry. Sustainable business management and modern environmental management are anchored firmly in the company’s processes and in its code of conduct. The company is certified in accordance with DIN EN ISO 14001 (environmental management) and DIN EN ISO 50001 (energy management). As of 31 December 2014, the company employed 1,132 people (previous year: 1,103). This increase resulted primarily from the acquisition of UK-supplier company John Artis. At the German sites the employment situation is pleasingly stable. Despite the high level of pension obligations, the financial and liquidity position at BHS remains solid. The unprecedentedly low interest rates led to a dramatic increase in pension provisions in the financial year and were accompanied by a reduction in the equity ratio. Even the group’s positive earnings figures were unable to offset this state of affairs. Consequently, the equity ratio declined from 40 to 32.5 per cent – although it remains at a comfortable level. Together with its highly positive liquidity position, then, BHS also retains the necessary financial strength to carry on investing successfully in markets and processes in the future. Outlook: Positive forecast for the current financial year The geopolitical crises in Eastern Europe are affecting all consumer and capital goods manufacturers. The economic sanctions imposed by the USA and the European Union, among others, and the sharp drop in the rouble for which these were partly responsible makes exporting more difficult and are currently having a depressant effect on investment intentions in the hotel and catering sector. The severe debt crisis in Greece is presently generating the same effect. In the USA, on the other hand, the buoyant economic figures give grounds for optimism. The fact that BHS exports to more than 120 countries and has developed even greater proximity to its customers in recent years continues to give the company a solid starting position for profitable growth. Christian Strootmann: “Although no upward trend will be discernible for a long time to come in the southern and eastern European economies, there are encouraging signals from other important regions and target markets. Thanks to our global presence, which is underlined by an export ratio of around 50 per cent, to our proven business model, and to our highly motivated and professional workforce, we are starting the current financial year optimistically despite the many challenges.”
HARVEST is made in Dudson's factories and backed by the Lifetime Edge Chip Warranty, so you can expect the usual high performance associated with Dudson products. To get more information on Dudson and it's new HARVEST dinnerware, go here: Dudson: Breaking New Ground with New HARVEST Dinnerware
"People's tastes are changing. It's a younger clientele coming out now. Whether it's from food programming on TV, whatever it is, they want to come in and try many different things."
- Tom Colicchio from Colicchio & Sons on switching his NYC restaurant to a "small plates" format Source: Eater NYC
For more information on Tafelstern porcelain and its new Ombré line of dinnerware, go here:
Tafelstern - New Ombré Porcelain Dinnerware While there were certainly some stunning new products (you can see some of them on our Instagram feed at @tabletopjournal) at Ambiente 2015 in Frankfurt, to us, the story of that show was more of something that we hadn't quite anticipated as we drew up our game plan prior to heading to Germany. After all, normally, we head to shows looking for great new products. And, again, there were some terrific new hospitality tabletop products there.
But, our real takeaway was first and foremost from the people we encountered at the show. The show had perhaps one of the most optimistic vibes we've felt in some time. Global economics see to either be on the rebound a bit depending upon the market or people have just gotten used to a lower economic level (Greece, for instance). But everyone on the supplier side seems very forward-looking and positive about the upcoming year or two as they look out..... People such as American company Libbey with their stock at an all time high price per share and their new "Own The Moment" approach....and right across the aisle at Steelite with new products in new categories such as melamine and the continued success of their very exciting CRAFT dinnerware...lots of optimism and excitement for both these brands. RAK Porcelain celebrating their 10th Anniversary in fine style with two new collections and Schonwald excited about their new partnership with Libbey in North America. The folks at Pasabahce Glass also feeling very positive about North America positive about because of the gains they have made with their relatively new partner Hospitality Glass and the success of their NUDE glassware still in its launch phase. And, of course Arc International with new ownership and a refreshed outlook on going to market with their many great products across the total tabletop. Its an exciting time for the glassware segment in hospitality, that is for sure. Nearly on every front, exhibitors and hospitality industry visitors alike were upbeat and excited. Truly great to see. The other great takeaway from Frankfurt was in the areas of new materials. We seemed to have more discussions than ever about the use of non-traditional materials within the hospitality tabletop category. New and different plastic-type polymers, metal alloys, organic stone, and even concrete...all came up in various discussion regarding new and innovative ideas coming in hospitality tabletop. So, while we continue to say that this is the most exciting time we've seen in hospitality tabletop in quite a while....it looks like the best may still be yet to come. So, now, we're even more excited to hit the show floor at NAFEM. Can't wait to see what that show will have in store for our category. One thing is for sure though.....#TabletopMatters.....all around the world! Yes...we're here at Ambiente 2015. Happy our wifi problems seem behind us and our Instagram posts are now going up live at @tabletopjournal so be sure to check us out there!
Video updates might require a little more work. But, great excitement and energy here.....future for hospitality tabletop looks very exciting.
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