Myers Industries Comments On Financial Outlook

    AKRON, Ohio--June 7, 2001--Myers Industries, Inc. today announced that the decline in the economy, including the continued slump in automotive, recreational vehicle, and truck markets and weakness in the automotive aftermarket, will cause the Company's second quarter sales and earnings to fall far short of last year's levels. The decline began in April and affects markets to which the Company sells plastic products. Myers Industries also cautioned that persistence of those conditions will cause the Company's second half and full year performance to be below that of last year.
    Net sales for the 2001 second quarter are expected to be below the $166.2 million reported for the same period last year, and earnings per share will be well-below the $0.37 reported last year. Results for the second quarter will be announced on July 18, 2001.
    "Our business remains fundamentally sound," said Myers Industries' President and Chief Executive Officer Stephen E. Myers. "We have brand strength, market leadership, and multiple platforms for growth. The outlook announced here reflects the impact on our customers of the progressive weakness in the United States economy.
    "We view this period of lower sales and earnings as temporary. We are using this time to focus on more effective asset management and expense control towards the ends of debt reduction and increased profitability."