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Myers Industries Reports Record Third Quarter Results

15 October 1998

Myers Industries Reports Record Third Quarter Results

    AKRON, Ohio--Oct. 15, 1998--Myers Industries, Inc. (AMEX:MYE) today reported record net sales of $92,196,199 for the third quarter, a 14 percent increase over the $81,141,353 reported in 1997.
    Net income for the quarter was a record $4,917,730, a 25 percent increase compared with the $3,932,704 recorded in the same year ago period. Net income per share, also a record, was $.27 vs. $.21 reported in 1997, a 29 percent increase.
    For the nine months ended September 30, 1998, net sales were $281,501,941, a 15 percent increase over the $244,115,071 reported in 1997. Net income of $19,505,667 was up 39 percent from the $14,054,676 earned in 1997. Net income per share for the first nine months was $1.07, a 41 percent increase compared with the $.76 reported in 1997.
    "We are pleased with the Company's continued record performances," said Stephen E. Myers, president and CEO. "During the third quarter, both the manufacturing and distribution segments experienced increases in sales and earnings."
    Myers Industries, Inc., is a diversified manufacturer of polymer and metal products for industrial, commercial, and consumer markets; and a nationwide wholesale distributor of tire repair, and undercar service products.

                        Myers Industries, Inc.
                        Summary of Operations


                           Quarter Ended        Nine Months Ended
                           September 30,          September 30,

                        1998         1997        1998         1997
                        ----         ----        ----         ----

Net Sales          $ 92,196,199 $ 81,141,353 $281,501,941 $244,115,071

Income before
Income Taxes          8,361,730    6,666,704   33,045,667   23,906,676

Income Taxes          3,444,000    2,734,000   13,540,000    9,852,000
                    -----------  -----------  -----------  -----------

Net Income         $  4,917,730 $  3,932,704 $ 19,505,667 $ 14,054,676
                    -----------  -----------  -----------  -----------


Net Income per
Common share       $        .27 $        .21 $       1.07 $        .76
                    -----------  -----------  -----------  -----------
                    -----------  -----------  -----------  -----------

Average Number
of Common Shares
Outstanding          18,311,241   18,496,143   18,297,332   18,529,742