Myers Announces Record 4th Quarter and Year-End Results
9 February 1999
Myers Announces Record 4th Quarter and Year-End Results
AKRON, Ohio--Feb. 9, 1999--Myers Industries, Inc. (AMEX:MYE) reported record sales and earnings for the fourth quarter and year ended December 31, 1998.Net sales for the fourth quarter were $110,517,959, up 16 percent from the $95,510,514 reported in the same period a year ago. Net income for the quarter was $9,173,423 an 11 percent increase from the $8,284,107 reported in 1997. Net income per share was $.50, up 11 percent from 1997's $.45 per share.
For the full year, net sales increased 15 percent, finishing at $392,019,900, up from the $339,625,585 produced in 1997. Net income for the year was $28,679,090, a 28 percent increase from the $22,338,783, reported in 1997. Net income per share was $1.57, a 30 percent increase from the $1.21 earned in 1997.
"1998 was an exceptional year," said Stephen E. Myers president and CEO. "We completed four acquisitions. Three were in the manufacturing segment; raaco, Sherwood Plastics, and Kadon, and we purchased the majority interest in Myers El Salvador in our distribution segment. In December, we announced an agreement to acquire the French material handling manufacturer, Allibert Equipement, and completed the purchase February 4th of this year.
"Increased unit volume for manufactured goods and favorable raw material pricing were the primary factors in the improved performance in the manufacturing segment. Additional sales representation in our distribution segment produced increased sales of equipment and consumable supplies," Mr. Myers said.
"We are cautiously optimistic about 1999," he said. "The Company will end the century with a significant international presence and sufficient capabilities to generate sustainable long-term growth."
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
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Quarter Ended Year Ended
December 31, December 31,
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1998 1997 1998 1997
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Net Sales $110,517,959 $95,510,514 $392,019,900 $339,625,585
Income Before
Income Taxes 15,439,423 14,159,107 48,485,090 38,065,783
Income Taxes 6,266,000 5,875,000 19,806,000 15,727,000
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Net Income $9,173,423 $8,284,107 $28,679,090 $22,338,783
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Net Income Per
Common Share $.50 $.45 $1.57 $1.21
Average Number of
Common Shares
Outstanding 18,326,869 18,270,984 18,304,802 18,471,084