Myers Industries Reports Record First Quarter Results
16 April 1999
Myers Industries Reports Record First Quarter Results
AKRON, Ohio--April 16, 1999--Myers Industries, Inc. (AMEX:MYE) reported record financial results for its first quarter, which ended March 31, 1999.Net sales of $126,746,405 were up 44 percent over the $88,191,166 reported in 1998. Net income for the quarter increased 18 percent to $8,267,955, up from $6,990,331 last year. Net income per share was up 18 percent, finishing at $.45 per share compared with $.38 a year ago.
"We finished 1998 with a record performance that carried over into our first quarter this year," said Stephen E. Myers, president and CEO. "Higher unit sales and contributions from acquired companies, primarily Allibert Equipement, resulted in both our manufacturing and distribution segments posting record sales. Without acquisitions, total net sales would have increased 8 percent."
Sales in the manufacturing segment increased 61 percent over last year's first quarter results. Excluding acquisitions, sales in the segment grew 8 percent compared to a year ago.
The Company's first quarter sales in the distribution segment increased 8 percent over 1998's results for the same period. Increased unit volumes, continued emphasis on developing new markets, and expanded sales coverage contributed to this performance.
"We are encouraged by our first quarter," stated Mr. Myers. "Our core businesses are strong, and the integration of recent acquisitions is proceeding."
Myers Industries, Inc., headquartered in Akron, Ohio, is a global manufacturer of polymer and metal products for industrial, agricultural, automotive, commercial, and consumer markets. The Company is also the largest wholesale distributor of tools, equipment, and supplies for the tire service and automotive underbody repair industry in the United States.
Myers Industries, Inc.
CONDENSED STATEMENT OF INCOME
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Quarter Ended
March 31,
1999 1998
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Net Sales $126,746,405 $88,191,166
Cost of Sales 79,519,275 57,575,412
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Gross Profit 47,227,130 30,615,754
Operating Expenses 30,183,071 18,634,682
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Operating Income 17,044,059 11,981,072
Interest Expense 2,449,104 132,741
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Income Before Income Taxes 14,594,955 11,848,331
Income Taxes 6,327,000 4,858,000
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Net Income $8,267,955 $6,990,331
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Net Income Per Share $.45 $.38
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Average Shares Outstanding 18,351,541 18,282,096
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CONDENSED STATEMENT OF FINANCIAL POSITION
As of March 31, 1999 and 1998
1999 1998
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Assets
Current Assets $190,382,508 $112,781,064
Other Assets 157,346,987 32,713,021
Property, Plant, and Equipment 160,542,731 102,812,860
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$508,272,226 $248,306,945
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Liabilities and Shareholders' Equity
Current Liabilities $89,733,807 $44,812,977
Long Term Debt 205,797,702 16,699,618
Deferred Income Taxes 4,208,546 3,970,164
Shareholders' Equity 208,532,171 182,824,186
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$508,272,226 $248,306,945
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