Myers Industries Announces Results for the Second Quarter
16 July 1999
Myers Industries Announces Record Results for the Second Quarter and Six Months
AKRON, Ohio--July 16, 1999--Myers Industries, Inc. (AMEX:MYE) today announced record financial results for the second quarter and six months ended June 30, 1999.For the three months ended June 30, 1999, net sales of $147,643,051 were 46 percent greater than the $101,114,576 reported in 1998. Net income for the quarter increased 21 percent to $9,167,027, up from $7,597,606 last year. Net income per share was up 19 percent, finishing at $.50 compared with $.42 in the second quarter a year ago.
For the six months ended June 30, 1999, net sales of $274,389,456 were up 45 percent over the $189,305,742 reported for the same period in 1998. Net income was $17,434,982, a 20 percent increase from net income of $14,587,937 for the first half of 1998. Net income per share was $.95, a 19 percent increase from the $.80 reported for the comparable period last year.
Myers Industries President and Chief Executive Officer Stephen E. Myers said, "Our performance for the second quarter and six months benefited from higher unit sales and continued emphasis on operating efficiency, productivity, quality, and service in both our manufacturing and distribution segments. Without contributions from our recently acquired companies, primarily Allibert Equipement, total net sales would have increased 3 percent for the quarter and 5 percent for the six months."
In the Company's manufacturing segment, sales increased 75 percent over last year's second quarter results and 69 percent over the comparable six months. Excluding acquisitions, sales in the manufacturing segment increased 7 percent for both the three month and six month periods.
Commenting on price increases for some grades of plastic resin, the raw material which the Company uses to manufacture some of its products, Mr. Myers said, "Resin price is an area which we watch closely. While higher resin prices had some effect in the first half of the year, we will continue to monitor prices and do what we can to moderate the impact price increases in a given material from a given supplier might bring for the remainder of the year."
Sales in the distribution segment were essentially unchanged compared with 1998 second quarter results. For the six month period, sales in the distribution segment increased 2 percent from the prior year, primarily on the strength of higher unit volumes, development of new niches, and expanded sales coverage.
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
Quarter Ended Six Months Ended
June 30, June 30,
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1999 1998 1999 1998
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Net Sales $147,643,051 $101,114,576 $274,389,456 $189,305,742
Cost of Sales 93,491,543 66,287,070 173,010,818 123,862,482
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Gross Profit 54,151,508 34,827,506 101,378,638 65,443,260
Operating
Expenses 35,041,970 21,830,293 65,225,041 40,464,975
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Operating
Income 19,109,538 12,997,213 36,153,597 24,978,285
Interest Expense 3,307,511 161,607 5,756,615 294,348
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Income Before
Income Taxes 15,802,027 12,835,606 30,396,982 24,683,937
Income Taxes 6,635,000 5,238,000 12,962,000 10,096,000
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Net Income $9,167,027 $7,597,606 $17,434,982 $14,587,937
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Net Income Per Share $.50 $.42 $.95 $.80
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Average Shares
Outstanding 18,384,017 18,296,586 18,368,724 18,289,943
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CONDENSED STATEMENT OF FINANCIAL POSITION
As of June 30, 1999 and 1998
1999 1998
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Assets
Current Assets $194,259,110 $117,755,106
Other Assets 162,482,626 33,586,712
Property, Plant,
and Equipment 157,605,904 103,274,928
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$514,347,640 $254,616,746
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Liabilities and
Shareholders' Equity
Current Liabilities $87,867,155 $41,958,423
Long Term Debt 210,181,751 19,031,507
Deferred Income Taxes 3,996,358 4,126,534
Shareholders' Equity 212,302,376 189,500,282
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$514,347,640 $254,616,746
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