AKRON, Ohio (Feb. 13, 2001) — The soft automotive aftermarket contributed to a 23-percent drop in fiscal 2000 net earnings for Myers Industries Inc. and left sales by the distribution segment behind their 1999 level.
Overall, Myers´ sales for the year grew 12 percent to a record $652.7 million, but sales in the distribution segment — which includes Myers Tire Supply — fell 3 percent for the quarter and 2 percent for the year, compared with 1999. Sales of capital equipment, the more cyclical part of the distribution business, continued to be weak, the company said.
Net earnings, including provisions for a fourth quarter restructuring, dropped to $24 million, the company said.
"The continued decline in heavy-duty truck production, the slowing of automotive production, and the slowing of the U.S. economy all combined to restrict our performance," said Stephen E. Myers, president and CEO, in a prepared statement.
Myers claims to be the largest wholesale distributor of tools, equipment, and supplies for the tire service and automotive underbody repair industry in the U.S. The distribution business traditionally accounts for about 27 percent of sales.