AKRON (April 23, 2001—Myers Industries Inc.'s first-quarter net income dipped 4 percent from 2000 to $7.99 million as declines in the automotive and truck markets impacted the company's performance.
The company reported net sales for the quarter, ended March 31, rose 2 percent to $165.3 million. Without contributions from acquisitions, Myers said, total net sales would have been flat in the first quarter.
Sales in the company's manufacturing segment increased 5 percent from the first period in 2000. Excluding gains from acquisitions, Myers' manufacturing sales would have risen 1 percent for the quarter.
"Our first quarter was challenged with difficult economic conditions carried over from the fourth quarter," said Stephen Myers, president and CEO.
"The weakened conditions in many sectors of the economy, including further decline in the automotive and truck markets, impacted performance in both of our business segments."
The translation effect of the strong U.S. dollar reduced both total sales and manufacturing segment sales by $2.9 million, the firm said. This translation effect also decreased net income $100,000 for the quarter.
"While we continue to work toward higher earnings this year, the current market environment is making that goal challenging," Mr. Myers said. "We are committed to our long-term focus on niche markets that provide the company with the greatest returns and to work closer with customers for whom our products and services offer more value."
Myers also announced that it will move its shares from trading on the American Stock Exchange to the New York Stock Exchange. Trading will begin May 1, and Myers Industries' stock symbol, "MYE," will be retained.