AKRON, Ohio (July 23, 2001)—Myers Industries Inc.'s net income tumbled 61 percent in the second quarter and 32 percent for the first half of fiscal 2001, as the company suffered the effects of the slumping automotive, recreational vehicle and truck markets.
Because of increased price competition in its major markets, Myers does not expect to report a “significant” recovery before year-end, according to Stephen E. Myers, president and CEO.
Net profits fell to $3.2 million in the second quarter ended June 30 from $8 million in the 2000 period, while sales were off 8 percent to $152.7 million. Net income slid to $11.1 million during the first six months of the year while sales slipped 3 percent to about $318 million.
On a segment basis, sales in the distribution segment were down 1 percent for the quarter and 4 percent for the six months, whereas sales in the firm's manufacturing segments were off 14 percent for the quarter and 6 percent for the half year, excluding the effects of acquisitions, Myers said.
``The economic slowdown weakened business throughout our markets in North America and Europe during the quarter. In addition to lower sales volume, market conditions have created stronger, price-based competition which has penalized our profitability,” Mr. Myers said.