AKRON (March 5, 2002)—Lower demand from industrial markets contributed to Myers Industries Inc.'s 2001 net income tumbling 36.7 percent to $15.2 million.
Sales for the year fell 6.8 percent to $607.9 million. For the fourth quarter ended Dec. 31, net income dropped 47.7 percent to $2.3 million. Sales for the quarter also fell 13 percent from the previous year to $148.5 million.
The parent of Myers Tire Supply noted that included in the fourth quarter and full year of 2000 is a $1.9 million after-tax restructuring charge for the closing of one of the company's manufacturing facilities. Excluding acquisitions, net sales would have decreased 14 percent for the fourth quarter and 9 percent for the full year of 2001.
Myers reported that distribution segment net sales fell 6 percent for the fourth quarter and 5 percent for the year as independent tire dealers and other customers saw deceased demand for tire and allied services across the U.S.
“The economic decline that began in 2000 accelerated into a recession throughout 2001, particularly affecting our industrial markets,” said President and CEO Stephen Myers. “The company remained profitable in spite of the downturn. We moderated capital spending and reduced inventory and receivables. In addition, we lowered our employment level by 7 percent to just over 4,100 by the end of the year.”
Mr. Myers also said that the company's debt was down 12 percent at the close of 2001 to $264.9 million.