AKRON (April 26, 2002)—Myers Industries Inc., parent firm of Patch Rubber Co. and Myers Tire Supply, reported a 9.9 percent drop in first quarter revenue as sales in the company's manufacturing segment tumbled 12 percent from the same period last year.
Net income for the three months ended March 31 rose 25.8 percent to $10 million, the highest in any quarter in company history. The company benefited from favorable raw material prices, lower interest rates, reduced operating expenses and the effect of an accounting change for goodwill, President and CEO Stephen Myers said.
Under the accounting change, which took effect Jan. 1, 2002, Myers no longer is amortizing goodwill. Goodwill amortization in last year's first quarter reduced income before taxes by $2.3 million, the company said.
The Akron-based firm reduced its long-term debt with a $2.1 million debt repayment in the first quarter. Total debt as a percentage of shareholders' equity was 117.4 percent at the end of the first quarter compared with 121.8 percent at the end of 2001, Myers said.