AKRON (July 23, 2002) — Myers Industries Inc. doubled its net income in the second quarter to $6.8 million, as sales rose slightly to $153.1 million. Sales by Myers' distribution segment, however, were down 2 percent for the quarter and 1 percent for the six months, as demand for capital equipment was weak.
For the six months ended June 30, Myers reported a 51-percent gain in net income, to $16.9 million, but a 5-percent drop in sales to $302 million.
"We are satisfied with our earnings performance in the second quarter," said Stephen E. Myers, president and CEO. "Sales growth, while showing some improvement, remains constrained by the slowness of economic recovery. Demand and spending remain soft in many markets.
“Earnings continued to benefit from our efforts to improve our manufacturing efficiency and maintain cost control, as well as lower interest rates and favorable raw material prices."