AKRON (Feb. 12, 2004) — Strong sales in the fourth quarter and year pushed Myers Industries Inc.'s net income up 8 percent for the quarter, but the year's net income was tempered by high plastic raw materials costs.
For the quarter, Myers' net sales were up 11 percent to $176.5 million—the highest of any quarter in the company's history, it said—and net income hit $4.35 million, up from $4.04 million last year. In 2003, Myers reported net sales rose 9 percent over last year to $661.1 million. But net income for the year plummeted 32 percent to $16.3 million from $24.0 million last year.
“We had strong fourth quarter sales an improvement over last year,” said Stephen Myers, chairman and CEO. “Profitability improved in the fourth quarter, but full-year earnings were impacted by higher costs for plastic raw materials and pricing pressure in markets for our plastic products.”
The company, which makes polymer products for industrial, agricultural, automotive, commercial and consumer markets as well as tire repair materials, did not break out results for its tire-related products.