AKRON (Feb. 24, 2005) — Myers Industries Inc., buoyed primarily by sales gains in its manufacturing division, reported record sales for the fourth quarter and fiscal 2004, resulting in a significantly improved earnings picture.
For the year ended Dec. 31, Myers' net earnings rose 57 percent to nearly $26 million while sales grew 21.5 percent to $803 million. Net income in the fourth quarter was up 59.3 percent to $6.9 million on record sales of $221.4 million, up 25.4 percent over the 2003 quarter.
Myers is the parent company of Myers Tire Supply and Patch Rubber Co.
The company's strong performance was spurred by both internal growth and the acquisitions of ATP Automotive Inc.—consisting of Michigan Rubber Products Inc. and WEK Industries Inc.—small product price increases and “from our strenuous efforts to manage costs and resources,” said Chairman and CEO Stephen M. Myers.
Sales in the distribution segment increased 4 percent in the quarter and 8 percent for the year, on increased purchasing of tire service supplies and equipment by tire dealers and national accounts, Myers said.