Myers profits up 25%

LSRUNQI

Myers profits up 25%
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Monday, October 24, 2011
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Akron, OH - Myers Industries announced third quarter net sales were $190 million compared to $187 million in the third quarter of 2010. The gross profit percentage increased to 25% in the third quarter compared to 22.2% in the third quarter of 2010, despite an increase in raw material costs of approximately 21%. Net income in the third quarter of 2011 was $7.2 million or $0.21 per share compared to net income in the third quarter of 2010 of $3.2 million or $0.09 per share. Net income in the third quarter of 2011 included approximately $2.0 million ($1.9 million was a provision relative to a remedial investigation and feasibility study described in more detail later in this release) of special pre-tax costs as detailed on the Reconciliation of Non-GAAP Financial Measures included in this release. Net income in the third quarter of 2011 also included net favorable income tax adjustments of approximately $3.8 million that are also described in more detail later in this release. Net income in the third quarter of 2010 included $0.4 million of special pre-tax costs as detailed on the Reconciliation of Non-GAAP Financial Measures included in this release. Adjusting for these special items, earnings per share was $0.14 in the third quarter of 2011 compared to $0.09 in the third quarter of 2010. The company declared a regular quarterly dividend of $0.07 per share payable January 3, 2012, to shareholders of record as of November 30, 2011.