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Company's purchase said to be nearly done
By Jim Mackinnon Beacon Journal business writer
Published on Friday, Nov 09, 2007
Myers Industries Inc, the Akron polymer products maker and tools distributor, reported sharply lower income from continuing operations on increased sales for the third quarter, saying results were mixed but expected.
The company also said Thursday that it remains on track to close on its acquisition by private equity firm GS Capital Partners no later than Dec. 15.
Third-quarter income from continuing operations was $1.5 million, or 4 cents a share, down 64.3 percent from $4.2 million, or 12 cents a share, reported for the third quarter in 2006. Net sales from continuing operations were $213.9 million, up 15 percent
from $185.8 million for the same period a year ago.
Earnings dropped in part because of $2.3 million in restructuring costs and accounting adjustments, foreign currency transaction losses of about $1.3 million involving the Canadian dollar, and $1.1 million in merger expenses.
The company also was hurt by softness in some of its markets as well as higher resin costs caused by the increase in oil prices this year.
Those costs offset the company's recovery of raw material prices and its gains in cost controls, increased productivity and ongoing streamlining initiatives, the company said.
''Third-quarter sales and earnings were well within our expectations given the company's transformation this year, despite the challenging conditions in some of the markets we serve,'' John C. Orr, president and chief executive officer, said in a statement. ''The most critical factor in our performance is that we continue to execute our strategic business plan to drive sustainable, profitable growth.''
Myers Industries said it is ''cautiously optimistic'' in its outlook for the remainder of 2007 and into 2008.
Shares of Myers Industries rose 49 cents to $20.42.
GS Capital, the private equity arm of Goldman Sachs, earlier this year agreed to buy Myers for $22.50 a share, or $1.1 billion, including debt. The sale was postponed because of ongoing turmoil in the credit markets that has increased borrowing costs.
Jim Mackinnon can be reached at 330-996-3544 or jmackinnon@thebeaconjournal.com.
Myers Industries Inc, the Akron polymer products maker and tools distributor, reported sharply lower income from continuing operations on increased sales for the third quarter, saying results were mixed but expected.
Get the full article here.
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