Container Top
Homes   Jobs   Cars   Shopping
Search

Events Calendar

EVENT SEARCH:

In This Section


Most Read Stories


Blogs:


Pets:
Dogs' Bark: Not fair! Study shows pups get jealous

The Heldenfiles:
Who Will Get the Michael Media Treatment Next?

Patrick McManamon:
More on Varejao

Akron Zips:
Opponent outlook: Kent State

Browns Bulletin:
Quick thought on Browns rookies

Tribe Matters:
Wedge challenges relievers

Cleveland Browns:
Stallworth test showed marijuana

Kent State Sports:
Men's Basketball Scheduling update

Cleveland Cavaliers:
Andy’s Signed According to ESPN

All Da King's Men:
Does Medicare Have Lower Administrative Costs ?

Blog of Mass Destruction:
CIA Did Mislead Congress

Akron Law Café:
Teaching Transactional Law Skills in Law School: Is More Really Better?

Varsity Letters:
East basketball update

See Jane Style:
Oh Baby!

Car Chase:
Where do We Go from Here?

Let's Talk Real Estate:
Closings….Not the Good Kind!

Ohio Travels with Betty:
Aimee asks-where is Lake Farm Park?

Sound Check:
LeVert II live performance Saturday night — "Dedication" album due July 13,

HRLite House:
DDI One of Best Places to Work

Akron Gamer:
First 24 'Guitar Hero 5' songs announced

Sales up, profit falls at Myers

Company's purchase said to be nearly done

By Jim Mackinnon Beacon Journal business writer

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.


Story tools

Email  Email   Print  Print   Save  Save   Reprint  Reprint   Popular  Most Popular   Reprint  Subscribe

Share this story

AddThis Social Bookmark Button
















Most Commented Stories