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Net income in fourth quarter is more than double figure from year ago
Published on Saturday, Mar 01, 2008
Beacon Journal staff report
Myers Industries Inc., the Akron tire supply and plastics manufacturer that is still working on being taken private by a Wall Street investment firm, reported increased profit and sales for its fourth quarter of 2007. However, shares dropped 16 percent.
The company said Friday that net income for the period was $18.2 million, or 52 cents a share. That was up more than double from $7.3 million, or 21 cents a share, for the 2006 quarter.
Sales in the quarter totaled $233 million, up 20 percent from $194 million.
The company attributed the improvement to acquisitions along with pricing and product decisions tailored to ''soft market conditions.''
The acquisitions referred to were ITML Horticultural Products and Schoeller Arca Systems Inc. North America. Myers said ITML contributed $40.8 million and Schoeller $5.6 million in fourth-period sales.
For the full year, Myers reported earnings of $36.9 million, or $1.05 a share. That was up 29 percent from $28.7 million, or 82 cents a share, for 2006. Sales totaled $919 million, up 18 percent from $780 million in 2006.
Among the special pre-tax financial items Myers noted in its report was a payment of $26.8 million by GS Capital Partners related to the company's pending buyout. GS, an investment unit of Goldman Sachs, and Myers have extended to April 30 the deadline for the company to go private.
Goldman Sachs and Myers originally reached a $1.07 billion buyout agreement in April 2007, but deadlines to close the transaction by Sept. 30 and then Dec. 15 passed without a deal being completed.
The deal valued the company at $22.50 a share. But the stock has traded below that figure since then, closing Friday at $12.17. Matt Martinek, an associate analyst in Baltimore with T. Rowe Price Associates Inc., told Bloomberg News, ''People have given up on the fact that the deal will go through and have priced that into their estimates,'' he said.
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