Events Calendar
In This Section
Day with Warren Buffett enriching to UA students
WISDOM FROM BILLIONAIRE WARREN BUFFETT
FedEx says IRS won't be imposing penalties
U.S. Walmarts to stay open Thanksgiving
WOMEN'S LEADERSHIP PROGRAM MAKES DEBUT
Regulators eyeing Ally Bank tactics
Number of females in unions increasing
Most Read Stories
Suitcase causes bomb scare at Akron bus terminal
Akron City Council OKs higher speed on I-77
Chapel Hill isn't rolling right along
Motorcyclist killed, wife injured in Stark County crash
New eateries expand menu of options
Man says he was punched, robbed by 3 people in parking lot
Patrick McManamon: Here's what the Browns should try the rest of the season
Louisville athlete commits to play for Boston College
Family found dead in Ohio home
Blogs:
Pets:
It Takes All Kinds
The Heldenfiles:
Tuesday Notebook
Patrick McManamon:
An interesting thought from a reader
Akron Zips:
Akron vs. Mount Union — Liveblog
Tribe Matters:
Indians announce spring dates
Cleveland Browns:
Mangini doesn't name a quarterback
Kent State Sports:
Flashes interested in another Cincinnati player
Cleveland Cavaliers:
Shaq: It’s All About Winning Championships
Buckeye Blogging:
Buckeyes Roll 100-60 / Season Outlook
Varsity Letters:
Report: Walsh baseball player commits
All Da King's Men:
More On The Fort Hood Jihadist
Blog of Mass Destruction:
Simply Incapable of Telling The Truth
Akron Law Café:
Health Care Financing Reform: (63) Commonwealth Fund Report on Primary Care
See Jane Style:
Muffle Your Muffler
Car Chase:
Clock Tender- Extending the Life of Collector Car Clocks
Let's Talk Real Estate:
Rumors: Akron Starbucks Closing
Ohio Travels with Betty:
Jack is looking for a trip to Southern Ohio the week of November 16.
Sound Check:
Aeromsith looking for new singer as Steven Tyler contemplates solo career
HRLite House:
Personal Rant – Why People Do Not Live in Northeast Ohio
Akron Gamer:
Video: 'Modern Warfare 2' hits the streets
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.
Get the full article here.
Comments
Click here to post your comments
