Events Calendar
In This Section
Most Read Stories
Family found dead in Ohio home
Man gets 3 years in prison for having sex with horse
Brown still testing Cavs' lineup
Take comfort in knowing Browns could be bigger losers
Kosar would be wrong call as GM
Sex-toy study at Duke University raises some eyebrows
Akron man turns himself in after authorities turn up heat
Robbers order bar patrons to empty pockets
Blogs:
Pets:
Not 101 Dalmations…but close!
The Heldenfiles:
Friday Notebook
Patrick McManamon:
For your perusal
Akron Zips:
The morning after
Tribe Matters:
Tribe makes roster moves
Cleveland Browns:
Lewis doesn't like boycott
Kent State Sports:
Kent State falls to Akron, 20-28
Cleveland Cavaliers:
Gameblog: Cavs at Knicks
Buckeye Blogging:
Weekly ‘B’ Deck Report – New Mexico St.
Varsity Letters:
Wrestling, bowling teams prepare for season
All Da King's Men:
If It Looks Like Islamic Terrorism…
Blog of Mass Destruction:
Dems Message To Women: Don't Enjoy The Sex
Akron Law Café:
Health Care Financing Reform: (62) The Stupak Amendment
See Jane Style:
Muffle Your Muffler
Car Chase:
Perfect Weather for an Autumn Drive
Let's Talk Real Estate:
RUMORS: Downtown Restaurant Explosion
Ohio Travels with Betty:
Jack is looking for a trip to Southern Ohio the week of November 16.
Sound Check:
The Black Keys to perform benefit concert at Musica on November 27
HRLite House:
Personal Rant – Why People Do Not Live in Northeast Ohio
Akron Gamer:
New 'Call of Duty' could set entertainment record
Akron plastics maker seeks to lower costs, apply new initiatives
Published on Friday, Jul 25, 2008
Beacon Journal staff report
Myers Industries Inc. reported slightly higher net income for the second quarter on lower revenue Thursday, but said higher energy prices are driving up costs as well as sapping sales.
The Akron plastics maker and tool distributor is looking for additional ways to cut costs and implement new initiatives as part of a review of business operations, John C. Orr, president and chief executive officer, said in a news release.
Myers reported net income of $2.9 million, or 8 cents a share, on sales of $214.6 million for the quarter ending June 30. That compares to net income of $2.5 million, or 7 cents a share, on revenue of $225.6 million for the same period in 2007.
Shares of Myers fell 47 cents, or 4.8 percent, to $9.29. Shares are down 35.1 percent, including reinvested dividends, since Jan. 1 and are down 56.5 percent from a year ago.
''The company's sales and profits in the quarter are indicative of slow demand due to the ongoing weak economic conditions coupled with soaring energy and raw material costs,'' Orr said in the statement. ''While we implemented aggressive price increases during the quarter, these simply have not been able to fully offset the timing and magnitude of higher resin costs. Despite these pressures, the company performed well in a difficult second quarter operating environment.''
Myers has increased its prices to deal with soaring raw materials and energy costs, but customers have responded by reducing or delaying purchases, the company said. Rising oil and natural gas costs used to produce plastic explain most of the higher raw-materials prices, the company said.
''We must continue to implement aggressive pricing in our businesses,'' Orr said. ''This is imperative for us to protect our company for the long term.''
For the six months ended June 30, Myers reported earnings of 33 cents a share on net sales of $464 million. Net income was 33 percent lower than the 49 cents a share reported for the same period in 2007.
Get the full article here.
Comments
Click here to post your comments
