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Myers posts record sales in second quarter

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AKRON (July 23)—Myers Industries Inc. reported an 86-percent increase in net earnings to $6.1 million on record sales of $196.8 million for the second quarter.

Excluding favorable foreign currency translation of $3 million and contributions of $16 million from the recent acquisitions of Michigan Rubber Products and WEK Industries, total net sales grew $8.8 million, a 5.5-percent improvement from 2003's second period, the firm said.

For the six months ended June 30, sales increased 15 percent to $382.3 million and earnings skyrocketed 43 percent to nearly $15 million. Currency translation contributed $9.7 million while Michigan Rubber and WEK brought in $20.4 million in sales, Myers said.

Chairman and CEO Stephen E. Myers cited higher unit sales, improved pricing and continued emphasis on operating efficiency in its business segments as reasons for the improved financial results.