Myers expects drop in earnings

AKRON (Jan. 25)—Myers Industries Inc. expects earnings for the fourth quarter of 2000 to fall to about 21 cents per share from the 44 cents per share posted for the period in 1999. For the year, Myers anticipates net income to be about $1.11 a share, down from $1.41 per share the prior year. The numbers include a fourth quarter after-tax restructuring charge or $1.9 million, or 9 cents a share, involving the closing of the firm´s Dayton, Ohio, manufacturing facility. Factors that negatively impacted fourth-quarter earnings include a sharp decline in the production of heavy duty trucks, for which Myers makes parts; the slowing of automotive production; slightly higher interest expenses; the general softening of the economy; and competitive pressures for Myers´ plastic products, according to the company.