Myers' net income hits new high

AKRON (April 26)—Myers Industries Inc. posted record net income of $10 million for the first quarter ended March 31, a 26-percent increase from the $8 million in last year's first period. Sales fell 10 percent to $148.9 million from $165.2 million. Sales were down 12 percent in Myers' manufacturing segment primarily because of continued low demand in some markets served by the company's polymer operation, the firm said. Sales in its distribution segment rose 1 percent as demand improved for both capital equipment and consumable service supplies. Earnings for the quarter were at an all-time high, President and CEO Stephen E. Myers said, principally because of favorable raw material prices, reduced operating expenses and the affect of an accounting charge for goodwill.