Myers Industries says higher resin costs will reduce second-quarter earnings

AKRON (June 16)—Significant price increases for plastic resin during the first half of 2003 and product pricing pressures in many markets will help lower Myers Industries Inc.'s net income and earnings per share for the second quarter, the company announced June 13. Plastic resin accounts for about half of the cost of goods sold for Myers' plastic products, and prices have been on the rise since the third quarter of last year, the firm said. Current prices are on average up nearly 60 percent over the second quarter of 2002, said Gregory J. Stodnick, Myers vice president of finance and chief financial officer.