AKRON (Feb. 24)—Myers Industries Inc. had record sales for the fourth quarter and 2004, which resulted in a significantly improved earnings picture for the maker of polymer products.
The company recorded net income of about $7 million for the fourth quarter, up 59 percent from the $4.4 million reported for the period in 2003, on sales that hit a new high of $221.4 million, a 25-percent increase from the year-earlier quarter.
Myers Industries´ net earnings rose to just under $26 million for 2004, a 57-percent jump from the $16.3 million reported in 2003. Sales increased 21 percent to $803 million.
The company´s strong performance was spurred by both internal growth and the acquisitions of ATP Automotive Inc.—consisting of Michigan Rubber Products Inc. and WEK Industries Inc.—small product price increases and "from our strenuous efforts to manage costs and resources," said Chairman and CEO Stephen M. Myers.