AKRON (Feb. 23) — Increased market penetration through tire dealers, car dealers and other tire service niches helped Myers Industries Inc. post sales and operating earnings gains for the fourth quarter and full year.
Akron-based Myers´ sales rose 1.7 percent in the quarter to $194.3 million as net income from continuing operations increased 24.6 percent to $7.33 million. Net income, including discontinued operations, similarly rose 23.1 percent to $10.7 million from $8.69 million a year ago.
For 2006, the firm reported a 5.8-percent sales gain to $780 million from $736.9 million in 2005. Income from continuing operations jumped 48.3 percent to $28.7 million, but the firm fell to a net loss of $72.4 million versus earnings of $26.6 million in 2005.
In Myers´ distribution segment, net sales rose 1.8 percent in the quarter to $50 million and 3.9 percent to $197.3 million for the year. Income before taxes in the segment improved 1.7 percent to $6.1 million in the quarter and 7.8 percent to $22.2 million for the year.
John Orr, Myers´ president and CEO said streamlining and reducing costs, increasing productivity, focusing on value-added products and innovation for customers and better management of product pricing considering raw material costs were key in the increases.