AKRON (July 25, 2008) — Reduced borrowing, higher selling prices, expense controls and productivity programs combined to give Myers Industries Inc. a 14.6-percent increase in net income for the second quarter.
The company posted net profits of $2.88 million for the three months, on sales of $214.6. The firm reported a 62.2-percent decline in first half net earnings on a 1.7-percent falloff in sales, to $463.9 million, compared with the year-earlier period.
A weak economy and soaring energy and raw material costs impacted net sales and profits during the second quarter and first half of 2008, the company said. Price increases Myers implemented to offset raw material costs resulted in lower sales as customers reduced or delayed purchases in the second quarter, according to the company, which distributes tire repair and service equipment and supplies, as well as manufactures plastic products.
However, Akron-based Myers said it was able to turn a profit in the second quarter and first half due to lower interest expenses from reduced borrowing, increased selling prices, expense controls and productivity programs.