AKRON (Feb. 24, 2010)—Myers Industries Inc. was able to turn a profit in the fourth quarter of 2009, as sales rose 5 percent and the company earned $941,000, or 3 cents per share.
That's a sharp turnaround from the final quarter of 2008, when the diversified polymer products company reported a loss of $59.1 million, or $1.67 per share. The loss in the year-ago period largely came as a result of the company absorbing impairment charges of $70.1 million.
Myers went through two restructurings during 2009 in which it cut costs and closed facilities, including plants in Shelbyville, Ky., and Reidsville, N.C., that were shut in the last three months of the year.
For the full year, net sales were down 14 percent, to $701.8 million, and the company reported a loss of $683,000, or 2 cents a share. In 2008, sales were $813.5 million, but the company lost $44.5 million, or $1.26 a share, again largely because of the impairment charges in the fourth quarter of 2008.
For the year, the company generated $72 million in cash, up from $60 million in 2008, while reducing its debt to $67.3 million from $104.3 million.
Looking ahead through the end of 2010, Akron-based Meyers predicts a year of gradual economic recovery and said it will continue to review its business segments to improve operations, while it also scouts strategic acquisitions.
“We will remain focused on our business strategy for growth, which includes steady cash generation and balance sheet optimization so we can capitalize on both internal growth opportunities and acquisitions,” Myers CEO John Orr said in a statement accompanying the quarterly results.