For the year ended December 31, 2000, net sales were a record $652.7 million, 12 percent greater than the $580.8 million reported in 1999. Including the fourth quarter restructuring charge, net income for the year was $24.0 million, down 23 percent from $31.2 million in 1999, and net income per share was $1.11, a 21 percent decrease from the $1.41 earned last year.

Stephen E. Myers, President and Chief Executive Officer, said "While we achieved record sales for the ninth straight year, we declined in profitability. Several factors adversely affected the Company during the year. Resin prices, mainly for high-density polyethylene, were up nearly 50 percent on average from 1999 during the first half of the year. Competitive pressures intensified in the markets for the Company’s plastic products, making it difficult to offset the higher material costs with increased sales prices. Additionally, softness in the U.S. automotive aftermarket hampered growth in our distribution segment."

Other factors impacted the Company in the fourth quarter. “The continued decline in heavy duty truck production, the slowing of automotive production, and the slowing of the U.S. economy all combined to restrict our performance,” Myers said. The Company also incurred start-up costs for a new manufacturing facility in Nevada, and a $1.9 million restructuring charge for closing the Ohio manufacturing plant, a move aimed at improving efficiency and capacity utilization at other Myers Industries facilities.

Excluding contributions from acquisitions, total net sales would have increased 1 percent for the quarter and would have increased 3 percent for the year. On a segment basis, sales in the distribution segment decreased 3 percent for the quarter and 2 percent for the year, compared to 1999. Sales of capital equipment, the more cyclical part of the distribution business, continued to be weak. In the manufacturing segment, sales increased 5 percent over last year’s fourth quarter results and 18 percent over the comparable 12 months. Excluding acquisitions, sales in the manufacturing segment increased 2 percent for the quarter and 5 percent for the year.

The translation effect of the euro weakened both total sales and manufacturing segment sales. Total sales and manufacturing segment sales were reduced $6.9 million for the quarter and $20.0 million for the year. Without the translation effect and excluding acquisitions, total sales would have increased 5 percent for the quarter and 6 percent for the year, and manufacturing segment sales would have increased 8 percent for the quarter and 6 percent for year. The translation effect also decreased net income $105,000 for the quarter and $335,000 for the year.

Myers Industries, Inc. is an international manufacturer of plastic and rubber products for industrial, agricultural, automotive, commercial, and consumer markets. Products range from reusable plastic containers and plastic flower planters to plastic storage and organization products, rubber OEM parts, rubber tire repair products, and custom rubber materials. The Company is also the largest wholesale distributor of tools, equipment, and supplies for the tire service and automotive underbody repair industry in the United States. Myers has 25 manufacturing facilities in North America and Europe, 42 distribution branches in 31 states, more than 20,000 products, and nearly 4,500 employees.

Forward-Looking Statements: Statements in this release may include “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements involve a number of risks and uncertainties that could cause actual results to materially differ from those expressed or implied. Any statement that is not of historical fact may be deemed to be a forward-looking statement. Myers Industries does not undertake to update any forward-looking statements contained herein.