MYERS INDUSTRIES
REPORTS FIRST
QUARTER RESULTS

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Implementation of SFAS No. 142
Effective January 1, 2002, the Company adopted Statement of Financial Accounting Standards (SFAS) No. 142, “Goodwill and Other Intangible Assets.” Under SFAS 142, goodwill will no longer be amortized, and that change is reflected in results for the first quarter. Goodwill amortization in the comparable quarter ended March 31, 2001 reduced income before taxes by $2.3 million and earnings per share by $.075. The standard requires an assessment for goodwill impairment upon implementation and at least annually thereafter. The Company has completed its assessment and found no impairment present.

Business Segment Overview
In the manufacturing segment, sales were down 12 percent from last year’s first quarter. The result reflects continued low demand in some markets served by the Company’s polymer products. Sales in the distribution segment were up 1 percent from 2001 first quarter results, as demand improved for both capital equipment and consumable service supplies.

“Earnings in the first quarter, the highest in any quarter in the Company’s history, benefited from favorable prices for raw material, lower interest rates, reduced operating expenses, and the effect of the accounting change for goodwill,” commented Stephen E. Myers, President and Chief Executive Officer.

Debt Reduction
Myers Industries also continued progress in reducing its long-term debt. Debt repayment in the first quarter was $2.1 million. Total debt as a percentage of shareholders’ equity was 117.4 percent at the end of the first quarter compared to 121.8 percent at the end of 2001. The Company continues its commitment to reduce debt.

About Myers Industries
Myers Industries, Inc. is an international manufacturer of polymer products for industrial, agricultural, automotive, commercial, and consumer markets. The Company is also the largest wholesale distributor of tools, equipment, and supplies for the tire, wheel, and undervehicle service industry in the U.S. Myers has 25 manufacturing facilities in North America and Europe, 43 domestic and five international distribution branches, more than 20,000 products, and nearly 4,100 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. Any statement that is not of historical fact may be deemed "forward-looking." These statements involve a number of risks and uncertainties, many outside of the Company's control that could cause actual results to materially differ from those expressed or implied. Factors include, but are not limited to: changes in the markets for the Company’s business segments, unanticipated downturn in business relationships with customers or their purchases from us, competitive pressures on sales and pricing, increases in raw material costs or other production costs, and further deterioration of economic and financial conditions in the United States and around the world. Myers Industries does not undertake to update forward-looking statements contained herein.

Myers Industries, Inc.
CONDENSED STATEMENT OF INCOME