For the six months ended June 30, 2001, net sales of $317,997,865 were down 3 percent over the $327,821,536 reported for the same period in 2000. Net income was $11,168,070, a decrease of 32 percent from net income of $16,390,735 in the first half of 2000. Net income per share was $.52, down 31 percent from the $.75 reported for the comparable period last year.

Excluding contributions from acquisitions, total net sales would have decreased 11 percent for the second quarter and 6 percent for the six months.

On a segment basis, sales in the distribution segment were down 1 percent for the quarter and 4 percent for the six months, compared to the same periods last year. While sales of consumable service supplies continued to show improvement over the prior year, sales of capital-intensive equipment remained weak due to the slow automotive aftermarket business.

In the Company’s manufacturing segment, sales were down 10 percent from last year’s second quarter results. The decline in the U.S. economy, as well as economic weakness manifesting itself in Europe, led to a sharp, mid-quarter falloff in activity from virtually all industrial markets to which the Company sells plastic products. The persistent slump in the automotive, recreational vehicle, and truck sectors continues to be an adverse factor. For the six months, manufacturing segment sales were down 2 percent over the comparable period in 2000. Excluding acquisitions, manufacturing sales were 14 percent lower for the quarter and 6 percent lower for the six months.

The translation effect of the strong U.S. dollar decreased both total sales and manufacturing segment sales by $2.6 million for the quarter and $5.5 million for the six months. Without the translation effect and excluding acquisitions, total sales would have declined 9 percent for the quarter and 4 percent for the six months, and manufacturing segment sales would have declined 12 percent for the quarter and 4 percent for the six months. The translation effect also decreased net income by $44,000 for the quarter and $137,000 for the six months.

Commenting on the Company's results, president and chief executive officer Stephen E. Myers said, "The economic slowdown weakened business throughout our markets in North America and Europe during the quarter. In addition to lower sales volume, market conditions have created stronger, price-based competition which has penalized our profitability. As we said in our previous release, we do not see signs of a significant recovery before year-end."

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, wheel, and undervehicle service industry in the United States. Myers has 25 manufacturing facilities in North America and Europe, 42 domestic and five international distribution branches, more than 20,000 products, and more than 4,100 employees. The Company reported net sales of $652.7 million in 2000.

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.