For the nine months ended September 30, 2001, net sales of $459,444,809 were down 5 percent from the $481,368,864 reported for the same period in 2000. Net income was $12,858,865, a 34 percent decrease from net income of $19,540,144 a year ago. Net income per share was $.54, a 34 percent decrease from the $.82 reported for the comparable period last year. All per share figures have been adjusted for the 10 percent stock dividend paid in August, 2001.

Excluding contributions from acquisitions, net sales would have decreased 11 percent for the third quarter and 7 percent for the nine months.

Stephen E. Myers, the Company's president and chief executive officer, said, "Third quarter results were disappointing and demonstrate that while we are quite diversified, we are not immune to the recession experienced in most manufacturing enterprises since late 2000."

Segment Report: Third Quarter and Nine Months
In the manufacturing segment, third quarter net sales of polymer products were down 9 percent compared to 2000. Economic conditions continued to depress demand in industrial, transportation, and automotive markets, where most companies have limited spending because their own revenues and profits are under pressure. Although raw material prices were lower during the quarter, the benefits were offset by soft demand and decreased absorption of fixed costs from lower production levels. For the nine months, net sales were down 5 percent from last year's results. Excluding acquisitions, manufacturing segment net sales were 13 percent lower for the quarter and 8 percent lower for the nine months.

Compared to the same periods in 2000, distribution segment net sales were down 4 percent for the quarter and the nine months. Profitability improved over the comparable periods as a result of a favorable product ratio of consumable supplies to capital equipment.

Debt Reduction
Debt reduction, as stated before, is a high priority for the Company. Strong cash flow allowed total debt to be reduced by $9.1 million during the third quarter. For the nine months, total debt has been reduced by $21.2 million.

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 service and undervehicle repair 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 4,200 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 "forward-looking." Myers Industries does not undertake to update forward-looking statements contained herein.