| FOR
IMMEDIATE RELEASE: July 16, 1998, Akron, Ohio USA -- Myers Industries, Inc.,
(AMEX: MYE) today announced record results for the second quarter and six months ended
June 30, 1998. Net sales of
$101,114,576 were up 17 percent from the $86,175,097 reported in 1997. Net income was
$7,597,606, a 43 percent increase compared with 1997 second quarter net income of
$5,313,469. Net income per share for the second quarter was $.42, a 45 percent increase
from the $.29 reported in second quarter 1997.
For the six months ended June 30,
1998, net sales of $189,305,742 were up 16 percent over the $162,973,718 reported for the
same period in 1997. Net income for the first six months was $14,587,937, a 44 percent
increase compared to net income of $10,121,972 for the first half of 1997. Net income per
share was $.80, a 45 percent increase from the $.55 reported for the same year ago period.
"This is the first quarter in
the history of the Company in which sales exceeded $100 million. The Company's quarterly
performance also produced record earnings," said Stephen E. Myers, president and CEO.
"Strong internal growth combined with contributions from acquisitions led to those
sales increases in both manufacturing and distribution segments."
Myers Industries, Inc. is a
diversified manufacturer of polymer and metal products for industrial, commercial, and
consumer markets; and a nationwide wholesale distributor of tire repair and undercar
service products. |
