Myers' sales up, income down during third quarter
Myers Industries Inc. posted net sales of $213.9 million during the third quarter, a 15% increase from 3Q 2006. However, Myers' third quarter income fell by $4.4 million from the same period last year to $2.5 million.
Myers officials blame the income drop on restructuring expenses, foreign currency transaction losses, decreased volume due to "soft market conditions," and other factors.
"Third quarter sales and earnings were well within our expectations given the company's transformation this year," says Myers CEO and President John Orr.
"The most critical factor in our peformance is that we continue to execute our strategic business plan to drive sustainable, profitable growth."
The purchase of Myers by GS Capital Partners is expected to close by Dec. 15.