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Home » Myers Industries Records 3Q Loss of $5.3 Million

Myers Industries Records 3Q Loss of $5.3 Million

By    MDM  Staff 
October 22, 2009
More about:  Industrial
Sales for the manufacturer of polymer products fell 17%.
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Myers Industries, Inc. (NYSE: MYE), Akron, OH, reported sales for the third quarter were $165.4 million, down 17% from the prior year period. The manufacturer of polymer products recorded a loss of $5.3 million, compared to profit of $1.3 million a year ago.

During the quarter, Myers closed two manufacturing facilities and divested two of its rubber products businesses.

While a leading indicator for the Distribution Segment – miles driven by all vehicles – moved slightly higher during the quarter, demand for tire service supplies and equipment remained weak on continuing softness in vehicle service markets.

For the nine months ended Sept. 30, sales were $513.5 million, down 19% from the first nine months of 2008. Loss for the first nine months was $1.62 million, compared to profit of $14.6 million the prior year.

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