Myers Industries Records $1.4M Loss in 2Q - Modern Distribution Management

Myers Industries Records $1.4M Loss in 2Q

Myers Industries, Inc., Akron, OH, reported sales for the second quarter were $173.2 million, a decrease if 19% from second quarter 2008. The company recorded a loss of $1.4 million for the period, compared to profit of $2.9 million the prior year.

Weak end markets and demand continued to result in volume declines across segments. Customers maintained cautious spending – further reducing inventory levels, purchasing on an as-needed basis, deferring major capital investments and conserving cash. In the Distribution segment, sales of supplies and equipment remained weak due to continued slow demand for both tire and vehicle service.

For the six-months ended June 30, 2009, sales were $363.3 million, down 21.7% from the same period a year ago. Profit decreased 72% to $3.7 …

Myers Industries, Inc., Akron, OH, reported sales for the second quarter were $173.2 million, a decrease if 19% from second quarter 2008. The company recorded a loss of $1.4 million for the period, compared to profit of $2.9 million the prior year.

Weak end markets and demand continued to result in volume declines across segments. Customers maintained cautious spending – further reducing inventory levels, purchasing on an as-needed basis, deferring major capital investments and conserving cash. In the Distribution segment, sales of supplies and equipment remained weak due to continued slow demand for both tire and vehicle service.

For the six-months ended June 30, 2009, sales were $363.3 million, down 21.7% from the same period a year ago. Profit decreased 72% to $3.7 …

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