AKRON, Ohio -- Myers Industries has reported results for the first quarter ended March 31.

Net sales from continuing operations for the first quarter were $186.4 million compared to $182.7 million in the first quarter of 2009, reflecting slightly improved volume in end markets in the Material Handling, Distribution and Engineered Products (formerly Auto and Custom) segments.

Net income was $5.5 million or 16 cents per share in the first quarter compared to $5.1 million or 14 cents per share in the first quarter of 2009. Income from continuing operations was $5.5 million or 16 cents per share in the first quarter compared to $6.3 million or 18 cents per share in the first quarter of 2009.

Gross profit was 24 percent in the first quarter, down from 30.4 percent in the first quarter of 2009, due to significant increases in raw material costs and competitive pricing pressures. Gross profit substantially improved as compared to 20 percent in the fourth quarter of 2009.

Excluding the special expenses and gain noted above, income from continuing operations was essentially unchanged at $5.6 million in the first quarter of 2010. This compares to income from continuing operations, excluding special expenses, of $10 million in the first quarter of 2009. Income was lower in 2010 primarily due to the reduction in gross profit margins.

Long-term debt increased $15.7 million in the quarter, primarily due to working capital needs in line with the seasonal requirements of the business.

President and CEO John Orr said, “While our end-markets continue to experience challenges, we did see some recovery across certain sectors. Our focus will remain on pricing initiatives to offset rising raw material costs, developing higher-margin sales opportunities and leveraging benefits from our restructuring initiatives.”

The company expects 2010 to be a year of gradual economic recovery. In addition to continuing its restructuring program in the Material Handling Segment, the company is reviewing all business segments for strategic and operational improvements that will advance its market positions and brand leadership strategy.

Orr concluded, “We will remain focused on innovation and operations excellence, as well as disciplined pricing, cash and balance sheet management, so we can capitalize on emerging growth opportunities. As a result of the strategic programs in all of our businesses, the company is in a better position to generate greater value for customers and shareholders.”