AKRON, OH — Myers Industries announced net sales of $176,507,020 for the fourth quarter of 2003, the highest of any quarter in the company’s history. This is an increase of 11 percent from $159,331,205 reported in 2002. Net income was $4,350,446, an increase of 8 percent from $4,044,157 for the fourth quarter of 2002. Net income per share was 14 cents, an increase of 8 percent from 13 cents earned in the fourth quarter of 2002. Favorable foreign currency translation accounted for $7.4 million of the sales increase but did not have a material impact on net income for the quarter.
For the year which ended December 31, 2003, net sales were a record $661,091,504, an increase of 9 percent compared to $607,991,158 reported for 2002. Net income was $16,325,516, a decrease of 32 percent compared to $23,959,828 in 2002. Net income per share was $.54, a 33 percent decrease from the $.80 earned in 2002. Favorable foreign currency translation increased sales for the year by $28.3 million and net income by $800,000, or $.03 per share.
Cash flow from working capital management allowed the company to reduce debt by $10 million in the fourth quarter and $17.4 million for the year. At the close of 2003, total debt decreased 7 percent to $215.5 million from $232.9 million at the end of 2002. Debt as a percentage of total capitalization was 42 percent at December 31, 2003, compared to 48 percent at the end of 2002.
For more information about the company, visit: www.myersind.com.
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