AKRON, Ohio — Myers Industries reports results for the third quarter ended Sept. 30.
Net sales for the third quarter were $214 million, essentially unchanged compared to $213.9 million in the third quarter of 2007.
Gross profit as a percent of sales was 22.5 percent for the third quarter compared to 24.2 percent in the third quarter of 2007, primarily due to raw material inflation, the company said.
Income before taxes for the third quarter, including special items detailed below, was $2.5 million, essentially unchanged from $2.5 million, including special items, in the third quarter of 2007.
Income from continuing operations and net income for the third quarter was $1.3 million, or 4 cents per basic and diluted share, including special items detailed below. This compares to $1.5 million, or 4 cents per share including special items, in the third quarter of 2007.
Despite the adversity influencing nearly every sector of the U.S. economy, the company said net sales during the third quarter of 2008 were flat compared to the third quarter of 2007 and down slightly for the nine-month period. Product pricing initiatives were implemented to cover higher raw material costs, which mitigated the impact of lower unit volumes due to the weak conditions in the company’s end markets.
