Myers Industries, Inc. (NYSE:MYE) published today historical financial results adjusted to reflect Myers’ Lawn and Garden Segment and WEK Industries, Inc. as discontinued operations and the realignment of the Company’s remaining businesses into its two reportable segments: Material Handling and Distribution.
On June 2, 2014, the Company announced it had commenced the sale of its Lawn and Garden Segment and that the segment would be reported as discontinued operations.
On June 24, 2014, the Company announced it had completed the sale of WEK Industries, Inc. which had been part of the Company’s Engineered Products Segment and that it would be reported as discontinued operations. Ameri-Kart®, previously part of the Engineered Products Segment, is now part of the Material Handling Segment and Patch Rubber Company, also previously part of the Engineered Products Segment, is now part of the Distribution Segment.
Myers began reporting the Lawn and Garden Segment and WEK Industries, Inc. as discontinued operations in its second quarter earnings release issued July 24, 2014 and in its form 10Q for the period ending June 30, 2014.
The adjusted historical financial statements are included in this release and have also been published under financial statements in the Investor Relations section of the Company’s website at www.myersindustries.com. For a printer ready version of the financials, you can also click here.
Also today, Myers filed a Form 8-K/A that provides Myers Industries, Inc. and Scepter Corporation Group unaudited pro forma combined financial statements for the year ended December 31, 2013 and the six months ended June 30, 2014.
About Myers Industries
Myers
Industries, Inc. is an international manufacturer of polymer products
for industrial, agricultural, automotive, commercial, and consumer
markets. The Company is also the largest wholesale distributor of tools,
equipment and supplies for the tire, wheel and under vehicle service
industry in the U.S. Visit www.myersindustries.com
to learn more.
Caution on Forward-Looking Statements
Statements
in this release may include “forward-looking” statements within the
meaning of the Private Securities Litigation Reform Act of 1995. Any
statement that is not of historical fact may be deemed
“forward-looking”. Words such as “expect”, “believe”, “project”, “plan”,
“anticipate”, “intend”, “objective”, “goal”, “view”, and similar
expressions identify forward-looking statements. These statements are
based on management's current views and assumptions of future events and
financial performance and involve a number of risks and uncertainties,
many outside of the Company's control that could cause actual results to
materially differ from those expressed or implied. Risks and
uncertainties include: changes in the markets for the Company's business
segments; changes in trends and demands in the markets in which the
Company competes; unanticipated downturn in business relationships with
customers or their purchases; competitive pressures on sales and
pricing; raw material availability, increases in raw material costs, or
other production costs; future economic and financial conditions in the
United States and around the world; inability of the Company to meet
future capital requirements; claims, litigation and regulatory actions
against the Company; changes in laws and regulations affecting the
Company; the Company's ability to execute the components of its
strategic plan; and other risks as detailed in the Company's 10-K and
other reports filed with the Securities and Exchange Commission. Such
reports are available on the Securities and Exchange Commission's public
reference facilities and its web site at http://www.sec.gov,
and on the Company's Investor Relations section of its web site at http://www.myersindustries.com.
Myers Industries undertakes no obligation to publicly update or revise
any forward-looking statements contained herein. These statements speak
only as of the date made.
MYERS INDUSTRIES, INC. AND SUBSIDIARIES | |||||||||||||||
| Condensed Consolidated Statements of Income (Unaudited) | |||||||||||||||
| (Dollars in thousands, except share data) | |||||||||||||||
Three Months Ended | Three Months Ended | Six Months Ended | |||||||||||||
| March 31 | June 30 | June 30 | |||||||||||||
| 2014 | 2014 | 2014 | |||||||||||||
| Net sales | $ | 150,485 | $ | 152,784 | $ | 303,269 | |||||||||
| Cost of sales | 108,414 | 110,252 | 218,666 | ||||||||||||
| Gross profit | 42,071 | 42,532 | 84,603 | ||||||||||||
| Selling, general and administrative expenses | 33,188 | 31,246 | 64,434 | ||||||||||||
| Operating income | 8,883 | 11,286 | 20,169 | ||||||||||||
| Interest expense, net | 1,584 | 1,667 | 3,251 | ||||||||||||
| Income from continuing operations before income taxes | 7,299 | 9,619 | 16,918 | ||||||||||||
| Income tax expense | 2,536 | 3,292 | 5,828 | ||||||||||||
| Income from continuing operations | 4,763 | 6,327 | 11,090 | ||||||||||||
| Loss from discontinued operations, net of tax | (4,083 | ) | (578 | ) | (4,661 | ) | |||||||||
| Net income | $ | 680 | $ | 5,749 | $ | 6,429 | |||||||||
| Net earnings per share from continuing operations | |||||||||||||||
| Basic | $ | 0.14 | $ | 0.20 | $ | 0.34 | |||||||||
| Diluted | $ | 0.14 | $ | 0.19 | $ | 0.33 | |||||||||
| Net loss per share from discontinued operations | |||||||||||||||
| Basic | $ | (0.12 | ) | $ | (0.02 | ) | $ | (0.14 | ) | ||||||
| Diluted | $ | (0.12 | ) | $ | (0.02 | ) | $ | (0.14 | ) | ||||||
| Net earnings per share | |||||||||||||||
| Basic | $ | 0.02 | $ | 0.18 | $ | 0.20 | |||||||||
| Diluted | $ | 0.02 | $ | 0.17 | $ | 0.19 | |||||||||
| Dividends declared per share | $ | 0.13 | $ | 0.13 | $ | 0.26 | |||||||||
| Share | |||||||||||||||
| Basic | 33,518,543 | 32,425,994 | 32,892,864 | ||||||||||||
| Diluted | 34,018,475 | 32,962,790 | 33,387,109 | ||||||||||||
| MYERS INDUSTRIES, INC. AND SUBSIDIARIES | ||||||||||||||||||
| Condensed Consolidated Statements of Income (Unaudited) | ||||||||||||||||||
| (Dollars in thousands, except share data) | ||||||||||||||||||
| Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | |||||||||||||||
| March 31 | June 30 | September 30 | December 31 | |||||||||||||||
| 2013 | 2013 | 2013 | 2013 | |||||||||||||||
| Net sales | $ | 144,944 | $ | 153,623 | $ | 141,442 | $ | 144,724 | ||||||||||
| Cost of sales | 102,859 | 108,615 | 98,924 | 104,781 | ||||||||||||||
| Gross profit | 42,085 | 45,008 | 42,518 | 39,943 | ||||||||||||||
| Selling, general and administrative expenses | 31,973 | 32,387 | 30,253 | 30,625 | ||||||||||||||
| Operating income | 10,112 | 12,621 | 12,265 | 9,318 | ||||||||||||||
| Interest expense, net | 1,077 | 1,119 | 1,113 | 1,222 | ||||||||||||||
| Income from continuing operations before income taxes | 9,035 | 11,502 | 11,152 | 8,096 | ||||||||||||||
| Income tax expense | 3,239 | 4,097 | 4,293 | 1,714 | ||||||||||||||
| Income from continuing operations | 5,796 | 7,405 | 6,859 | 6,382 | ||||||||||||||
| Income (loss) from discontinued operations, net of tax | 2,087 | 907 | (371 | ) | (3,063 | ) | ||||||||||||
| Net income | $ | 7,883 | $ | 8,312 | $ | 6,488 | $ | 3,319 | ||||||||||
| Net earnings per share from continuing operations | ||||||||||||||||||
| Basic | $ | 0.18 | $ | 0.22 | $ | 0.20 | $ | 0.19 | ||||||||||
| Diluted | $ | 0.17 | $ | 0.22 | $ | 0.20 | $ | 0.19 | ||||||||||
| Net earnings (loss) per share from discontinued operations | ||||||||||||||||||
| Basic | $ | 0.06 | $ | 0.03 | $ | (0.01 | ) | $ | (0.09 | ) | ||||||||
| Diluted | $ | 0.06 | $ | 0.03 | $ | (0.01 | ) | $ | (0.09 | ) | ||||||||
| Net earnings per share | ||||||||||||||||||
| Basic | $ | 0.24 | $ | 0.25 | $ | 0.19 | $ | 0.10 | ||||||||||
| Diluted | $ | 0.23 | $ | 0.25 | $ | 0.19 | $ | 0.10 | ||||||||||
| Dividends declared per share | $ | 0.09 | $ | 0.09 | $ | 0.09 | $ | 0.09 | ||||||||||
| Share | ||||||||||||||||||
| Basic | 33,504,222 | 33,559,398 | 33,670,639 | 33,656,673 | ||||||||||||||
| Diluted | 33,859,416 | 33,877,952 | 34,208,809 | 34,204,594 | ||||||||||||||
| * Historical information has been adjusted to reflect discontinued operations presentation. | ||||||||||||||||||
| MYERS INDUSTRIES, INC. AND SUBSIDIARIES | |||||||||||||
| Condensed Consolidated Statements of Income (Unaudited) | |||||||||||||
| (Dollars in thousands, except share data) | |||||||||||||
| Six Months Ended | Nine Months Ended | Year Ended | |||||||||||
| June 30 | September 30 | December 31 | |||||||||||
| 2013 | 2013 | 2013 | |||||||||||
| Net sales | $ | 298,567 | $ | 440,009 | $ | 584,733 | |||||||
| Cost of sales | 211,474 | 310,398 | 415,179 | ||||||||||
| Gross profit | 87,093 | 129,611 | 169,554 | ||||||||||
| Selling, general and administrative expenses | 64,360 | 94,613 | 125,238 | ||||||||||
| Operating income | 22,733 | 34,998 | 44,316 | ||||||||||
| Interest expense, net | 2,196 | 3,309 | 4,531 | ||||||||||
| Income from continuing operations before income taxes | 20,537 | 31,689 | 39,785 | ||||||||||
| Income tax expense | 7,336 | 11,629 | 13,343 | ||||||||||
| Income from continuing operations | 13,201 | 20,060 | 26,442 | ||||||||||
| Income (loss) from discontinued operations, net of tax | 2,994 | 2,623 | (440 | ) | |||||||||
| Net income | $ | 16,195 | $ | 22,683 | $ | 26,002 | |||||||
| Net earnings per share from continuing operations | |||||||||||||
| Basic | $ | 0.39 | $ | 0.60 | $ | 0.78 | |||||||
| Diluted | $ | 0.39 | $ | 0.59 | $ | 0.77 | |||||||
| Net earnings (loss) per share from discontinued operations | |||||||||||||
| Basic | $ | 0.09 | $ | 0.08 | $ | (0.01 | ) | ||||||
| Diluted | $ | 0.09 | $ | 0.08 | $ | (0.01 | ) | ||||||
| Net earnings per share | |||||||||||||
| Basic | $ | 0.48 | $ | 0.68 | $ | 0.77 | |||||||
| Diluted | $ | 0.48 | $ | 0.67 | $ | 0.76 | |||||||
| Dividends declared per share | $ | 0.18 | $ | 0.27 | $ | 0.36 | |||||||
| Share | |||||||||||||
| Basic | 33,529,004 | 33,574,801 | 33,588,720 | ||||||||||
| Diluted | 33,897,962 | 33,991,021 | 34,043,425 | ||||||||||
| * Historical information has been adjusted to reflect discontinued operations presentation. | |||||||||||||
| MYERS INDUSTRIES, INC. AND SUBSIDIARIES | ||||||||||||||||||
| Condensed Consolidated Statements of Income (Unaudited) | ||||||||||||||||||
| (Dollars in thousands, except share data) | ||||||||||||||||||
| Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | |||||||||||||||
| March 31 | June 30 | September 30 | December 31 | |||||||||||||||
| 2012 | 2012 | 2012 | 2012 | |||||||||||||||
| Net sales | $ | 128,588 | $ | 126,815 | $ | 143,354 | $ | 146,815 | ||||||||||
| Cost of sales | 87,260 | 89,058 | 99,608 | 105,747 | ||||||||||||||
| Gross profit | 41,328 | 37,757 | 43,746 | 41,068 | ||||||||||||||
| Selling, general and administrative expenses | 27,150 | 27,124 | 33,296 | 29,803 | ||||||||||||||
| Operating income | 14,178 | 10,633 | 10,450 | 11,265 | ||||||||||||||
| Interest expense, net | 1,036 | 1,009 | 1,158 | 1,127 | ||||||||||||||
| Income from continuing operations before income taxes | 13,142 | 9,624 | 9,292 | 10,138 | ||||||||||||||
| Income tax expense | 5,028 | 3,546 | 3,050 | 4,065 | ||||||||||||||
| Income from continuing operations | 8,114 | 6,078 | 6,242 | 6,073 | ||||||||||||||
| Income (loss) from discontinued operations, net of tax | 1,871 | (420 | ) | (444 | ) | 2,448 | ||||||||||||
| Net income | $ | 9,985 | $ | 5,658 | $ | 5,798 | $ | 8,521 | ||||||||||
| Net earnings per share from continuing operations | ||||||||||||||||||
| Basic | $ | 0.24 | $ | 0.18 | $ | 0.18 | $ | 0.18 | ||||||||||
| Diluted | $ | 0.23 | $ | 0.18 | $ | 0.18 | $ | 0.18 | ||||||||||
| Net earnings (loss) per share from discontinued operations | ||||||||||||||||||
| Basic | $ | 0.06 | $ | (0.01 | ) | $ | (0.01 | ) | $ | 0.07 | ||||||||
| Diluted | $ | 0.06 | $ | (0.01 | ) | $ | (0.01 | ) | $ | 0.07 | ||||||||
| Net earnings per share | ||||||||||||||||||
| Basic | $ | 0.30 | $ | 0.17 | $ | 0.17 | $ | 0.25 | ||||||||||
| Diluted | $ | 0.29 | $ | 0.17 | $ | 0.17 | $ | 0.25 | ||||||||||
| Dividends declared per share | $ | 0.08 | $ | 0.08 | $ | 0.08 | $ | 0.08 | ||||||||||
| Share | ||||||||||||||||||
| Basic | 33,439,012 | 33,595,637 | 33,746,824 | 33,646,031 | ||||||||||||||
| Diluted | 33,912,165 | 34,272,693 | 34,411,654 | 34,119,301 | ||||||||||||||
| * Historical information has been adjusted to reflect discontinued operations presentation. | ||||||||||||||||||
| MYERS INDUSTRIES, INC. AND SUBSIDIARIES | ||||||||||||
| Condensed Consolidated Statements of Income (Unaudited) | ||||||||||||
| (Dollars in thousands, except share data) | ||||||||||||
| Six Months Ended | Nine Months Ended | Year Ended | ||||||||||
| June 30 | September 30 | December 31 | ||||||||||
| 2012 | 2012 | 2012 | ||||||||||
| Net sales | $ | 255,403 | $ | 398,757 | $ | 545,572 | ||||||
| Cost of sales | 176,318 | 275,926 | 381,673 | |||||||||
| Gross profit | 79,085 | 122,831 | 163,899 | |||||||||
| Selling, general and administrative expenses | 54,274 | 87,570 | 117,373 | |||||||||
| Operating income | 24,811 | 35,261 | 46,526 | |||||||||
| Interest expense, net | 2,045 | 3,203 | 4,330 | |||||||||
| Income from continuing operations before income taxes | 22,766 | 32,058 | 42,196 | |||||||||
| Income tax expense | 8,574 | 11,624 | 15,689 | |||||||||
| Income from continuing operations | 14,192 | 20,434 | 26,507 | |||||||||
| Income (loss) from discontinued operations, net of tax | 1,451 | 1,007 | 3,455 | |||||||||
| Net income | $ | 15,643 | $ | 21,441 | $ | 29,962 | ||||||
| Net earnings per share from continuing operations | ||||||||||||
| Basic | $ | 0.42 | $ | 0.61 | $ | 0.79 | ||||||
| Diluted | $ | 0.42 | $ | 0.60 | $ | 0.78 | ||||||
| Net earnings (loss) per share from discontinued operations | ||||||||||||
| Basic | $ | 0.04 | $ | 0.03 | $ | 0.10 | ||||||
| Diluted | $ | 0.04 | $ | 0.03 | $ | 0.10 | ||||||
| Net earnings per share | ||||||||||||
| Basic | $ | 0.46 | $ | 0.64 | $ | 0.89 | ||||||
| Diluted | $ | 0.46 | $ | 0.63 | $ | 0.88 | ||||||
| Dividends declared per share | $ | 0.16 | $ | 0.24 | $ | 0.32 | ||||||
| Share | ||||||||||||
| Basic | 33,525,444 | 33,592,984 | 33,597,020 | |||||||||
| Diluted | 34,121,486 | 34,256,453 | 34,109,232 | |||||||||
| * Historical information has been adjusted to reflect discontinued operations presentation. | ||||||||||||
| MYERS INDUSTRIES, INC. AND SUBSIDIARIES | ||||||||||||||||||||
| SALES BY SEGMENT (UNAUDITED) | ||||||||||||||||||||
| (Dollars in thousands) | ||||||||||||||||||||
| 2014 | ||||||||||||||||||||
| Three Months Ended | Three Months Ended | |||||||||||||||||||
| March 31 | June 30 | |||||||||||||||||||
| 2014 | 2014 | |||||||||||||||||||
Net Sales from Continuing Operations | ||||||||||||||||||||
| Material Handling | $ | 106,677 | $ | 103,046 | ||||||||||||||||
| Distribution | 43,883 | 49,789 | ||||||||||||||||||
| Inter-company Sales | (75 | ) | (51 | ) | ||||||||||||||||
Total | $ | 150,485 | $ | 152,784 | ||||||||||||||||
| 2013 | ||||||||||||||||||||
| Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | |||||||||||||||||
| March 31 | June 30 | September 30 | December 31 | |||||||||||||||||
| 2013 | 2013 | 2013 | 2013 | |||||||||||||||||
Net Sales from Continuing Operations | ||||||||||||||||||||
| Material Handling | $ | 94,636 | $ | 100,496 | $ | 89,855 | $ | 95,618 | ||||||||||||
| Distribution | 50,406 | 53,211 | 51,667 | 49,176 | ||||||||||||||||
| Inter-company Sales | (98 | ) | (84 | ) | (80 | ) | (70 | ) | ||||||||||||
| Total | $ | 144,944 | $ | 153,623 | $ | 141,442 | $ | 144,724 | ||||||||||||
| % Change | ||||||||||||||||||||
| Three Months Ended | Three Months Ended | |||||||||||||||||||
| March 31 | June 30 | |||||||||||||||||||
Net Sales from Continuing Operations | ||||||||||||||||||||
| Material Handling | 12.7 | % | 2.5 | % | ||||||||||||||||
| Distribution | -12.9 | % | -6.4 | % | ||||||||||||||||
| Inter-company Sales | -23.5 | % | -39.3 | % | ||||||||||||||||
| Total | 3.8 | % | -0.5 | % | ||||||||||||||||
| * Historical information has been adjusted to reflect discontinued operations presentation and the segment realignment completed in June 2014. | ||||||||||||||||||||
| MYERS INDUSTRIES, INC. AND SUBSIDIARIES | |||||||||||||||
| SALES BY SEGMENT (UNAUDITED) | |||||||||||||||
| (Dollars in thousands) | |||||||||||||||
2014 | |||||||||||||||
| Six Months Ended | |||||||||||||||
| June 30 | |||||||||||||||
| 2014 | |||||||||||||||
Net Sales from Continuing Operations | |||||||||||||||
| Material Handling | $ | 209,723 | |||||||||||||
| Distribution | 93,672 | ||||||||||||||
| Inter-company Sales | (126 | ) | |||||||||||||
| Total | $ | 303,269 | |||||||||||||
2013 | |||||||||||||||
| Six Months Ended | Nine Months Ended | Year Ended | |||||||||||||
| June 30 | September 30 | December 31 | |||||||||||||
| 2013 | 2013 | 2013 | |||||||||||||
Net Sales from Continuing Operations | |||||||||||||||
| Material Handling | $ | 195,132 | $ | 284,987 | $ | 380,605 | |||||||||
| Distribution | 103,617 | 155,284 | 204,460 | ||||||||||||
| Inter-company Sales | (182 | ) | (262 | ) | (332 | ) | |||||||||
| Total | $ | 298,567 | $ | 440,009 | $ | 584,733 | |||||||||
% Change | |||||||||||||||
| Six Months Ended | |||||||||||||||
| June 30 | |||||||||||||||
Net Sales from Continuing Operations | |||||||||||||||
| Material Handling | 7.5 | % | |||||||||||||
| Distribution | -9.6 | % | |||||||||||||
| Inter-company Sales | -30.8 | % | |||||||||||||
| Total | 1.6 | % | |||||||||||||
| * Historical information has been adjusted to reflect discontinued operations presentation and the segment realignment completed in June 2014. | |||||||||||||||
| MYERS INDUSTRIES, INC. AND SUBSIDIARIES | ||||||||||||||||||||
| SALES BY SEGMENT (UNAUDITED) | ||||||||||||||||||||
| (Dollars in thousands) | ||||||||||||||||||||
| 2013 | ||||||||||||||||||||
| Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | |||||||||||||||||
| March 31 | June 30 | September 30 | December 31 | |||||||||||||||||
| 2013 | 2013 | 2013 | 2013 | |||||||||||||||||
Net Sales from Continuing Operations | ||||||||||||||||||||
| Material Handling | $ | 94,636 | $ | 100,496 | $ | 89,855 | $ | 95,618 | ||||||||||||
| Distribution | 50,406 | 53,211 | 51,667 | 49,176 | ||||||||||||||||
| Inter-company Sales | (98 | ) | (84 | ) | (80 | ) | (70 | ) | ||||||||||||
| Total | $ | 144,944 | $ | 153,623 | $ | 141,442 | $ | 144,724 | ||||||||||||
| 2012 | ||||||||||||||||||||
| Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | |||||||||||||||||
| March 31 | June 30 | September 30 | December 31 | |||||||||||||||||
| 2012 | 2012 | 2012 | 2012 | |||||||||||||||||
Net Sales from Continuing Operations | ||||||||||||||||||||
| Material Handling | $ | 77,970 | $ | 74,367 | $ | 89,587 | $ | 95,550 | ||||||||||||
| Distribution | 50,870 | 52,500 | 53,849 | 51,348 | ||||||||||||||||
| Inter-company Sales | (252 | ) | (52 | ) | (82 | ) | (83 | ) | ||||||||||||
| Total | $ | 128,588 | $ | 126,815 | $ | 143,354 | $ | 146,815 | ||||||||||||
| % Change | ||||||||||||||||||||
| Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | |||||||||||||||||
| March 31 | June 30 | September 30 | December 31 | |||||||||||||||||
Net Sales from Continuing Operations | ||||||||||||||||||||
| Material Handling | 21.4 | % | 35.1 | % | 0.3 | % | 0.1 | % | ||||||||||||
| Distribution | -0.9 | % | 1.4 | % | -4.1 | % | -4.2 | % | ||||||||||||
| Inter-company Sales | -61.1 | % | 61.5 | % | -2.4 | % | -15.7 | % | ||||||||||||
| Total | 12.7 | % | 21.1 | % | -1.3 | % | -1.4 | % | ||||||||||||
| * Historical information has been adjusted to reflect discontinued operations presentation and the segment realignment completed in June 2014. | ||||||||||||||||||||
| MYERS INDUSTRIES, INC. AND SUBSIDIARIES | |||||||||||||||
| SALES BY SEGMENT (UNAUDITED) | |||||||||||||||
(Dollars in thousands) | |||||||||||||||
2013 | |||||||||||||||
| Six Months Ended | Nine Months Ended | Year Ended | |||||||||||||
| June 30 | September 30 | December 31 | |||||||||||||
| 2013 | 2013 | 2013 | |||||||||||||
Net Sales from Continuing Operations | |||||||||||||||
| Material Handling | $ | 195,132 | $ | 284,987 | $ | 380,605 | |||||||||
| Distribution | 103,617 | 155,284 | 204,460 | ||||||||||||
| Inter-company Sales | (182 | ) | (262 | ) | (332 | ) | |||||||||
| Total | $ | 298,567 | $ | 440,009 | $ | 584,733 | |||||||||
2012 | |||||||||||||||
| Six Months Ended | Nine Months Ended | Year Ended | |||||||||||||
| June 30 | September 30 | December 31 | |||||||||||||
| 2012 | 2012 | 2012 | |||||||||||||
Net Sales from Continuing Operations | |||||||||||||||
| Material Handling | $ | 152,337 | $ | 241,924 | $ | 337,474 | |||||||||
| Distribution | 103,370 | 157,219 | 208,567 | ||||||||||||
| Inter-company Sales | (304 | ) | (386 | ) | (469 | ) | |||||||||
| Total | $ | 255,403 | $ | 398,757 | $ | 545,572 | |||||||||
% Change | |||||||||||||||
| Six Months Ended | Nine Months Ended | Year Ended | |||||||||||||
| June 30 | September 30 | December 31 | |||||||||||||
Net Sales from Continuing Operations | |||||||||||||||
| Material Handling | 28.1 | % | 17.8 | % | 12.8 | % | |||||||||
| Distribution | 0.2 | % | -1.2 | % | -2.0 | % | |||||||||
| Inter-company Sales | -40.1 | % | -32.1 | % | -29.2 | % | |||||||||
Total | 16.9 | % | 10.3 | % | 7.2 | % | |||||||||
| * Historical information has been adjusted to reflect discontinued operations presentation and the segment realignment completed in June 2014. | |||||||||||||||
MYERS INDUSTRIES, INC. AND SUBSIDIARIES | ||||||||||||||||||||
| EARNINGS BY SEGMENT (UNAUDITED) | ||||||||||||||||||||
| (Dollars in thousands) | ||||||||||||||||||||
| 2014 | ||||||||||||||||||||
| Three Months Ended | Three Months Ended | |||||||||||||||||||
| March 31 | June 30 | |||||||||||||||||||
| 2014 | 2014 | |||||||||||||||||||
Income (loss) from Continuing Operations Before Income Taxes | ||||||||||||||||||||
| Material Handling | $ | 12,772 | $ | 11,533 | ||||||||||||||||
| Distribution | 3,530 | 5,053 | ||||||||||||||||||
| Corporate | (9,003 | ) | (6,967 | ) | ||||||||||||||||
| Total | $ | 7,299 | $ | 9,619 | ||||||||||||||||
| 2013 | ||||||||||||||||||||
| Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | |||||||||||||||||
| March 31 | June 30 | September 30 | December 31 | |||||||||||||||||
| 2013 | 2013 | 2013 | 2013 | |||||||||||||||||
Income (loss) from Continuing Operations Before Income Taxes | ||||||||||||||||||||
| Material Handling | $ | 11,482 | $ | 13,358 | $ | 12,085 | $ | 10,503 | ||||||||||||
| Distribution | 5,287 | 6,043 | 6,287 | 4,110 | ||||||||||||||||
| Corporate | (7,734 | ) | (7,899 | ) | (7,220 | ) | (6,517 | ) | ||||||||||||
| Total | $ | 9,035 | $ | 11,502 | $ | 11,152 | $ | 8,096 | ||||||||||||
| % Change | ||||||||||||||||||||
| Three Months Ended | Three Months Ended | |||||||||||||||||||
| March 31 | June 30 | |||||||||||||||||||
Income (loss) from Continuing Operations Before Income Taxes | ||||||||||||||||||||
| Material Handling | 11.2 | % | -13.7 | % | ||||||||||||||||
| Distribution | -33.2 | % | -16.4 | % | ||||||||||||||||
| Corporate | 16.4 | % | -11.8 | % | ||||||||||||||||
Total | -19.2 | % | -16.4 | % | ||||||||||||||||
| * Historical information has been adjusted to reflect discontinued operations presentation and the segment realignment completed in June 2014. | ||||||||||||||||||||
| MYERS INDUSTRIES, INC. AND SUBSIDIARIES | |||||||||||||||
| EARNINGS BY SEGMENT (UNAUDITED) | |||||||||||||||
| (Dollars in thousands) | |||||||||||||||
2014 | |||||||||||||||
| Six Months Ended | |||||||||||||||
| June 30 | |||||||||||||||
| 2014 | |||||||||||||||
Income (loss) from Continuing Operations Before Income Taxes | |||||||||||||||
| Material Handling | $ | 24,305 | |||||||||||||
| Distribution | 8,583 | ||||||||||||||
| Corporate | (15,970 | ) | |||||||||||||
| Total | $ | 16,918 | |||||||||||||
2013 | |||||||||||||||
| Six Months Ended | Nine Months Ended | Year Ended | |||||||||||||
| June 30 | September 30 | December 31 | |||||||||||||
| 2013 | 2013 | 2013 | |||||||||||||
Income (loss) from Continuing Operations Before Income Taxes | |||||||||||||||
| Material Handling | $ | 24,840 | $ | 36,925 | $ | 47,428 | |||||||||
| Distribution | 11,330 | 17,617 | 21,727 | ||||||||||||
| Corporate | (15,633 | ) | (22,853 | ) | (29,370 | ) | |||||||||
| Total | $ | 20,537 | $ | 31,689 | $ | 39,785 | |||||||||
% Change | |||||||||||||||
| Six Months Ended | |||||||||||||||
| June 30 | |||||||||||||||
Income (loss) from Continuing Operations Before Income Taxes | |||||||||||||||
| Material Handling | -2.2 | % | |||||||||||||
| Distribution | -24.2 | % | |||||||||||||
| Corporate | 2.2 | % | |||||||||||||
| Total | -17.6 | % | |||||||||||||
| * Historical information has been adjusted to reflect discontinued operations presentation and the segment realignment completed in June 2014. | |||||||||||||||
| MYERS INDUSTRIES, INC. AND SUBSIDIARIES | ||||||||||||||||||||
| EARNINGS BY SEGMENT (UNAUDITED) | ||||||||||||||||||||
| (Dollars in thousands) | ||||||||||||||||||||
| 2013 | ||||||||||||||||||||
| Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | |||||||||||||||||
| March 31 | June 30 | September 30 | December 31 | |||||||||||||||||
| 2013 | 2013 | 2013 | 2013 | |||||||||||||||||
Income (loss) from Continuing Operations Before Income Taxes | ||||||||||||||||||||
| Material Handling | $ | 11,482 | $ | 13,358 | $ | 12,085 | $ | 10,503 | ||||||||||||
| Distribution | 5,287 | 6,043 | 6,287 | 4,110 | ||||||||||||||||
| Corporate | (7,734 | ) | (7,899 | ) | (7,220 | ) | (6,517 | ) | ||||||||||||
| Total | $ | 9,035 | $ | 11,502 | $ | 11,152 | $ | 8,096 | ||||||||||||
| 2012 | ||||||||||||||||||||
| Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | |||||||||||||||||
| March 31 | June 30 | September 30 | December 31 | |||||||||||||||||
| 2012 | 2012 | 2012 | 2012 | |||||||||||||||||
Income (loss) from Continuing Operations Before Income Taxes | ||||||||||||||||||||
| Material Handling | $ | 14,395 | $ | 10,480 | $ | 13,633 | $ | 12,788 | ||||||||||||
| Distribution | 5,011 | 6,274 | 5,755 | 5,542 | ||||||||||||||||
| Corporate | (6,264 | ) | (7,130 | ) | (10,096 | ) | (8,192 | ) | ||||||||||||
| Total | $ | 13,142 | $ | 9,624 | $ | 9,292 | $ | 10,138 | ||||||||||||
| % Change | ||||||||||||||||||||
| Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | |||||||||||||||||
| March 31 | June 30 | September 30 | December 31 | |||||||||||||||||
Income (loss) from Continuing Operations Before Income Taxes | ||||||||||||||||||||
| Material Handling | -20.2 | % | 27.5 | % | -11.4 | % | -17.9 | % | ||||||||||||
| Distribution | 5.5 | % | -3.7 | % | 9.2 | % | -25.8 | % | ||||||||||||
| Corporate | 23.5 | % | 10.8 | % | -28.5 | % | -20.4 | % | ||||||||||||
Total | -31.3 | % | 19.5 | % | 20.0 | % | -20.1 | % | ||||||||||||
| * Historical information has been adjusted to reflect discontinued operations presentation and the segment realignment completed in June 2014. | ||||||||||||||||||||
| MYERS INDUSTRIES, INC. AND SUBSIDIARIES | |||||||||||||||
| EARNINGS BY SEGMENT (UNAUDITED) | |||||||||||||||
| (Dollars in thousands) | |||||||||||||||
2013 | |||||||||||||||
| Six Months Ended | Nine Months Ended | Year Ended | |||||||||||||
| June 30 | September 30 | December 31 | |||||||||||||
| 2013 | 2013 | 2013 | |||||||||||||
Income (loss) from Continuing Operations Before Income Taxes | |||||||||||||||
| Material Handling | $ | 24,840 | $ | 36,925 | $ | 47,428 | |||||||||
| Distribution | 11,330 | 17,617 | 21,727 | ||||||||||||
| Corporate | (15,633 | ) | (22,853 | ) | (29,370 | ) | |||||||||
Total | $ | 20,537 | $ | 31,689 | $ | 39,785 | |||||||||
2012 | |||||||||||||||
| Six Months Ended | Nine Months Ended | Year Ended | |||||||||||||
| June 30 | September 30 | December 31 | |||||||||||||
| 2012 | 2012 | 2012 | |||||||||||||
Income (loss) from Continuing Operations Before Income Taxes | |||||||||||||||
| Material Handling | $ | 24,875 | $ | 38,508 | $ | 51,296 | |||||||||
| Distribution | 11,285 | 17,040 | 22,582 | ||||||||||||
| Corporate | (13,394 | ) | (23,490 | ) | (31,682 | ) | |||||||||
Total | $ | 22,766 | $ | 32,058 | $ | 42,196 | |||||||||
% Change | |||||||||||||||
| Six Months Ended | Nine Months Ended | Year Ended | |||||||||||||
| June 30 | September 30 | December 31 | |||||||||||||
Income (loss) from Continuing Operations Before Income Taxes | |||||||||||||||
| Material Handling | -0.1 | % | -4.1 | % | -7.5 | % | |||||||||
| Distribution | 0.4 | % | 3.4 | % | -3.8 | % | |||||||||
| Corporate | 16.7 | % | -2.7 | % | -7.3 | % | |||||||||
| Total | -9.8 | % | -1.2 | % | -5.7 | % | |||||||||
| * Historical information has been adjusted to reflect discontinued operations presentation and the segment realignment completed in June 2014. | |||||||||||||||
| MYERS INDUSTRIES, INC. | |||||||||||||||
| RECONCILIATION OF NON-GAAP FINANCIAL MEASURES | |||||||||||||||
| INCOME (LOSS) BEFORE TAXES BY SEGMENT (UNAUDITED) | |||||||||||||||
| (Dollars in thousands, except per share data) | |||||||||||||||
| Three Months Ended | Three Months Ended | Six Months Ended | |||||||||||||
| March 31 | June 30 | June 30 | |||||||||||||
Material Handling | 2014 | 2014 | 2014 | ||||||||||||
| Income before income taxes as reported | $ | 12,772 | $ | 11,533 | $ | 24,305 | |||||||||
| Restructuring expenses and other adjustments | - | 688 | 688 | ||||||||||||
| Income before income taxes as adjusted | 12,772 | 12,221 | 24,993 | ||||||||||||
Distribution | |||||||||||||||
| Income before income taxes as reported | 3,530 | 5,053 | 8,583 | ||||||||||||
| Restructuring expenses and other adjustments | 557 | 268 | 825 | ||||||||||||
| Income before income taxes as adjusted | 4,087 | 5,321 | 9,408 | ||||||||||||
Corporate and interest expense | |||||||||||||||
| (Loss) before income taxes as reported | (9,003 | ) | (6,967 | ) | (15,970 | ) | |||||||||
| Transaction costs | - | 603 | 603 | ||||||||||||
| (Loss) before income taxes as adjusted | (9,003 | ) | (6,364 | ) | (15,367 | ) | |||||||||
Continuing operations | |||||||||||||||
| Income from continuing operations before income taxes as reported | 7,299 | 9,619 | 16,918 | ||||||||||||
| Restructuring expenses and other adjustments | 557 | 956 | 1,513 | ||||||||||||
| Transaction costs | - | 603 | 603 | ||||||||||||
| Income from continuing operations before income taxes as adjusted | 7,856 | 11,178 | 19,034 | ||||||||||||
| Income tax expense | 2,828 | 4,024 | 6,852 | ||||||||||||
| Income from continuing operations as adjusted | 5,028 | 7,154 | 12,182 | ||||||||||||
Discontinued operations | |||||||||||||||
| Loss from discontinued operations before income taxes as reported | (6,239 | ) | (692 | ) | (6,931 | ) | |||||||||
| Restructuring expenses and other adjustments | 6,884 | 3,023 | 9,907 | ||||||||||||
| Transaction costs | - | 182 | 182 | ||||||||||||
| Gain on sale | - | (3,735 | ) | (3,735 | ) | ||||||||||
| Income (loss) from discontinued operations before income taxes as adjusted | 645 | (1,222 | ) | (577 | ) | ||||||||||
| Income tax expense (benefit) | 232 | (440 | ) | (208 | ) | ||||||||||
| Income (loss) from discontinued operations adjusted | 413 | (782 | ) | (369 | ) | ||||||||||
Consolidated | |||||||||||||||
| Net income as adjusted | $ | 5,441 | $ | 6,372 | $ | 11,813 | |||||||||
| Adjusted earnings per diluted share from continuing operations | $ | 0.15 | $ | 0.22 | $ | 0.36 | |||||||||
| Adjusted earnings per diluted share from discontinued operations | 0.01 | (0.02 | ) | (0.01 | ) | ||||||||||
| Adjusted earnings per diluted share | $ | 0.16 | $ | 0.20 | $ | 0.35 | |||||||||
| Note: Historical information has been adjusted to reflect discontinued operations presentation and the segment realignment completed in June 2014. | |||||||||||||||
Note on Reconciliation of Income and Earnings Data: Income (loss) excluding the items mentioned above in the text of this release and in this reconciliation chart is a non-GAAP financial measure that Myers Industries, Inc. calculates according to the schedule above, using GAAP amounts from the unaudited Condensed Consolidated Financial Statements. The Company believes that the excluded items are not primarily related to core operational activities. The Company believes that income (loss) excluding items that are not primarily related to core operating activities is generally viewed as providing useful information regarding a company's operating performance. Management uses income (loss) excluding these items as well as other financial measures in connection with its decision-making activities. Income (loss) excluding these items should not be considered in isolation or as a substitute for net income (loss), income (loss) before taxes or other consolidated income data prepared in accordance with GAAP. The Company's method for calculating income (loss) excluding these items may not be comparable to methods used by other companies.
| MYERS INDUSTRIES, INC. | ||||||||||||||||||||
| RECONCILIATION OF NON-GAAP FINANCIAL MEASURES | ||||||||||||||||||||
| INCOME (LOSS) BEFORE TAXES BY SEGMENT (UNAUDITED) | ||||||||||||||||||||
| (Dollars in thousands, except per share data) | ||||||||||||||||||||
| Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | |||||||||||||||||
| March 31 | June 30 | September 30 | December 31 | |||||||||||||||||
| 2013 | 2013 | 2013 | 2013 | |||||||||||||||||
Material Handling | ||||||||||||||||||||
| Income before income taxes as reported | $ | 11,482 | $ | 13,358 | $ | 12,085 | $ | 10,503 | ||||||||||||
| Restructuring expenses and other adjustments | 209 | 16 | - | - | ||||||||||||||||
| Income before income taxes as adjusted | 11,691 | 13,374 | 12,085 | 10,503 | ||||||||||||||||
Distribution | ||||||||||||||||||||
| Income before income taxes as reported | 5,287 | 6,043 | 6,287 | 4,110 | ||||||||||||||||
| Restructuring and other adjustments | 74 | 18 | 25 | 76 | ||||||||||||||||
| Income before income taxes as adjusted | 5,361 | 6,061 | 6,312 | 4,186 | ||||||||||||||||
Corporate and interest expense | ||||||||||||||||||||
| (Loss) before income taxes as reported | (7,734 | ) | (7,899 | ) | (7,220 | ) | (6,517 | ) | ||||||||||||
| Other adjustments | 17 | - | - | - | ||||||||||||||||
| (Loss) before income taxes as adjusted | (7,717 | ) | (7,899 | ) | (7,220 | ) | (6,517 | ) | ||||||||||||
Continuing operations | ||||||||||||||||||||
| Income from continuing operations before income taxes as reported | 9,035 | 11,502 | 11,152 | 8,096 | ||||||||||||||||
| Restructuring expenses and other adjustments | 300 | 34 | 25 | 76 | ||||||||||||||||
| Income from continuing operations before income taxes as adjusted | 9,335 | 11,536 | 11,177 | 8,172 | ||||||||||||||||
| Income tax expense | 3,454 | 4,268 | 4,136 | 2,942 | ||||||||||||||||
| Income from continuing operations as adjusted | 5,881 | 7,268 | 7,042 | 5,230 | ||||||||||||||||
Discontinued operations | ||||||||||||||||||||
| Income (loss) from discontinued operations before income taxes as reported | 3,118 | 500 | (188 | ) | (3,824 | ) | ||||||||||||||
| Restructuring expenses and other adjustments | 406 | 736 | 1,141 | 9,315 | ||||||||||||||||
| Loss on disposal of assets | 616 | |||||||||||||||||||
| Depreciation recapture | - | - | 1,264 | - | ||||||||||||||||
| Income from discontinued operations before income taxes as adjusted | 3,524 | 1,852 | 2,217 | 5,491 | ||||||||||||||||
| Income tax expense | 1,304 | 685 | 820 | 1,977 | ||||||||||||||||
| Income from discontinued operations as adjusted | 2,220 | 1,167 | 1,397 | 3,515 | ||||||||||||||||
Consolidated | ||||||||||||||||||||
| Net income as adjusted | $ | 8,101 | $ | 8,435 | $ | 8,439 | $ | 8,744 | ||||||||||||
| Adjusted earnings per diluted share from continuing operations | $ | 0.17 | $ | 0.21 | $ | 0.21 | $ | 0.15 | ||||||||||||
| Adjusted earnings per diluted share from discontinued operations | 0.07 | 0.04 | 0.04 | 0.10 | ||||||||||||||||
| Adjusted earnings per diluted share | $ | 0.24 | $ | 0.25 | $ | 0.25 | $ | 0.26 | ||||||||||||
| Note: Historical information has been adjusted to reflect discontinued operations presentation and the segment realignment completed in June 2014. | ||||||||||||||||||||
Note on Reconciliation of Income and Earnings Data: Income (loss) excluding the items mentioned above in the text of this release and in this reconciliation chart is a non-GAAP financial measure that Myers Industries, Inc. calculates according to the schedule above, using GAAP amounts from the unaudited Condensed Consolidated Financial Statements. The Company believes that the excluded items are not primarily related to core operational activities. The Company believes that income (loss) excluding items that are not primarily related to core operating activities is generally viewed as providing useful information regarding a company's operating performance. Management uses income (loss) excluding these items as well as other financial measures in connection with its decision-making activities. Income (loss) excluding these items should not be considered in isolation or as a substitute for net income (loss), income (loss) before taxes or other consolidated income data prepared in accordance with GAAP. The Company's method for calculating income (loss) excluding these items may not be comparable to methods used by other companies.
| MYERS INDUSTRIES, INC. | |||||||||||||||
| RECONCILIATION OF NON-GAAP FINANCIAL MEASURES | |||||||||||||||
| INCOME (LOSS) BEFORE TAXES BY SEGMENT (UNAUDITED) | |||||||||||||||
| (Dollars in thousands, except per share data) | |||||||||||||||
| Six Months Ended | Nine Months Ended | Year Ended | |||||||||||||
| June 30 | September 30 | December 31 | |||||||||||||
| 2013 | 2013 | 2013 | |||||||||||||
Material Handling | |||||||||||||||
| Income before income taxes as reported | $ | 24,840 | $ | 36,925 | $ | 47,428 | |||||||||
| Restructuring expenses and other adjustments | 225 | 225 | 225 | ||||||||||||
| Income before income taxes as adjusted | 25,065 | 37,150 | 47,653 | ||||||||||||
Distribution | |||||||||||||||
| Income before income taxes as reported | 11,330 | 17,617 | 21,727 | ||||||||||||
| Restructuring and other adjustments | 92 | 117 | 193 | ||||||||||||
| Income before income taxes as adjusted | 11,422 | 17,734 | 21,920 | ||||||||||||
Corporate and interest expense | |||||||||||||||
| (Loss) before income taxes as reported | (15,633 | ) | (22,853 | ) | (29,370 | ) | |||||||||
| Other adjustments | 17 | 17 | 17 | ||||||||||||
| (Loss) before income taxes as adjusted | (15,616 | ) | (22,836 | ) | (29,353 | ) | |||||||||
Continuing operations | |||||||||||||||
| Income from continuing operations before income taxes as reported | 20,537 | 31,689 | 39,784 | ||||||||||||
| Restructuring expenses and other adjustments | 334 | 359 | 435 | ||||||||||||
| Income from continuing operations before income taxes as adjusted | 20,871 | 32,048 | 40,219 | ||||||||||||
| Income tax expense | 7,722 | 11,858 | 14,479 | ||||||||||||
| Income from continuing operations as adjusted | 13,149 | 20,190 | 25,740 | ||||||||||||
Discontinued operations | |||||||||||||||
| Income (loss) from discontinued operations before income taxes as reported | 3,618 | 3,430 | (394 | ) | |||||||||||
| Restructuring expenses and other adjustments | 1,142 | 2,283 | 11,598 | ||||||||||||
| Loss on disposal of assets | 616 | 616 | 616 | ||||||||||||
| Depreciation recapture | - | 1,264 | 1,264 | ||||||||||||
| Income from discontinued operations before income taxes as adjusted | 5,376 | 7,593 | 13,084 | ||||||||||||
| Income tax expense | 1,989 | 2,809 | 4,710 | ||||||||||||
| Income from discontinued operations as adjusted | 3,387 | 4,783 | 8,374 | ||||||||||||
Consolidated | |||||||||||||||
| Net income as adjusted | $ | 16,536 | $ | 24,974 | $ | 34,114 | |||||||||
| Adjusted earnings per diluted share from continuing operations | $ | 0.39 | $ | 0.59 | $ | 0.75 | |||||||||
| Adjusted earnings per diluted share from discontinued operations | 0.10 | 0.14 | 0.25 | ||||||||||||
| Adjusted earnings per diluted share | $ | 0.49 | $ | 0.73 | $ | 1.00 | |||||||||
| Note: Historical information has been adjusted to reflect discontinued operations presentation and the segment realignment completed in June 2014. | |||||||||||||||
Note on Reconciliation of Income and Earnings Data: Income (loss) excluding the items mentioned above in the text of this release and in this reconciliation chart is a non-GAAP financial measure that Myers Industries, Inc. calculates according to the schedule above, using GAAP amounts from the unaudited Condensed Consolidated Financial Statements. The Company believes that the excluded items are not primarily related to core operational activities. The Company believes that income (loss) excluding items that are not primarily related to core operating activities is generally viewed as providing useful information regarding a company's operating performance. Management uses income (loss) excluding these items as well as other financial measures in connection with its decision-making activities. Income (loss) excluding these items should not be considered in isolation or as a substitute for net income (loss), income (loss) before taxes or other consolidated income data prepared in accordance with GAAP. The Company's method for calculating income (loss) excluding these items may not be comparable to methods used by other companies.
| MYERS INDUSTRIES, INC. | ||||||||||||||||||||
| RECONCILIATION OF NON-GAAP FINANCIAL MEASURES | ||||||||||||||||||||
| INCOME (LOSS) BEFORE TAXES BY SEGMENT (UNAUDITED) | ||||||||||||||||||||
| (Dollars in thousands, except per share data) | ||||||||||||||||||||
| Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | |||||||||||||||||
| March 31 | June 30 | September 30 | December 31 | |||||||||||||||||
| 2012 | 2012 | 2012 | 2012 | |||||||||||||||||
Material Handling | ||||||||||||||||||||
| Income before income taxes as reported | $ | 14,395 | $ | 10,480 | $ | 13,633 | $ | 12,788 | ||||||||||||
| Restructuring expenses and other adjustments | - | - | - | 168 | ||||||||||||||||
| Income before income taxes as adjusted | 14,395 | 10,480 | 13,633 | 12,956 | ||||||||||||||||
Distribution | ||||||||||||||||||||
| Income before income taxes as reported | 5,011 | 6,274 | 5,755 | 5,542 | ||||||||||||||||
| Gain on sale of buildings | (310 | ) | (70 | ) | (460 | ) | ||||||||||||||
| Restructuring and other adjustments | 430 | 54 | 235 | 10 | ||||||||||||||||
| Income before income taxes as adjusted | 5,441 | 6,018 | 5,920 | 5,092 | ||||||||||||||||
Corporate and interest expense | ||||||||||||||||||||
| (Loss) before income taxes as reported | (6,264 | ) | (7,130 | ) | (10,096 | ) | (8,192 | ) | ||||||||||||
| Other adjustments | - | - | 1,486 | 318 | ||||||||||||||||
| (Loss) before income taxes as adjusted | (6,264 | ) | (7,130 | ) | (8,610 | ) | (7,874 | ) | ||||||||||||
Continuing operations | ||||||||||||||||||||
| Income from continuing operations before income taxes as reported | 13,142 | 9,625 | 9,292 | 10,138 | ||||||||||||||||
| Gain on sale of building | - | (310 | ) | (70 | ) | (460 | ) | |||||||||||||
| Restructuring expenses and other adjustments | 430 | 54 | 1,721 | 496 | ||||||||||||||||
| Income from continuing operations before income taxes as adjusted | 13,572 | 9,369 | 10,943 | 10,174 | ||||||||||||||||
| Income tax expense | 5,293 | 3,560 | 4,158 | 3,764 | ||||||||||||||||
| Income from continuing operations as adjusted | 8,279 | 5,809 | 6,785 | 6,409 | ||||||||||||||||
Discontinued operations | ||||||||||||||||||||
| Income (loss) from discontinued operations before income taxes as reported | 2,894 | (686 | ) | (713 | ) | 3,650 | ||||||||||||||
| Restructuring expenses and other adjustments | 126 | 517 | 868 | 301 | ||||||||||||||||
| Income (loss) from discontinued operations before income taxes as adjusted | 3,020 | (169 | ) | 155 | 3,951 | |||||||||||||||
| Income tax expense (benefit) | 1,178 | (64 | ) | 59 | 1,462 | |||||||||||||||
| Income (loss) from discontinued operations as adjusted | 1,842 | (105 | ) | 96 | 2,489 | |||||||||||||||
Consolidated | ||||||||||||||||||||
| Net income as adjusted | $ | 10,121 | $ | 5,704 | $ | 6,881 | $ | 8,898 | ||||||||||||
| Adjusted earnings per diluted share from continuing operations | $ | 0.25 | $ | 0.17 | $ | 0.20 | $ | 0.19 | ||||||||||||
| Adjusted earnings per diluted share from discontinued operations | 0.05 | (0.00 | ) | 0.00 | 0.07 | |||||||||||||||
| Adjusted earnings per diluted share | $ | 0.30 | $ | 0.17 | $ | 0.20 | $ | 0.26 | ||||||||||||
| Note: Historical information has been adjusted to reflect discontinued operations presentation and the segment realignment completed in June 2014. | ||||||||||||||||||||
Note on Reconciliation of Income and Earnings Data: Income (loss) excluding the items mentioned above in the text of this release and in this reconciliation chart is a non-GAAP financial measure that Myers Industries, Inc. calculates according to the schedule above, using GAAP amounts from the unaudited Condensed Consolidated Financial Statements. The Company believes that the excluded items are not primarily related to core operational activities. The Company believes that income (loss) excluding items that are not primarily related to core operating activities is generally viewed as providing useful information regarding a company's operating performance. Management uses income (loss) excluding these items as well as other financial measures in connection with its decision-making activities. Income (loss) excluding these items should not be considered in isolation or as a substitute for net income (loss), income (loss) before taxes or other consolidated income data prepared in accordance with GAAP. The Company's method for calculating income (loss) excluding these items may not be comparable to methods used by other companies.
| MYERS INDUSTRIES, INC. | |||||||||||||||
| RECONCILIATION OF NON-GAAP FINANCIAL MEASURES | |||||||||||||||
| INCOME (LOSS) BEFORE TAXES BY SEGMENT (UNAUDITED) | |||||||||||||||
| (Dollars in thousands, except per share data) | |||||||||||||||
| Six Months Ended | Nine Months Ended | Year Ended | |||||||||||||
| June 30 | September 30 | December 31 | |||||||||||||
| 2012 | 2012 | 2012 | |||||||||||||
Material Handling | |||||||||||||||
| Income before income taxes as reported | $ | 24,875 | $ | 38,508 | $ | 51,296 | |||||||||
| Restructuring expenses and other adjustments | - | - | 168 | ||||||||||||
| Income before income taxes as adjusted | 24,875 | 38,508 | 51,464 | ||||||||||||
Distribution | |||||||||||||||
| Income before income taxes as reported | 11,285 | 17,040 | 22,582 | ||||||||||||
| Gain on sale of buildings | (310 | ) | (380 | ) | (840 | ) | |||||||||
| Restructuring and other adjustments | 484 | 719 | 729 | ||||||||||||
| Income before income taxes as adjusted | 11,459 | 17,379 | 22,471 | ||||||||||||
Corporate and interest expense | |||||||||||||||
| (Loss) before income taxes as reported | (13,394 | ) | (23,490 | ) | (31,682 | ) | |||||||||
| Other adjustments | - | 1,486 | 1,804 | ||||||||||||
| (Loss) before income taxes as adjusted | (13,394 | ) | (22,004 | ) | (29,878 | ) | |||||||||
Continuing operations | |||||||||||||||
| Income from continuing operations before income taxes as reported | 22,766 | 32,058 | 42,196 | ||||||||||||
| Gain on sale of building | (310 | ) | (380 | ) | (840 | ) | |||||||||
| Restructuring expenses and other adjustments | 484 | 2,205 | 2,701 | ||||||||||||
| Income from continuing operations before income taxes as adjusted | 22,940 | 33,883 | 44,057 | ||||||||||||
| Income tax expense | 8,717 | 12,876 | 16,301 | ||||||||||||
| Income from continuing operations as adjusted | 14,223 | 21,008 | 27,756 | ||||||||||||
Discontinued operations | |||||||||||||||
| Income (loss) from discontinued operations before income taxes as reported | 2,207 | 1,494 | 5,144 | ||||||||||||
| Restructuring expenses and other adjustments | 643 | 1,511 | 1,812 | ||||||||||||
| Income (loss) from discontinued operations before income taxes as adjusted | 2,850 | 3,005 | 6,956 | ||||||||||||
| Income tax expense (benefit) | 1,083 | 1,142 | 2,574 | ||||||||||||
| Income (loss) from discontinued operations as adjusted | 1,767 | 1,863 | 4,382 | ||||||||||||
Consolidated | |||||||||||||||
| Net income as adjusted | $ | 15,990 | $ | 22,871 | $ | 32,138 | |||||||||
| Adjusted earnings per diluted share from continuing operations | $ | 0.42 | $ | 0.62 | $ | 0.81 | |||||||||
| Adjusted earnings per diluted share from discontinued operations | 0.05 | 0.05 | 0.13 | ||||||||||||
| Adjusted earnings per diluted share | $ | 0.47 | $ | 0.67 | $ | 0.94 | |||||||||
| Note: Historical information has been adjusted to reflect discontinued operations presentation and the segment realignment completed in June 2014. | |||||||||||||||
Note on Reconciliation of Income and Earnings Data: Income (loss) excluding the items mentioned above in the text of this release and in this reconciliation chart is a non-GAAP financial measure that Myers Industries, Inc. calculates according to the schedule above, using GAAP amounts from the unaudited Condensed Consolidated Financial Statements. The Company believes that the excluded items are not primarily related to core operational activities. The Company believes that income (loss) excluding items that are not primarily related to core operating activities is generally viewed as providing useful information regarding a company's operating performance. Management uses income (loss) excluding these items as well as other financial measures in connection with its decision-making activities. Income (loss) excluding these items should not be considered in isolation or as a substitute for net income (loss), income (loss) before taxes or other consolidated income data prepared in accordance with GAAP. The Company's method for calculating income (loss) excluding these items may not be comparable to methods used by other companies.
| MYERS INDUSTRIES, INC. AND SUBSIDIARIES | |||||
| Condensed Consolidated Statement of Cash Flows (Unaudited) | |||||
| For the year ended December 31, 2013 | |||||
| (Dollars in thousands) | |||||
| Adjusted | |||||
| Cash Flows from Operating Activities | |||||
| Net Income | $ | 26,002 | |||
| Loss from discontinued operations, net of income taxes | (440 | ) | |||
| Income from continuing operations | 26,442 | ||||
| Adjustments to reconcile net income from continuing operations to net cash provided by operating activities | |||||
| Depreciation | 20,386 | ||||
| Amortization of intangible assets | 2,769 | ||||
| Amortization of deferred financing costs | 373 | ||||
| Non-cash stock compensation | 2,557 | ||||
| Provision for loss on accounts receivable | 457 | ||||
| Deferred Taxes | (4,416 | ) | |||
| Other long-term liabilities | 709 | ||||
| Loss from asset disposition | 598 | ||||
| Tax benefit from options | (390 | ) | |||
| Other | 202 | ||||
| Payments on performance based compensation | (1,719 | ) | |||
| Cash flows provided by (used for) working capital, net of acquisitions: | |||||
| Accounts receivable | (1,964 | ) | |||
| Inventories | 3,011 | ||||
| Prepaid expenses | (840 | ) | |||
| Accounts payable and accrued expenses | 26,758 | ||||
| Net cash provided by operating activities - continuing operations | 74,933 | ||||
| Net cash provided by operating activities - discontinued operations | 21,135 | ||||
| Net cash provided by operating activities | 96,068 | ||||
Cash Flows from Investing Activities | |||||
| Capital expenditures | (20,709 | ) | |||
| Acquisition of business, net of cash acquired | (600 | ) | |||
| Other | (273 | ) | |||
| Net cash used for investing activities - continuing operations | (21,582 | ) | |||
| Net cash used for investing activities - discontinued operations | (8,359 | ) | |||
| Net cash used for provided by investing activities | (29,941 | ) | |||
| Cash Flows from Financing Activities | |||||
| Proceeds from long-term debt | 11,000 | ||||
| Repayment of long-term debt | (32,683 | ) | |||
| Net repayments on credit facility | (24,492 | ) | |||
| Cash dividends paid | (9,103 | ) | |||
| Proceeds from issuance of common stock | 5,805 | ||||
| Tax benefit from options | 390 | ||||
| Repurchase of common stock | (8,096 | ) | |||
| Shares withheld for employee taxes on equity awards | (684 | ) | |||
| Deferred financing costs | (608 | ) | |||
| Net cash used for financing activities - continuing operations | (58,471 | ) | |||
| Net cash used for financing activities - discontinued operations | (2,317 | ) | |||
| Net cash used for financing activities | (60,788 | ) | |||
| Foreign Exchange Rate Effect on Cash | (2,748 | ) | |||
| Net increase in cash | 2,591 | ||||
| Cash at January 1 | 3,948 | ||||
Cash at December 31 | $ | 6,539 | |||
| * Historical information has been adjusted to reflect discontinued operations presentation. | |||||
| MYERS INDUSTRIES, INC. AND SUBSIDIARIES | |||||
| Condensed Consolidated Statement of Cash Flows (Unaudited) | |||||
| For the year ended December 31, 2012 | |||||
| (Dollars in thousands) | |||||
Adjusted | |||||
| Cash Flows from Operating Activities | |||||
| Net Income | $ | 29,962 | |||
| Income from discontinued operations, net of income taxes | 3,455 | ||||
| Income from continuing operations | 26,507 | ||||
| Adjustments to reconcile net income from continuing operations to net cash provided by operating activities | |||||
| Depreciation | 17,050 | ||||
| Amortization of intangible assets | 2,138 | ||||
| Amortization of deferred financing costs | 288 | ||||
| Non-cash stock compensation | 2,708 | ||||
| Recovery of loss on accounts receivable | (836 | ) | |||
| Deferred Taxes | 353 | ||||
| Other long-term liabilities | 4,189 | ||||
| Gain from asset disposition | (1,139 | ) | |||
| Cancellations and terminations of share grants | 253 | ||||
| Other | (113 | ) | |||
| Payments on performance based compensation | (333 | ) | |||
| Cash flows provided by (used for) working capital, net of acquisitions: | |||||
| Accounts receivable | (3,820 | ) | |||
| Inventories | (6,373 | ) | |||
| Prepaid expenses | (798 | ) | |||
| Accounts payable and accrued expenses | 3,772 | ||||
| Net cash provided by operating activities - continuing operations | 43,846 | ||||
| Net cash provided by operating activities - discontinued operations | 16,906 | ||||
| Net cash provided by operating activities | 60,752 | ||||
Cash Flows from Investing Activities | |||||
| Capital expenditures | (19,861 | ) | |||
| Acquisition of business, net of cash acquired | (18,543 | ) | |||
| Proceeds from sale of property, plant and equipment | 3,086 | ||||
| Other | (50 | ) | |||
| Net cash used for investing activities - continuing operations | (35,368 | ) | |||
| Net cash used for investing activities - discontinued operations | (7,116 | ) | |||
| Net cash used for investing activities | (42,484 | ) | |||
Cash Flows from Financing Activities | |||||
| Repayment of long-term debt | (23,281 | ) | |||
| Net borrowings on credit facility | 17,700 | ||||
| Cash dividends paid | (13,006 | ) | |||
| Proceeds from issuance of common stock | 3,122 | ||||
| Cancellations and terminations of share grants | (253 | ) | |||
| Repurchase of common stock | (4,204 | ) | |||
| Net cash used for financing activities - continuing operations | (19,922 | ) | |||
| Net cash used for financing activities - discontinued operations | (3,977 | ) | |||
| Net cash used for financing activities | (23,899 | ) | |||
| Foreign Exchange Rate Effect on Cash | 2,778 | ||||
| Net increase in cash | (2,853 | ) | |||
| Cash at January 1 | 6,801 | ||||
Cash at December 31 | $ | 3,948 | |||
| * Historical information has been adjusted to reflect discontinued operations presentation. | |||||
Contacts:
Gregg Branning, Senior Vice President &
Chief Financial Officer, 330-761-6303
or
Monica Vinay, Vice
President, Investor Relations & Treasurer, 330-761-6212
