Myers Industries Provides 2012-2014 Financial Results Adjusted for Discontinued Operations and Segment Realignment

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 EndedSix Months Ended
March 31June 30June 30
201420142014
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 EndedThree Months EndedThree Months EndedThree Months Ended
March 31June 30September 30December 31
201320132013

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 EndedNine Months EndedYear Ended
June 30September 30December 31
201320132013
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 EndedThree Months EndedThree Months EndedThree Months Ended
March 31June 30September 30December 31
2012201220122012
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 EndedNine Months EndedYear Ended
June 30September 30December 31
201220122012
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 EndedThree Months Ended
March 31June 30
20142014

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 EndedThree Months EndedThree Months EndedThree Months Ended
March 31June 30September 30December 31
2013201320132013

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 EndedThree Months Ended
March 31June 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 EndedNine Months EndedYear Ended
June 30September 30December 31
201320132013

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 EndedThree Months EndedThree Months EndedThree Months Ended
March 31June 30September 30December 31
2013201320132013

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 EndedThree Months EndedThree Months EndedThree Months Ended
March 31June 30September 30December 31
2012201220122012

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 EndedThree Months EndedThree Months EndedThree Months Ended
March 31June 30September 30December 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 EndedNine Months EndedYear Ended
June 30September 30December 31
201320132013

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 EndedNine Months EndedYear Ended
June 30September 30December 31
201220122012

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 EndedNine Months EndedYear Ended
June 30September 30December 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 EndedThree Months Ended
March 31June 30
20142014

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 EndedThree Months EndedThree Months EndedThree Months Ended
March 31June 30September 30December 31
2013201320132013

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 EndedThree Months Ended
March 31June 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 EndedNine Months EndedYear Ended
June 30September 30December 31
201320132013

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 EndedThree Months EndedThree Months EndedThree Months Ended
March 31June 30September 30December 31
2013201320132013

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 EndedThree Months EndedThree Months EndedThree Months Ended
March 31June 30September 30December 31
2012201220122012

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 EndedThree Months EndedThree Months EndedThree Months Ended
March 31June 30September 30December 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 EndedNine Months EndedYear Ended
June 30September 30December 31
201320132013

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 EndedNine Months EndedYear Ended
June 30September 30December 31
201220122012

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 EndedNine Months EndedYear Ended
June 30September 30December 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 EndedThree Months EndedSix Months Ended
March 31June 30June 30

Material Handling

201420142014
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 EndedThree Months EndedThree Months EndedThree Months Ended
March 31June 30September 30December 31
2013201320132013

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 EndedNine Months EndedYear Ended
June 30September 30December 31
201320132013

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 EndedThree Months EndedThree Months EndedThree Months Ended
March 31June 30September 30December 31
2012201220122012

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 EndedNine Months EndedYear Ended
June 30September 30December 31
201220122012

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:

Myers Industries, Inc.
Gregg Branning, Senior Vice President & Chief Financial Officer, 330-761-6303
or
Monica Vinay, Vice President, Investor Relations & Treasurer, 330-761-6212

Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.