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Myers’ Distribution Segment Sales Rose 2.1% In Fourth Quarter

Akron, OH-based Myers Industries turned away from a $50.48-million net loss a year ago to post $5.92 million in net income for the fourth quarter of 2011. The 2010 period was negatively impacted by $69 million in pre-tax costs, while the 2011 period only faced $1.4 million in pre-tax costs. Net sales increased 3.8 percent to $195.36 million year-over-year.

The company’s distribution segment, better known as Myers Tire Supply, saw sales rise 2.1 percent to $47.22 million in the quarter, as continued increases in new product and customer sales and services more than offset lower unit volume tied to a slowdown in miles driven. Segment income decreased 1.5 percent to $4.09 million, but increased 9.3 percent adjusting for restructuring expenses and a gain on building sales.