-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, V/kS72CULIzziTTiUV8chljAFgNTcI3Nm4FA/HnnQxOzDFuDoK6pqlrD3p4CiJtL e291u1kqUV3x40/8gk1tJw== 0000950152-95-000940.txt : 19950512 0000950152-95-000940.hdr.sgml : 19950512 ACCESSION NUMBER: 0000950152-95-000940 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19950331 FILED AS OF DATE: 19950511 SROS: AMEX FILER: COMPANY DATA: COMPANY CONFORMED NAME: MYERS INDUSTRIES INC CENTRAL INDEX KEY: 0000069488 STANDARD INDUSTRIAL CLASSIFICATION: PLASTICS PRODUCTS, NEC [3089] IRS NUMBER: 340778636 STATE OF INCORPORATION: OH FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-08524 FILM NUMBER: 95536772 BUSINESS ADDRESS: STREET 1: 1293 S MAIN ST CITY: AKRON STATE: OH ZIP: 44301 BUSINESS PHONE: 2162535592 MAIL ADDRESS: STREET 1: 1293 SOUTH MAIN STREET CITY: AKRON STATE: OH ZIP: 44301 FORMER COMPANY: FORMER CONFORMED NAME: MYERS TIRE SUPPLY CO DATE OF NAME CHANGE: 19720609 10-Q 1 MYERS INDUSTRIES 10-Q 1 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ______________________________________ ____ FORM 10-Q (Mark One) / X / QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 1995 --------------------------------------------- OR / / TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to ------------------ -------------------- Commission file number I-8524 ------------------ MYERS INDUSTRIES, INC. ------------------------------------------------------ (Exact name of registrant as specified in its charter) OHIO #34-0778636 --------------------------------------------------------------------------- (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 1293 SOUTH MAIN STREET, AKRON, OHIO 44301 --------------------------------------------------------------------------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (216) 253-5592 ------------------------- Indicate whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X. No . --- --- Applicable Only to Issuers Involved in Bankruptcy Proceedings During the Preceding Five Years Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes . No . --- --- As of April 30, 1995, the number of shares outstanding of the issuer's Common Stock was: 15,335,062 ========== 2 PART I - FINANCIAL INFORMATION MYERS INDUSTRIES, INC. CONDENSED STATEMENT OF CONSOLIDATED FINANCIAL POSITION AS OF MARCH 31, 1995 AND DECEMBER 31, 1994 ------------------------------------------------------
March 31, December 31, ASSETS 1995 1994 - ------ ---------- ---------- CURRENT ASSETS Cash and temporary cash investments $2,788,521 $1,794,703 Accounts receivable-less allowances of $1,492,000 and $1,479,000, respectively 50,041,271 51,226,688 Inventories Finished and in-process products 35,925,464 33,572,557 Raw materials and supplies 6,071,877 5,809,158 ----------- ----------- 41,997,341 39,381,715 Prepaid expenses 1,498,188 2,321,849 ----------- ----------- TOTAL CURRENT ASSETS 96,325,321 94,724,955 OTHER ASSETS Excess of cost over fair value of net assets of companies acquired 9,217,775 9,289,115 Patents and other intangible assets 3,145,595 3,219,371 Other 3,493,947 3,415,134 ----------- ----------- 15,857,317 15,923,620 PROPERTY, PLANT & EQUIPMENT, AT COST Land 1,967,180 1,836,637 Buildings and leasehold improvements 30,200,736 29,010,268 Machinery and equipment 86,876,786 85,710,088 ----------- ----------- 119,044,702 116,556,993 Less allowances for depreciation and amortization 57,705,428 55,178,681 ----------- ----------- 61,339,274 61,378,312 ----------- ----------- $173,521,912 $172,026,887 ============ ============
3 -2- PART I - FINANCIAL INFORMATION --------------------------------- MYERS INDUSTRIES, INC. ---------------------- CONDENSED STATEMENT OF CONSOLIDATED FINANCIAL POSITION AS OF MARCH 31, 1995 AND DECEMBER 31, 1994 ------------------------------------------------------
March 31, December 31, LIABILITIES AND SHAREHOLDERS' EQUITY 1995 1994 - ------------------------------------ ------------ ------------ CURRENT LIABILITIES Accounts payable $14,970,282 $19,751,167 Employee compensation and related items 6,799,674 8,911,996 Accrued expenses Interest 21,586 59,729 Taxes, other than income taxes 1,098,724 974,853 Income taxes 2,659,460 431,805 Other 3,026,702 3,271,664 Current portion of long-term debt 692,379 692,379 ------------ ------------ TOTAL CURRENT LIABILITIES 29,268,807 34,093,593 LONG-TERM DEBT, less current portion 6,978,997 4,154,646 DEFERRED INCOME TAXES 2,870,105 2,869,976 SHAREHOLDERS' EQUITY Serial Preferred Shares (authorized 1,000,000) -0- -0- Common Shares, without par value (authorized 30,000,000 shares; outstanding 15,325,953 and 15,300,092, respectively) 8,565,975 8,303,598 Additional paid-in capital 90,606,429 90,606,429 Foreign currency translation adjustment (387,519) (466,191) Retained income 35,619,118 32,464,836 ------------ ------------ 134,404,003 130,908,672 ------------ ------------ $173,521,912 $172,026,887 ============ ============
4 -3- PART I - FINANCIAL INFORMATION --------------------------------- MYERS INDUSTRIES, INC. ---------------------- CONDENSED STATEMENT OF CONSOLIDATED INCOME ------------------------------------------ FOR THE THREE MONTHS ENDED MARCH 31, 1995 AND 1994 --------------------------------------------------
March 31, March 31, 1995 1994 ------------ ------------ Net sales $67,500,977 $59,694,950 Costs and expenses Cost of sales 46,290,759 40,387,373 Operating expenses 14,786,897 13,291,458 Interest income (35,025) (36,215) Interest expense 134,460 174,364 ------------ ------------ Total costs & expenses 61,177,091 53,816,980 Income before income taxes 6,323,886 5,877,970 Income taxes 2,557,000 2,380,000 ------------ ------------ Net income $3,766,886 $3,497,970 ------------ ------------ Net income per common share* $.25 $.23 Dividends per common share* $.04 $.036 Weighted average number of common shares outstanding* 15,316,771 15,284,664 *Adjusted for the five-for-four stock split distributed in August, 1994.
5 -4- PART I - FINANCIAL INFORMATION --------------------------------- MYERS INDUSTRIES, INC. ---------------------- STATEMENTS OF CONSOLIDATED CASH FLOWS FOR THE THREE MONTHS ENDED MARCH 31, 1995 AND 1994 --------------------------------------------------
March 31, March 31, 1995 1994 CASH FLOWS FROM OPERATING ACTIVITIES ----------- ----------- Net income $3,766,886 $3,497,970 Items not affecting use of cash Depreciation 2,526,747 2,084,270 Amortization of excess of cost over fair value of net assets of companies acquired 71,340 71,340 Amortization of deferred financing costs 2,006 18,341 Amortization of patents & other intangible assets 73,776 73,775 Cash flow provided by (used for) working capital Accounts receivable 1,185,417 (153,084) Inventories (2,615,626) (700,553) Prepaid expenses 823,661 (461,097) Accounts payable and accrued expenses (4,824,786) 92,494 ----------- ----------- Net cash provided by operating activities 1,009,421 4,523,456 CASH FLOWS FROM INVESTING ACTIVITIES Additions to property, plant and equipment, net (2,487,709) (4,013,999) Cash dividends paid (612,604) (550,443) Other 260,359 (30,182) ----------- ----------- Net cash used for investing activies (2,839,954) (4,594,624) CASH FLOWS FROM FINANCING ACTIVITIES Borrowings - net 2,824,351 293,328 ----------- ----------- INCREASE (DECREASE) IN CASH AND TEMPORARY CASH INVESTMENTS 993,818 222,160 CASH AND TEMPORARY CASH INVESTMENTS JANUARY 1 1,794,703 1,661,783 ----------- ----------- CASH AND TEMPORARY CASH INVESTMENTS MARCH 31 $2,788,521 $1,883,943 =========== ===========
6 -5- PART I - FINANCIAL INFORMATION ------------------------------ MYERS INDUSTRIES, INC. ---------------------- NOTES TO FINANCIAL STATEMENTS ----------------------------- (1) Statement of Accounting Policy ------------------------------ The accompanying financial statements include the accounts of Myers Industries, Inc. and subsidiaries (Company), and have been prepared without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to those rules and regulations, although the Company believes that the disclosures are adequate to make the information not misleading. It is suggested that these financial statements be read in conjunction with the financial statements and notes thereto included in the Company's latest annual report on Form 10-K. In the opinion of the Company, the accompanying financial statements contain all adjustments (consisting of only normal recurring accruals) necessary to present fairly the financial position as of March 31, 1995 and December 31, 1994 and the results of operations and cash flows for the three months ended March 31, 1995 and 1994. (2) Income Per Share ---------------- Income per share is determined on the basis of the weighted average number of common shares and common stock equivalents outstanding during the period with the 1994 data adjusted for the five-for-four stock split distributed in August, 1994. (3) Supplemental Disclosure of Cash Flow Information ------------------------------------------------ The Company made cash payments for interest expense of $210,954 and $211,025 for the three months ended March 31, 1995 and 1994, respectively. Cash payments for income taxes were $329,216 and $582,979 for the three months ended March 31, 1995 and 1994, respectively. 7 -6- PART I - FINANCIAL INFORMATION ------------------------------ MYERS INDUSTRIES, INC. ---------------------- MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS --------------------------------------------- RESULTS OF OPERATIONS - --------------------- Net sales for the three months ended March 31, 1995 increased $7,806,027 or 13.1 percent over the same period in 1994. Increased unit demand in both of the Company's business segments was the main reason for the improved sales volume. Cost of sales for the three month period ended March 31, 1995 increased $5,903,386 or 14.6 percent over the period ended March 31, 1994. This was attributable to the increase in sales. Gross profit, expressed as a percentage of sales, decreased to 31.4 percent in 1995 from 32.3 percent for the three month period in 1994. Higher raw material prices in the Manufacturing segment, which were not fully passed along to customers, caused the decrease in the margin. Operating expenses increased $1,495,439 or 11.3 percent for the three month period ended March 31, 1995, as compared to the same period in 1994. The rise was largely attributable to higher selling expenses. Operating expenses, expressed as a percentage of sales, decreased to 21.9 percent as compared to 22.3 percent in 1994 as the result of cost controls and greater fixed expense coverage. Interest income remained relatively unchanged, decreasing from $36,215 in 1994 to $35,025 during the three months ended March 31, 1995. Interest expense for the three month period ended March 31, 1995 decreased $39,904 or 22.9 percent as compared to the same period in 1994. The decrease was attributable to lower average levels of debt, partially offset by higher interest rates. Income taxes, expressed as a percentage of income before income taxes, were 40.4 percent for the months ended March 31, 1995, down slightly from the 40.5 percent in the same year ago period. 8 -7- LIQUIDITY AND CAPITAL RESOURCES - ------------------------------- Working capital increased to $67,056,514 at March 31, 1995 from $60,631,362 at December 31, 1994. Total debt for this period, expressed as a percentage of total capitalization, increased to 5.4 percent as compared to 3.6 percent in 1994. During the quarter, the Company issued $4,000,000 of tax-exempt Industrial Development Revenue Bonds in connection with its Hannibal, Missouri, plant expansion. The Company currently anticipates capital expenditures in the range of $12.0 to $15.0 million per year over the next five years, primarily for increased polymer manufacturing capacity. Management believes that anticipated cash flows from operations and available credit facilities will be sufficient to meet its short-term and long-term operating needs. 9 -8- PART 11 - OTHER INFORMATION MYERS INDUSTRIES, INC. Item 6. Exhibits and Reports on Form 8-K -------------------------------- Exhibit 27 - Financial Data Schedule The Company did not file any report or Form 8-K during the three months ended March 31, 1995. SIGNATURE --------- Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. MYERS INDUSTRIES, INC. May 11, 1995 By: /s/ Gregory J. Stodnick - ------------------- --------------------------------- Date Gregory J. Stodnick Vice President-Finance Financial Officer (Duly Authorized Officer and Principal Financial and Accounting Officer) EX-27 2 MYERS INDUSTRIES 10-Q EXHIBIT 27
5 0000069488 MYERS INDUSTRIES 3-MOS DEC-31-1995 JAN-01-1995 MAR-31-1995 2,788,521 0 51,533,271 1,492,000 41,997,341 96,325,321 119,044,702 57,705,428 173,521,912 29,268,807 0 8,565,975 0 0 125,838,028 173,521,912 67,500,977 67,500,977 46,290,759 54,037,809 7,143,671 1,492,000 134,460 6,323,886 2,557,000 3,766,886 0 0 0 3,766,886 .25 .25
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