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Myers Sees Profits for 2009, Improved 4th Quarter

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Myers Industries posted improved profits for 2009, even against lower sales for the year.

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The Akron-based company saw 2009 sales of $701.8 million, down 4% vs. 2008’s sales of $813.5 million. Profit, though, came in at $7 million for the year, up from 2008’s loss of $45.7 million.

Things improved in the fourth quarter, Myers said, with quarterly sales at $188.3 million, up 5% year-over-year. Profits for the quarter came in at $2 million, up substantially from the fourth quarter of 2008 when Myers saw a loss of $58.9 million.

“We posted positive operating results for both the fourth quarter and full year, with sales trending up during the quarter after several straight quarters in negative territory,” said Myers president and CEO John Orr. “During the year, we invested in and completed two major restructuring initiatives to ensure profitable operations and help mitigate the effects of a weak economic environment. Strategically, we focused on operations excellence to position us as a stronger company, ready to capitalize on new opportunities as our markets and customers experience an economic recovery.”

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