Myers Industries, Inc. (NYSE: MYE) today announced results for the fourth quarter and full year ended December 31, 2011.
Net sales for the fourth quarter were $195.4 million compared to $188.2 million in the fourth quarter of 2010. The increase of 3.8% was primarily driven by sales generated by new product and customer sales and improved pricing. The gross margin increased to 28.0% in the fourth quarter compared to 23.5% in the same quarter of 2010. The Company’s focus on operations excellence and a favorable mix of higher margin new products contributed to the increase.
Net income in the fourth quarter of 2011 was $5.9 million or $0.18 per share compared to a net loss in the fourth quarter of 2010 of $50.5 million or $1.43 per share. Net income in the fourth quarter of 2011 included approximately $1.4 million of special pre-tax costs while net income in the fourth quarter of 2010 included $69.0 million of special pre-tax costs. Details regarding the special pre-tax costs for both quarters are provided on the Reconciliation of Non-GAAP Financial Measures included in this release. Adjusting for these special items, earnings per share was $0.19 in the fourth quarter of 2011 compared to $0.12 in the fourth quarter of 2010.
“Our fourth quarter demonstrates the results of our efforts to create value through a focus on our innovation and operations excellence initiatives that we began in 2010,” said President and Chief Executive Officer John C. Orr. “The new products and solutions that we are delivering generated a good portion of our sales increase in the quarter while the productivity improvements that we have made contributed to the expansion in our gross margin.”Net sales increased 2.4% for the full year of 2011 to $755.7 million compared to $737.6 million in 2010. The gross margin expanded to 26.2% in the full year of 2011 from 22.3% in 2010.