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Myers Industries Reports 2012 Full Year And Fourth Quarter Results

Myers Industries, Inc. (NYSE: MYE) today announced results for the full year and fourth quarter ended December 31, 2012.

Net sales for the full year of 2012 were $791.2 million compared with $755.7 million for the full year of 2011. Strong sales performance in the Engineered Products and Material Handling Segments more than offset sales decreases in the Distribution and Lawn & Garden Segments. Gross margin for the year expanded to 27.2% compared to 26.2% in 2011.

Net income for the full year of 2012 was $30.0 million, or $0.88 per diluted share, compared to net income of $24.5 million, or $0.71 per diluted share, for the full year of 2011. Income for the full year of 2012 included approximately $3.7 million of special pre-tax adjusted items while income for the full year of 2011 included approximately $4.6 million of special pre-tax adjusted items. Details regarding the special pre-tax adjusted items for both years are provided on the Reconciliation of Non-GAAP Financial Measures included in this release. Income in 2011 also included net favorable tax adjustments of approximately $3.8 million for discrete items. Earnings per diluted share as adjusted for the special items and the net favorable tax adjustments were $0.94 for the full year of 2012 compared to $0.67 for the full year of 2011.

Net sales in the fourth quarter were $214.0 million compared with $192.5 million in the fourth quarter of 2011. A very strong sales performance in the Material Handling Segment more than offset sales decreases in all other segments. Gross margin was 26.7% in the fourth quarter of 2012 compared to 27.0% in the fourth quarter of 2011. The gross margin declined year-over-year as a result of a change in sales mix across the business segments year-over-year.

Net income in the fourth quarter of 2012 was $8.5 million, or $0.25 per diluted share, compared to net income of $5.9 million, or $0.18 per diluted share, in the fourth quarter of 2011. Income in the fourth quarter of 2012 included approximately $0.3 million of special pre-tax adjusted items while income in the fourth quarter of 2011 included approximately $1.4 million of special pre-tax adjusted items. Details regarding the special pre-tax adjusted items for both quarters are provided on the Reconciliation of Non-GAAP Financial Measures included in this release. Earnings per diluted share as adjusted for the special items were $0.26 in the fourth quarter of 2012 compared to $0.19 in the fourth quarter of 2011.

President and Chief Executive Officer John C. Orr said, "We are pleased with our performance in 2012, particularly the strong growth we had in earnings on moderate top-line growth. Our results continue to demonstrate the value creation impact of our Innovation and Operations Excellence programs. Additionally, our strong free cash flow generation and balance sheet enabled us to make two key acquisitions, Novel and Jamco, which were accretive. We also continued to return cash to shareholders through share repurchases and increased dividends."

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