MYERS INDUSTRIES
REPORTS FIRST
QUARTER RESULTS

Record Sales Growth,
Raw Material Costs
Constrain Earnings

See Earnings Table

"During the first quarter, we had strong growth in our top line with higher unit sales and contributions from acquired companies in our manufacturing segment,” said Stephen E. Myers, president and chief executive officer. “However, earnings growth was constrained by the escalating prices for raw materials used in our plastic products. We are continuing to focus on reducing costs, using volume purchasing power for raw material, and balancing product pricing with raw material costs to improve our long-term performance."

Excluding contributions from acquisitions, total net sales for the first quarter would have increased 4 percent. On a segment basis, sales in the distribution segment were down 3 percent from 1999 results for the same period. First quarter manufacturing sales increased 39 percent over last year’s results. Excluding acquisitions, sales in the manufacturing segment grew 8 percent compared to the first quarter a year ago.

Both total sales and manufacturing segment sales were reduced $3.4 million by the translation effect of the weak Euro. Without the translation effect, total sales would have been up 30 percent, and manufacturing segment sales would have been up 42 percent. The translation effect also decreased net income by $150,000, or $.01 per share.

Commenting on the Company’s long-term outlook, Myers said “We expanded our Company a great deal last year, adding new products, geographic areas, and customers. While we may experience short-term earnings constraint from raw material costs, we are encouraged by our first quarter performance and remain optimistic that our strong business fundamentals will provide long-term, sustainable growth.”

Myers Industries, Inc. is an international manufacturer of plastic and rubber products for industrial, agricultural, automotive, commercial, and consumer markets. The Company is also the largest wholesale distributor of tools, equipment, and supplies for the tire service and automotive underbody repair industry in the United States. Myers has 23 manufacturing facilities in six countries, 42 distribution branches in 31 states, more than 20,000 products, and nearly 4,200 employees. Myers reported net sales of $580.8 million in 1999.

Forward-Looking Statements: Statements in this release may include forward looking statements that involve a number of risks and uncertainties that could cause actual results to materially differ from those discussed. Any statement that is not statement of historical fact may be deemed to be a forward-looking statement.

Myers Industries, Inc.
CONDENSED STATEMENT OF INCOME