Fourth quarter sales increased 8% on an organic
basis, 18% including Elkhart acquisition
Myers Industries, Inc. (NYSE: MYE), a manufacturer of polymer
products and distributor for the tire, wheel, and under-vehicle
service industry, today announced results for the fourth quarter
and full year ended December 31, 2020.
Fourth Quarter and Full Year 2020
Financial Highlights
- Fourth quarter and full year results include the acquisition of
Elkhart Plastics completed in November 2020
- GAAP income per diluted share from continuing operations was
$0.08 for the fourth quarter and $1.02 for the full year, compared
with $0.16 and $0.68, respectively, for the fourth quarter and full
year of 2019
- Adjusted income per diluted share from continuing operations
was $0.11 for the fourth quarter and $0.85 for the full year,
compared with $0.12 and $0.78, respectively, for the fourth quarter
and full year of 2019
- Net sales for the fourth quarter increased 17.7% to $137.5
million, compared with $116.8 million for the fourth quarter of
2019; net sales for the full year decreased 1.0% to $510.4 million,
compared with $515.7 million for the full year of 2019
- Gross profit margin was 29.0% for the fourth quarter and 33.7%
for the full year, compared with 33.6% and 33.2%, respectively for
the fourth quarter and full year of 2019
- Generated cash flow from continuing operations of $46.5
million, and free cash flow of $33.1 million for the full year of
2020
“While our organization was not immune to the effects of the
global pandemic in 2020, recovery momentum accelerated over the
course of the year and culminated in strong fourth quarter top-line
growth of 8% on an organic basis and 18% including our recent
acquisition,” said Mike McGaugh, President and Chief Executive
Officer of Myers Industries. “We are executing against our
long-term strategic plan and completed the acquisition of Elkhart
Plastics during the quarter. We’ve already begun to integrate the
Elkhart team into the Myers organization and believe our
combination will bring new opportunities in the rotational molding
industry.”
Mr. McGaugh continued, “We enter 2021 with strong top-line
momentum, and a clear long-term vision to transform Myers into a
high-growth, customer-centric innovator of engineered plastic
solutions. Our ‘One Myers’ strategy remains focused on our four
strategic pillars. These include: 1) driving organic growth through
sales and commercial excellence, innovation, and eCommerce; 2)
complementing our organic growth through bolt-on acquisitions
within existing plastics technologies that can expand our
opportunities in current and adjacent markets; 3) committing to
operational excellence through additional self-help initiatives in
purchasing, pricing and SG&A optimization; and 4) developing a
high-performance mindset and culture. We have just begun our
journey and we believe we have the right strategy to drive
long-term value for all of our stakeholders.”
Fourth Quarter 2020 Financial
Summary
Net sales for the fourth quarter of 2020, which included $11.8
million of incremental sales from the Elkhart acquisition, were
$137.5 million, an increase of $20.7 million, or 17.7%, compared
with $116.8 million for the fourth quarter of 2019. The increase
was the result of higher sales in both the Material Handling and
Distribution Segments. Gross profit increased $0.6 million to $39.8
million, compared with $39.2 million for the fourth quarter of
2019. Gross profit margin decreased to 29.0% compared with 33.6%
last year. The gross margin decrease was primarily due to an
unfavorable price to cost relationship, higher repairs and
maintenance costs, higher employee benefit costs and an unfavorable
product mix. Selling, general and administrative (SG&A)
expenses increased to $35.0 million, compared with $30.3 million
for the fourth quarter of 2019, primarily due to the acquisition of
Elkhart Plastics and higher employee compensation and benefit
costs, which was partially offset by lower depreciation and
amortization expense. GAAP income per diluted share from continuing
operations was $0.08, compared with $0.16 for the fourth quarter of
2019. Adjusted income per diluted share from continuing operations
was $0.11, compared with $0.12 for the fourth quarter of 2019.
Net sales in the Material Handling Segment (consumer, food and
beverage, industrial and vehicle end markets) for the fourth
quarter of 2020 were $92.2 million, an increase of $18.8 million or
25.5%, compared with $73.4 million for the fourth quarter of 2019.
The sales increase was due to higher sales volumes across all end
markets, which included $11.8 million of incremental sales from the
Elkhart Plastics acquisition. For the fourth quarter of 2020,
operating income for this segment decreased 5.0% to $8.5 million,
compared with $9.0 million in 2019. Adjusted operating income
increased 1.2% to $9.1 million, compared with $9.0 million in 2019.
The increase was due primarily to higher sales volume, mostly
offset by an unfavorable price to cost relationship, higher repairs
and maintenance costs, higher employee benefit costs and an
unfavorable product mix. As a result, the Material Handling
Segment’s adjusted operating income margin was 9.8%, compared with
12.2% for the fourth quarter of 2019.
Net sales in the Distribution Segment (auto aftermarket end
market) for the fourth quarter of 2020 were $45.3 million, an
increase of $1.9 million, or 4.4%, compared with $43.4 million for
the fourth quarter of 2019. Fourth quarter operating income for
this segment increased 13.5% to $3.6 million, compared with $3.2
million in 2019. Adjusted operating income increased 12.9% to $3.6
million, compared with $3.2 million in 2019, primarily due to
higher sales volume and reduced costs. The Distribution Segment’s
adjusted operating income margin was 7.9%, compared with 7.3% for
the fourth quarter of 2020.
Full Year 2020 Financial
Summary
Net sales for the full year of 2020, which included $11.8
million of incremental sales from the Elkhart acquisition, were
$510.4 million, a decrease of $5.3 million, or 1.0%, compared with
$515.7 million for the full year of 2019. The decrease was the
result of lower sales in the Material Handling Segment, partially
offset by higher sales in the Distribution Segment. Gross profit
margin increased to 33.7%, compared with 33.2% last year. The
increase was primarily due to a favorable price to cost
relationship. Additionally, full year 2019 gross profit included a
$3.5 million charge for estimated product replacement costs.
SG&A expenses decreased to $130.3 million, compared with $133.1
million for the full year of 2019. The decrease was primarily
driven by savings from the transformation plan executed in the
Distribution segment, lower depreciation and amortization expense,
and lower travel expenses, partially offset by incremental SG&A
from the acquisitions of Tuffy Manufacturing in August 2019 and
Elkhart Plastics in November 2020. GAAP income per diluted share
from continuing operations was $1.02, compared with $0.68 for the
full year of 2019. Adjusted income per diluted share from
continuing operations was $0.85, compared with $0.78 for the full
year of 2019.
Net sales in the Material Handling Segment (consumer, food and
beverage, industrial and vehicle end markets) for the full year of
2020 were $343.9 million, a decrease of $12.5 million or 3.5%,
compared with $356.4 million for the full year of 2019. The sales
decrease was primarily due to lower sales volumes from the impacts
of COVID-19 in the vehicle, food and beverage, and industrial end
markets, which was partially offset by higher sales volume in the
consumer end market driven by heightened storm activity. This
decrease was also partially offset by $11.8 million of incremental
sales due to the Elkhart Plastics acquisition on November 10, 2020.
For the full year of 2020, operating income for this segment
increased 3.6% to $55.1 million, compared with $53.1 million in
2019. Adjusted operating income increased 4.2% to $56.5 million,
compared with $54.2 million in 2019. The increase was primarily due
to a favorable price to cost relationship and lower depreciation
and amortization. Additionally, full year 2019 operating income
included a $3.5 million charge for estimated product replacement
costs. As a result, the Material Handling Segment’s adjusted
operating income margin increased to 16.4%, compared with 15.2% for
the full year of 2019.
Net sales in the Distribution Segment (auto aftermarket end
market) for the full year of 2020 were $166.5 million, an increase
of $7.2 million, or 4.5%, compared with $159.3 million for the full
year of 2019. Incremental sales of $12.9 million from the Tuffy
acquisition completed in August 2019 more than offset lower sales
volumes that primarily occurred in the first half of the year due
to impacts from COVID-19. Full year operating income for this
segment increased 20.7% to $12.2 million, compared with $10.1
million in 2019. Adjusted operating income increased 8.6% to $12.2
million, compared with $11.2 million in 2019, primarily due to
higher sales volume and savings from the segment’s transformation
plan, partially offset by an unfavorable product mix. The
Distribution Segment’s adjusted operating income margin was 7.3%,
compared with 7.0% for the full year of 2019.
2021 Outlook
Based on current exchange rates, market outlook and business
forecast, Myers Industries offered the following business outlook
for fiscal 2021:
- Net sales growth in the mid to high 20% range, including impact
of the Elkhart acquisition
- Diluted EPS in the range of $0.88 to $1.03; adjusted diluted
EPS in the range of $0.90 to $1.05
- Capital expenditures to approximately be $15 million
- Effective tax rate to approximately be 26%
Mr. McGaugh concluded, “We have seen significant increases in
raw material costs as a result of the tightening supply on the Gulf
coast. At the same time, demand has increased for these critical
raw materials within our industry and others. As a result, we
announced an 8% price increase effective March 1, 2021, across a
broad portfolio of our products.”
Conference Call Details
The Company will host an earnings conference call and webcast
for investors and analysts on Thursday, March 11, 2021, at 8:30
a.m. EST. The call is anticipated to last less than one hour and
may be accessed using the following online participation
registration link:
http://www.directeventreg.com/registration/event/9228078. Upon
registering, each participant will be provided with call details
and a registrant ID that will be used to track call attendance.
Reminders will also be sent to registered participants via email.
The live webcast of the conference call can be accessed from the
Investor Relations section of the Company's website at
www.myersindustries.com. Click on the Investor Relations tab to
access the webcast. Webcast attendees will be in a listen-only
mode. An archived replay of the call will also be available on the
site shortly after the event. To listen to the telephone replay,
callers should dial: (US) 800-585-8367 or (Int’l) 416-621-4642. The
Conference ID # is 9228078.
Use of Non-GAAP Financial
Measures
The Company uses certain non-GAAP measures in this release.
Gross profit as adjusted, gross profit margin as adjusted,
operating income (loss) as adjusted, operating income margin as
adjusted, earnings before interest, taxes, depreciation and
amortization (EBITDA) as adjusted, EBITDA margin as adjusted,
income before taxes as adjusted, income from continuing operations
as adjusted, adjusted earnings per diluted share from continuing
operations, and free cash flow are non-GAAP financial measures and
are intended to serve as a supplement to results provided in
accordance with accounting principles generally accepted in the
United States. Myers Industries believes that such information
provides an additional measurement and consistent historical
comparison of the Company’s performance. A reconciliation of the
non-GAAP financial measures to the most directly comparable GAAP
measures is available in this news release.
About Myers Industries
Myers Industries, Inc. is a manufacturer of polymer products for
industrial, agricultural, automotive, commercial, and consumer
markets. The Company is also the largest distributor of tools,
equipment and supplies for the tire, wheel and under-vehicle
service industry in the United States. Visit
www.myersindustries.com to learn more.
Caution on Forward-Looking
Statements
Statements in this release include “forward-looking” statements
within the meaning of the Private Securities Litigation Reform Act
of 1995. Any statement that is not of historical fact may be deemed
“forward-looking”. Words such as “will”, “expect”, “believe”,
“project”, “plan”, “anticipate”, “intend”, “objective”, “outlook”,
“target”, “goal”, “view” and similar expressions identify
forward-looking statements. These statements are based on
management's current views and assumptions of future events and
financial performance and involve a number of risks and
uncertainties, many outside of the Company's control that could
cause actual results to materially differ from those expressed or
implied. Risks and uncertainties include: impacts from the COVID-19
pandemic on our business, conditions, customers and capital
position; the impact of COVID-19 on local, national and global
economic conditions; the effects of various governmental responses
to the COVID-19 pandemic, raw material availability, increases in
raw material costs, or other production costs; impacts of price
increases, risks associated with our strategic growth initiatives
or the failure to achieve the anticipated benefits of such
initiatives; unanticipated downturn in business relationships with
customers or their purchases; competitive pressures on sales and
pricing; changes in the markets for the Company’s business
segments; changes in trends and demands in the markets in which the
Company competes; operational problems at our manufacturing
facilities, or unexpected failures at those facilities; future
economic and financial conditions in the United States and around
the world; inability of the Company to meet future capital
requirements; claims, litigation and regulatory actions against the
Company; changes in laws and regulations affecting the Company;
impact of the U.S. elections impacts on the regulatory landscape,
capital markets, and responses to and management of the COVID-19
pandemic including further economic stimulus from the federal
government; and other important factors detailed previously and
from time to time in the Company’s filings with the Securities and
Exchange Commission, including the Company’s Annual Report on Form
10-K for the year ended December 31, 2019 and subsequent Quarterly
Reports on Form 10-Q. Such reports are available on the Securities
and Exchange Commission's public reference facilities and its
website at www.sec.gov and on the Company's Investor Relations
section of its website at www.myersindustries.com. Myers Industries
undertakes no obligation to publicly update or revise any
forward-looking statements contained herein. These statements speak
only as of the date made.
MYERS INDUSTRIES, INC.
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS (UNAUDITED)
(Dollars in thousands, except
share and per share data)
Quarter Ended
Year Ended
December 31,
2020
December 31,
2019
December 31,
2020
December 31,
2019
Net sales
$
137,467
$
116,818
$
510,369
$
515,698
Cost of sales
97,630
77,587
338,409
344,386
Gross profit
39,837
39,231
171,960
171,312
Selling, general and administrative
expenses
34,971
30,338
130,331
133,130
Loss (gain) on disposal of fixed
assets
10
87
3
—
Impairment charges
—
—
—
916
Other (income) expenses
—
—
(11,924
)
—
Operating income (loss)
4,856
8,806
53,550
37,266
Interest expense, net
1,221
1,024
4,688
4,083
Income (loss) from continuing
operations before income taxes
3,635
7,782
48,862
33,183
Income tax expense (benefit)
645
2,035
12,093
8,968
Income (loss) from continuing
operations
2,990
5,747
36,769
24,215
Income (loss) from discontinued
operations, net of income tax
—
(9
)
—
118
Net income (loss)
$
2,990
$
5,738
$
36,769
$
24,333
Income (loss) per common share from
continuing operations:
Basic
$
0.08
$
0.16
$
1.03
$
0.68
Diluted
$
0.08
$
0.16
$
1.02
$
0.68
Income (loss) per common share from
discontinued operations:
Basic
$
—
$
—
$
—
$
—
Diluted
$
—
$
—
$
—
$
—
Net income (loss) per common
share:
Basic
$
0.08
$
0.16
$
1.03
$
0.68
Diluted
$
0.08
$
0.16
$
1.02
$
0.68
Weighted average common shares
outstanding:
Basic
35,848,726
35,611,892
35,785,798
35,491,958
Diluted
36,017,750
35,724,633
35,916,630
35,653,147
MYERS INDUSTRIES, INC.
SALES AND EARNINGS BY SEGMENT
(UNAUDITED)
(Dollars in thousands)
Quarter Ended December
31,
Year Ended December
31,
2020
2019
% Change
2020
2019
% Change
Net sales
Material Handling
$
92,184
$
73,444
25.5
%
$
343,884
$
356,407
(3.5
)%
Distribution
45,291
43,392
4.4
%
166,544
159,349
4.5
%
Inter-company Sales
(8
)
(18
)
-
(59
)
(58
)
-
Total
$
137,467
$
116,818
17.7
%
$
510,369
$
515,698
(1.0
)%
Operating income (loss)
Material Handling
$
8,516
$
8,963
(5.0
)%
$
55,072
$
53,144
3.6
%
Distribution
3,580
3,153
13.5
%
12,157
10,076
20.7
%
Corporate
(7,240
)
(3,310
)
-
(13,679
)
(25,954
)
-
Total
$
4,856
$
8,806
(44.9
)%
$
53,550
$
37,266
43.7
%
Operating income (loss) as
adjusted
Material Handling
$
9,072
$
8,963
1.2
%
$
56,533
$
54,232
4.2
%
Distribution
3,580
3,171
12.9
%
12,174
11,215
8.6
%
Corporate
(6,240
)
(4,995
)
-
(22,807
)
(23,404
)
-
Total
$
6,412
$
7,139
(10.2
)%
$
45,900
$
42,043
9.2
%
Operating income margin as
adjusted
Material Handling
9.8
%
12.2
%
16.4
%
15.2
%
Distribution
7.9
%
7.3
%
7.3
%
7.0
%
Corporate
n/a
n/a
n/a
n/a
Total
4.7
%
6.1
%
9.0
%
8.2
%
EBITDA as adjusted
Material Handling
$
13,356
$
14,029
(4.8
)%
$
74,367
$
75,470
(1.5
)%
Distribution
4,120
3,798
8.5
%
14,474
12,716
13.8
%
Corporate
(6,141
)
(4,890
)
-
(22,411
)
(22,991
)
-
Total
$
11,335
$
12,937
(12.4
)%
$
66,430
$
65,195
1.9
%
EBITDA margin as adjusted
Material Handling
14.5
%
19.1
%
21.6
%
21.2
%
Distribution
9.1
%
8.8
%
8.7
%
8.0
%
Corporate
n/a
n/a
n/a
n/a
Total
8.2
%
11.1
%
13.0
%
12.6
%
MYERS INDUSTRIES, INC.
RECONCILIATION OF NON-GAAP
FINANCIAL MEASURES
GROSS PROFIT, OPERATING INCOME
AND EBITDA (UNAUDITED)
(Dollars in thousands)
Quarter Ended December 31,
2020
Material Handling
Distribution
Segment
Total
Corporate & Other
Total
GAAP Net sales
$
92,184
$
45,291
$
137,475
$
(8
)
$
137,467
GAAP Gross profit
39,837
—
39,837
Add: Elkhart acquisition and integration
costs
552
—
552
Gross profit as adjusted
40,389
—
40,389
Gross profit margin as adjusted
29.4
%
n/a
29.4
%
GAAP Operating income (loss)
8,516
3,580
12,096
(7,240
)
4,856
Add: Elkhart acquisition and integration
costs(1)
556
—
556
500
1,056
Add: Environmental charges
—
—
—
500
500
Operating income (loss) as adjusted
9,072
3,580
12,652
(6,240
)
6,412
Operating income margin as adjusted
9.8
%
7.9
%
9.2
%
n/a
4.7
%
Add: Depreciation and amortization
4,284
540
4,824
99
4,923
EBITDA as adjusted
$
13,356
$
4,120
$
17,476
$
(6,141
)
$
11,335
EBITDA margin as adjusted
14.5
%
9.1
%
12.7
%
n/a
8.2
%
(1) Includes gross profit adjustments of
$552 and SG&A adjustments of $504
Quarter Ended December 31,
2019
Material Handling
Distribution
Segment
Total
Corporate & Other
Total
GAAP Net sales
$
73,444
$
43,392
$
116,836
$
(18
)
$
116,818
GAAP Gross profit
39,231
—
39,231
Gross profit margin
33.6
%
n/a
33.6
%
GAAP Operating income (loss)
8,963
3,153
12,116
(3,310
)
8,806
Add: Restructuring expenses and other
adjustments
—
—
—
265
265
Add: Tuffy acquisition costs
—
18
18
81
99
Less: CEO stock award reversal
—
—
—
(2,031
)
(2,031
)
Operating income (loss) as adjusted
8,963
3,171
12,134
(4,995
)
7,139
Operating income margin as adjusted
12.2
%
7.3
%
10.4
%
n/a
6.1
%
Add: Depreciation and amortization
5,066
627
5,693
105
5,798
EBITDA as adjusted
$
14,029
$
3,798
$
17,827
$
(4,890
)
$
12,937
EBITDA margin as adjusted
19.1
%
8.8
%
15.3
%
n/a
11.1
%
MYERS INDUSTRIES, INC.
RECONCILIATION OF NON-GAAP
FINANCIAL MEASURES
GROSS PROFIT, OPERATING INCOME
AND EBITDA (UNAUDITED)
(Dollars in thousands)
Year Ended December 31,
2020
Material Handling
Distribution
Segment
Total
Corporate & Other
Total
GAAP Net sales
$
343,884
$
166,544
$
510,428
$
(59
)
$
510,369
GAAP Gross profit
171,960
—
171,960
Add: Elkhart acquisition and integration
costs
552
—
552
Gross profit as adjusted
172,512
—
172,512
Gross profit margin as adjusted
33.8
%
n/a
33.8
%
GAAP Operating income (loss)
55,072
12,157
67,229
(13,679
)
53,550
Add: Severance costs
905
—
905
1,512
2,417
Add: Restructuring expenses and other
adjustments
—
—
—
249
249
Add: Tuffy acquisition costs
—
17
17
35
52
Add: Elkhart acquisition and integration
costs(1)
556
—
556
500
1,056
Add: Environmental charges
—
—
—
500
500
Less: Lawn and Garden sale of note/release
of lease guarantee liability
—
—
—
(11,924
)
(11,924
)
Operating income (loss) as adjusted
56,533
12,174
68,707
(22,807
)
45,900
Operating income margin as adjusted
16.4
%
7.3
%
13.5
%
n/a
9.0
%
Add: Depreciation and amortization
17,834
2,300
20,134
396
20,530
EBITDA as adjusted
$
74,367
$
14,474
$
88,841
$
(22,411
)
$
66,430
EBITDA margin as adjusted
21.6
%
8.7
%
17.4
%
n/a
13.0
%
(1) Includes gross profit adjustments of
$552 and SG&A adjustments of $504
Year Ended December 31,
2019
Material Handling
Distribution
Segment
Total
Corporate & Other
Total
GAAP Net sales
$
356,407
$
159,349
$
515,756
$
(58
)
$
515,698
GAAP Gross profit
171,312
—
171,312
Add: Restructuring expenses and other
adjustments
172
—
172
Gross profit as adjusted
171,484
—
171,484
Gross profit margin as adjusted
33.2
%
n/a
33.3
%
GAAP Operating income (loss)
53,144
10,076
63,220
(25,954
)
37,266
Add: Restructuring expenses and other
adjustments(1)
172
865
1,037
265
1,302
Add: Tuffy acquisition costs
—
274
274
316
590
Add: Asset impairment
916
—
916
—
916
Add: Environmental charges
—
—
—
4,000
4,000
Less: CEO stock award reversal
—
—
—
(2,031
)
(2,031
)
Operating income (loss) as adjusted
54,232
11,215
65,447
(23,404
)
42,043
Operating income margin as adjusted
15.2
%
7.0
%
12.7
%
n/a
8.2
%
Add: Depreciation and amortization
21,282
1,501
22,783
413
23,196
Less: Depreciation adjustments
(44
)
—
(44
)
—
(44
)
EBITDA as adjusted
$
75,470
$
12,716
$
88,186
$
(22,991
)
$
65,195
EBITDA margin as adjusted
21.2
%
8.0
%
17.1
%
n/a
12.6
%
(1) Includes gross profit adjustments of
$172 and SG&A adjustments of $1,130
MYERS INDUSTRIES, INC.
RECONCILIATION OF NON-GAAP
FINANCIAL MEASURES
INCOME AND EARNINGS PER
DILUTED SHARE (UNAUDITED)
(Dollars in thousands, except
per share data)
Quarter Ended December
31,
Year Ended December
31,
2020
2019
2020
2019
GAAP Operating income (loss)
$
4,856
$
8,806
$
53,550
$
37,266
Add: Severance costs
—
—
2,417
—
Add: Restructuring expenses and other
adjustments
—
265
249
1,302
Add: Tuffy acquisition costs
—
99
52
590
Add: Elkhart acquisition and integration
costs
1,056
—
1,056
—
Less: CEO stock award reversal
—
(2,031
)
—
(2,031
)
Less: Lawn and Garden sale of note/release
of lease guarantee liability
—
—
(11,924
)
—
Add: Asset impairment
—
—
—
916
Add: Environmental charges
500
—
500
4,000
Operating income (loss) as adjusted
6,412
7,139
45,900
42,043
Less: Interest expense, net
(1,221
)
(1,024
)
(4,688
)
(4,083
)
Income before taxes as adjusted
5,191
6,115
41,212
37,960
Less: Income tax expense(1)
(1,350
)
(1,651
)
(10,715
)
(10,249
)
Income from continuing operations as
adjusted
$
3,841
$
4,464
$
30,497
$
27,711
Adjusted earnings per diluted share from
continuing operations
$
0.11
$
0.12
$
0.85
$
0.78
(1) Income taxes are calculated using the
normalized effective tax rate for each year. The rate used in 2020
is 26% and in 2019 is 27%.
MYERS INDUSTRIES, INC.
CONDENSED CONSOLIDATED
STATEMENTS OF FINANCIAL POSITION (UNAUDITED)
(Dollars in thousands)
December 31, 2020
December 31, 2019
Assets
Current Assets
Cash
$
28,301
$
75,527
Accounts receivable, net
83,701
62,279
Income tax receivable
1,049
142
Inventories, net
65,919
44,260
Prepaid expenses and other current
assets
4,760
2,834
Total Current Assets
183,730
185,042
Property, plant, & equipment, net
73,953
54,964
Right of use asset - operating leases
18,390
5,901
Deferred income taxes
84
5,807
Other assets
123,858
101,425
Total Assets
$
400,015
$
353,139
Liabilities & Shareholders'
Equity
Current Liabilities
Accounts payable
$
61,150
$
46,867
Accrued expenses
36,744
33,701
Operating lease liability - short-term
4,359
2,057
Long-term debt - current portion
39,994
—
Total Current Liabilities
142,247
82,625
Long-term debt
37,582
77,176
Operating lease liability - long-term
13,755
4,074
Other liabilities
14,373
22,582
Deferred income taxes
2,958
-
Total Shareholders' Equity
189,100
166,682
Total Liabilities & Shareholders'
Equity
$
400,015
$
353,139
MYERS INDUSTRIES, INC.
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS (UNAUDITED)
(Dollars in thousands)
Year Ended December
31,
2020
2019
Cash Flows From Operating
Activities
Net income (loss)
$
36,769
$
24,333
Income (loss) from discontinued
operations, net of income taxes
—
118
Income (loss) from continuing
operations
36,769
24,215
Adjustments to reconcile income (loss)
from continuing operations to net cash
provided by (used for) operating
activities
Depreciation
14,257
15,120
Amortization
6,673
8,463
Non-cash stock-based compensation
expense
3,534
1,715
Loss on disposal of fixed assets
3
—
Gain on sale of notes receivable
(11,924
)
—
Deferred taxes
8,732
(922
)
Impairment charges
—
916
Other
1,421
583
Payments on long-term performance based
compensation
—
(413
)
Other long-term liabilities
2,804
3,578
Cash flows provided by (used for) working
capital
Accounts receivable
(11,589
)
12,479
Inventories
(7,868
)
2,222
Prepaid expenses and other current
assets
(969
)
(243
)
Accounts payable and accrued expenses
4,664
(20,687
)
Net cash provided by (used for) operating
activities - continuing operations
46,507
47,026
Net cash provided by (used for) operating
activities - discontinued operations
—
7,297
Net cash provided by (used for) operating
activities
46,507
54,323
Cash Flows From Investing
Activities
Capital expenditures
(13,421
)
(10,294
)
Acquisition of business
(63,334
)
(18,000
)
Proceeds from sale of property, plant and
equipment
2
7,537
Proceeds from sale of notes receivable
1,200
—
Net cash provided by (used for) investing
activities - continuing operations
(75,553
)
(20,757
)
Net cash provided by (used for) investing
activities - discontinued operations
—
—
Net cash provided by (used for) investing
activities
(75,553
)
(20,757
)
Cash Flows From Financing
Activities
Cash dividends paid
(19,425
)
(19,316
)
Proceeds from issuance of common stock
1,732
3,336
Shares withheld for employee taxes on
equity awards
(623
)
(1,008
)
Net cash provided by (used for) financing
activities - continuing operations
(18,316
)
(16,988
)
Net cash provided by (used for) financing
activities - discontinued operations
—
—
Net cash provided by (used for) financing
activities
(18,316
)
(16,988
)
Foreign exchange rate effect on cash
136
55
Net (decrease) increase in cash
(47,226
)
16,633
Cash at January 1
75,527
58,894
Cash at December 31
$
28,301
$
75,527
MYERS INDUSTRIES, INC.
RECONCILIATION OF FREE CASH
FLOW TO GAAP NET CASH PROVIDED BY
(USED FOR) OPERATING
ACTIVITIES – CONTINUING OPERATIONS
(UNAUDITED)
(Dollars in thousands)
YTD
YTD
December 31, 2020
December 31, 2019
Net cash provided by (used for) operating
activities - continuing operations
$
46,507
$
47,026
Capital expenditures
(13,421
)
(10,294
)
Free cash flow
$
33,086
$
36,732
YTD
YTD
Quarter
December 31, 2020
September 30, 2020
December 31, 2020
Net cash provided by (used for) operating
activities - continuing operations
$
46,507
-
$
31,334
=
$
15,173
Capital expenditures
(13,421
)
-
(8,955
)
=
(4,466
)
Free cash flow
$
33,086
-
$
22,379
=
$
10,707
YTD
YTD
Quarter
December 31, 2019
September 30, 2019
December 31, 2019
Net cash provided by (used for) operating
activities - continuing operations
$
47,026
-
$
39,492
=
$
7,534
Capital expenditures
(10,294
)
-
(5,669
)
=
(4,625
)
Free cash flow
$
36,732
-
$
33,823
=
$
2,909
MYERS INDUSTRIES, INC.
RECONCILIATION OF NON-GAAP
FINANCIAL MEASURES
ADJUSTED DILUTED EARNINGS PER
SHARE
(UNAUDITED)
Full Year 2021
Guidance
Low
High
GAAP diluted net income per common
share
$
0.88
$
1.03
Add: Restructuring expenses and other
adjustments
0.01
0.01
Add: Acquisition and integration costs
0.01
0.01
Adjusted diluted earnings per share
$
0.90
$
1.05
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210311005229/en/
Monica Vinay, Vice President, Investor Relations &
Treasurer, (330) 761-6212
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