Myers Industries Reports 2014 Second Quarter Results

“We are pleased that adjusted EPS for the second quarter was up 4.8% over the second quarter of last year. The Material Handling Segment realized strong sales in its agriculture markets, however profits were somewhat impacted due to a competitive pricing pressure in one of its businesses. In addition, the segment was also impacted by a significant slowdown in orders and sales in Brazil as a result of the World Cup activities. Looking forward to the second half of the year, we are adjusting our cost and pricing structure to positively overcome the pricing pressure we saw in the second quarter. We anticipate that both sales and adjusted income from continuing operations will show improvement compared to last year as a result of organic growth and cost savings. The stronger second half of the year is also expected to result in improved results for continuing operations for the full year compared to last year,” said John C. Orr, President and Chief Executive Officer.

“We are excited that we have completed the acquisition of Scepter and look forward to a quick and efficient integration of the organization and its employees into Myers Industries. In addition, with the sale of non-strategic WEK Industries, we are now focused on opportunities to profitably grow Material Handling and Distribution, while enhancing Myers’ overall free cash flow generation, return on invested capital and shareholder value,” said Orr.

For the six months ended June 30, 2014, cash flow used for continuing operations was $6.8 million compared to cash flow provided by continuing operations of $13.6 million for the six months ended June 30, 2013.

Capital expenditures for continuing operations totaled $7.0 million for the six months ended June30, 2014.

The Company purchased $44.4 million of its common stock during the six months ended June30, 2014.

On June 2, 2014, the Company announced that it had engaged the investment bank William Blair & Company to commence the sale of its Lawn and Garden Segment. On June 24, 2014, the Company announced that it had completed the sale of WEK Industries, Inc. for approximately $20 million. The sale of WEK Industries resulted in a pre-tax gain of $3.7 million which is included in discontinued operations. On July 2, 2014, the Company completed the acquisition of Scepter expanding its Material Handling business to include new customers, products, technologies and international markets. The objective of the combined transactions is to streamline the Company’s business portfolio and focus on higher return growth opportunities.

The Company anticipates that full year adjusted earnings from continuing operations (excluding restructuring and other unusual pre-tax charges) will increase year-over-year as a result of organic growth and new product sales coupled with cost savings driven by productivity improvements. The acquisition of Scepter will also contribute to both sales and earnings during the second half of the year.

*Historical information has been adjusted to reflect discontinued operations presentation and the segment realignment completed in June 2014.

*Historical information has been adjusted to reflect discontinued operations presentation and the segment realignment completed in June 2014.

*Historical information has been adjusted to reflect discontinued operations presentation and the segment realignment completed in June 2014.

*Historical information has been adjusted to reflect discontinued operations presentation and the segment realignment completed in June 2014.