10-Q Filing

MYERS INDUSTRIES INC CIK: 69488 Q2 2012

Filing Information

Form Type	10-Q
Accession Number	`0000069488-12-000005`
Period End Date	20120630
Filing Date	20120731
Fiscal Year	2012
Fiscal Period	Q2
XBRL Instance	mye-20120630.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 90 Income Statement 52 Cash Flow Statement 64 Stockholders Equity 12

Balance Sheet 90 line items

Line Item	Tag	Value	Unit	Period
Cash	`Cash`	$35.61M	USD	Point-in-time
Cash	`Cash`	$6.94M	USD	Point-in-time
Cash	`Cash`	$6.80M	USD	Point-in-time
Cash	`Cash`	$4.71M	USD	Point-in-time
Accounts receivable-less allowances of $2,346 and $3,863, respectively	`AccountsReceivableNetCurrent`	$105.83M	USD	Point-in-time
Accounts receivable-less allowances of $2,346 and $3,863, respectively	`AccountsReceivableNetCurrent`	$96.39M	USD	Point-in-time
Finished and in-process products	`InventoryFinishedGoodsAndWorkInProcess`	$75.36M	USD	Point-in-time
Finished and in-process products	`InventoryFinishedGoodsAndWorkInProcess`	$67.72M	USD	Point-in-time
Raw materials and supplies	`InventoryRawMaterialsAndSupplies`	$27.50M	USD	Point-in-time
Raw materials and supplies	`InventoryRawMaterialsAndSupplies`	$32.11M	USD	Point-in-time
Allowances for accounts receivable	`AllowanceForDoubtfulAccountsReceivableCurrent`	$2.35M	USD	Point-in-time
Allowances for accounts receivable	`AllowanceForDoubtfulAccountsReceivableCurrent`	$3.86M	USD	Point-in-time
Inventory net	`InventoryNet`	$107.47M	USD	Point-in-time
Inventory net	`InventoryNet`	$95.22M	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$5.42M	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$9.08M	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetCurrent`	$5.19M	USD	Point-in-time
Preferred Shares, shares authorized (in shares)	`PreferredStockSharesAuthorized`	1.00M	shares	Point-in-time
Preferred Shares, shares authorized (in shares)	`PreferredStockSharesAuthorized`	1.00M	shares	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetCurrent`	$5.19M	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$218.45M	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$253.74M	USD	Point-in-time
Preferred Shares, shares issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred Shares, shares issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred Shares, shares outstanding (in shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Preferred Shares, shares outstanding (in shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Goodwill	`Goodwill`	$44.67M	USD	Point-in-time
Goodwill	`Goodwill`	$44.69M	USD	Point-in-time
Common Shares, shares authorized (in shares)	`CommonStockSharesAuthorized`	60.00M	shares	Point-in-time
Common Shares, shares authorized (in shares)	`CommonStockSharesAuthorized`	60.00M	shares	Point-in-time
Common Shares, shares outstanding (in shares)	`CommonStockSharesOutstanding`	33.74M	shares	Point-in-time
Patents and other intangible assets	`IntangibleAssetsNetExcludingGoodwill`	$15.93M	USD	Point-in-time
Patents and other intangible assets	`IntangibleAssetsNetExcludingGoodwill`	$17.27M	USD	Point-in-time
Common Shares, shares outstanding (in shares)	`CommonStockSharesOutstanding`	33.42M	shares	Point-in-time
Other	`OtherAssetsNoncurrent`	$7.43M	USD	Point-in-time
Common shares, treasury (in shares)	`TreasuryStockShares`	4.08M	shares	Point-in-time
Other	`OtherAssetsNoncurrent`	$7.44M	USD	Point-in-time
Common shares, treasury (in shares)	`TreasuryStockShares`	4.49M	shares	Point-in-time
Total other non current assets	`AssetsNoncurrent`	$68.06M	USD	Point-in-time
Total other non current assets	`AssetsNoncurrent`	$69.37M	USD	Point-in-time
Land	`Land`	$4.54M	USD	Point-in-time
Land	`Land`	$4.45M	USD	Point-in-time
Buildings and leasehold improvements	`BuildingsAndImprovementsGross`	$58.30M	USD	Point-in-time
Buildings and leasehold improvements	`BuildingsAndImprovementsGross`	$57.89M	USD	Point-in-time
Machinery and equipment	`MachineryAndEquipmentGross`	$413.55M	USD	Point-in-time
Machinery and equipment	`MachineryAndEquipmentGross`	$412.70M	USD	Point-in-time
Property, Plant and Equipment, at cost	`PropertyPlantAndEquipmentGross`	$475.89M	USD	Point-in-time
Property, Plant and Equipment, at cost	`PropertyPlantAndEquipmentGross`	$475.54M	USD	Point-in-time
Less allowances for depreciation and amortization	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$334.61M	USD	Point-in-time
Less allowances for depreciation and amortization	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$342.49M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$133.40M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$140.93M	USD	Point-in-time
Total Assets	`Assets`	$428.76M	USD	Point-in-time
Total Assets	`Assets`	$455.19M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$64.72M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$58.89M	USD	Point-in-time
Employee compensation	`EmployeeRelatedLiabilitiesCurrent`	$20.57M	USD	Point-in-time
Employee compensation	`EmployeeRelatedLiabilitiesCurrent`	$14.71M	USD	Point-in-time
Income taxes	`AccruedIncomeTaxesCurrent`	$3.38M	USD	Point-in-time
Income taxes	`AccruedIncomeTaxesCurrent`	$204.00K	USD	Point-in-time
Taxes, other than income taxes	`AccrualForTaxesOtherThanIncomeTaxesCurrent`	$1.52M	USD	Point-in-time
Taxes, other than income taxes	`AccrualForTaxesOtherThanIncomeTaxesCurrent`	$2.73M	USD	Point-in-time
Accrued interest	`InterestPayableCurrent`	$161.00K	USD	Point-in-time
Accrued interest	`InterestPayableCurrent`	$178.00K	USD	Point-in-time
Other	`OtherLiabilitiesCurrent`	$18.80M	USD	Point-in-time
Other	`OtherLiabilitiesCurrent`	$16.22M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$305.00K	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$305.00K	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$110.66M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$92.03M	USD	Point-in-time
Long-term debt, less current portion	`LongTermDebtNoncurrent`	$101.82M	USD	Point-in-time
Long-term debt, less current portion	`LongTermDebtNoncurrent`	$73.72M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$15.13M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$14.34M	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesNoncurrent`	$23.89M	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesNoncurrent`	$23.90M	USD	Point-in-time
Serial Preferred Shares (authorized 1,000,000 shares; none issued and outstanding)	`PreferredStockValue`	-	USD	Point-in-time
Serial Preferred Shares (authorized 1,000,000 shares; none issued and outstanding)	`PreferredStockValue`	-	USD	Point-in-time
Common Shares, without par value (authorized 60,000,000 shares; outstanding 33,735,567 and 33,420,488; net of treasury shares of 4,084,890 and 4,492,169 respectively)	`CommonStockValue`	$20.47M	USD	Point-in-time
Common Shares, without par value (authorized 60,000,000 shares; outstanding 33,735,567 and 33,420,488; net of treasury shares of 4,084,890 and 4,492,169 respectively)	`CommonStockValue`	$20.31M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$269.27M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$265.00M	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$7.29M	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$8.70M	USD	Point-in-time
Retained deficit	`RetainedEarningsAccumulatedDeficit`	$-86.47M	USD	Point-in-time
Retained deficit	`RetainedEarningsAccumulatedDeficit`	$-76.12M	USD	Point-in-time
Total Shareholder's Equity	`StockholdersEquity`	$222.32M	USD	Point-in-time
Total Shareholder's Equity	`StockholdersEquity`	$206.14M	USD	Point-in-time
Total Liabilities and Shareholder's Equity	`LiabilitiesAndStockholdersEquity`	$455.19M	USD	Point-in-time
Total Liabilities and Shareholder's Equity	`LiabilitiesAndStockholdersEquity`	$428.76M	USD	Point-in-time

Income Statement 52 line items

Line Item	Tag	Value	Unit	Period
Net sales	`SalesRevenueNet`	$181.10M	USD	1 Quarter
Net sales	`SalesRevenueNet`	$177.27M	USD	1 Quarter
Net sales	`SalesRevenueNet`	$372.77M	USD	2 Qtrs
Net sales	`SalesRevenueNet`	$379.89M	USD	2 Qtrs
Cost of sales	`CostOfGoodsAndServicesSold`	$274.19M	USD	2 Qtrs
Cost of sales	`CostOfGoodsAndServicesSold`	$274.53M	USD	2 Qtrs
Cost of sales	`CostOfGoodsAndServicesSold`	$133.74M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$132.77M	USD	1 Quarter
Gross profit	`GrossProfit`	$47.36M	USD	1 Quarter
Gross profit	`GrossProfit`	$44.49M	USD	1 Quarter
Gross profit	`GrossProfit`	$105.36M	USD	2 Qtrs
Gross profit	`GrossProfit`	$98.58M	USD	2 Qtrs
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$35.82M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$77.54M	USD	2 Qtrs
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$37.37M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$78.25M	USD	2 Qtrs
Operating income	`OperatingIncomeLoss`	$8.67M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$27.11M	USD	2 Qtrs
Operating income	`OperatingIncomeLoss`	$21.04M	USD	2 Qtrs
Operating income	`OperatingIncomeLoss`	$9.99M	USD	1 Quarter
Interest expense, net	`InterestExpense`	$2.39M	USD	2 Qtrs
Interest expense, net	`InterestExpense`	$1.15M	USD	1 Quarter
Interest expense, net	`InterestExpense`	$1.05M	USD	1 Quarter
Interest expense, net	`InterestExpense`	$2.13M	USD	2 Qtrs
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$7.52M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$24.97M	USD	2 Qtrs
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$8.94M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$18.65M	USD	2 Qtrs
Income tax expense	`IncomeTaxExpenseBenefit`	$3.28M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$7.27M	USD	2 Qtrs
Income tax expense	`IncomeTaxExpenseBenefit`	$9.33M	USD	2 Qtrs
Income tax expense	`IncomeTaxExpenseBenefit`	$2.86M	USD	1 Quarter
Net income	`NetIncomeLoss`	$11.38M	USD	2 Qtrs
Net income	`NetIncomeLoss`	$4.66M	USD	1 Quarter
Net income	`NetIncomeLoss`	$5.66M	USD	1 Quarter
Net income	`NetIncomeLoss`	$15.64M	USD	2 Qtrs
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$14.01M	USD	2 Qtrs
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$5.48M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$5.05M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$17.05M	USD	2 Qtrs
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.13	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.17	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.32	USD	2 Qtrs
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.47	USD	2 Qtrs
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.17	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.46	USD	2 Qtrs
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.32	USD	2 Qtrs
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.13	USD	1 Quarter
Dividends declared per share (in dollars per share)	`CommonStockDividendsPerShareDeclared`	$0.08	USD	1 Quarter
Dividends declared per share (in dollars per share)	`CommonStockDividendsPerShareDeclared`	$0.07	USD	1 Quarter
Dividends declared per share (in dollars per share)	`CommonStockDividendsPerShareDeclared`	$0.16	USD	2 Qtrs
Dividends declared per share (in dollars per share)	`CommonStockDividendsPerShareDeclared`	$0.14	USD	2 Qtrs

Cash Flow Statement 64 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$11.38M	USD	2 Qtrs
Net income	`NetIncomeLoss`	$4.66M	USD	1 Quarter
Net income	`NetIncomeLoss`	$5.66M	USD	1 Quarter
Net income	`NetIncomeLoss`	$15.64M	USD	2 Qtrs
Depreciation	`Depreciation`	$16.06M	USD	2 Qtrs
Depreciation	`Depreciation`	$14.74M	USD	2 Qtrs
Impairment charges and asset write-offs	`AssetImpairmentCharges`	$252.00K	USD	2 Qtrs
Impairment charges and asset write-offs	`AssetImpairmentCharges`	-	USD	2 Qtrs
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$1.51M	USD	2 Qtrs
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$1.47M	USD	2 Qtrs
Non-cash stock compensation	`ShareBasedCompensation`	$1.56M	USD	2 Qtrs
Non-cash stock compensation	`ShareBasedCompensation`	$1.61M	USD	2 Qtrs
(Recovery of) provision for loss on accounts receivable	`ProvisionForDoubtfulAccounts`	$-1.18M	USD	2 Qtrs
(Recovery of) provision for loss on accounts receivable	`ProvisionForDoubtfulAccounts`	$1.77M	USD	2 Qtrs
Deferred taxes	`DeferredIncomeTaxExpenseBenefit`	$-70.00K	USD	2 Qtrs
Deferred taxes	`DeferredIncomeTaxExpenseBenefit`	$-18.00K	USD	2 Qtrs
Other long-term liabilities	`IncreaseDecreaseInOtherOperatingLiabilities`	$785.00K	USD	2 Qtrs
Other long-term liabilities	`IncreaseDecreaseInOtherOperatingLiabilities`	$804.00K	USD	2 Qtrs
Gain on sale of property, plant and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	-	USD	2 Qtrs
Gain on sale of property, plant and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$558.00K	USD	2 Qtrs
Other	`OtherNoncashIncomeExpense`	$-50.00K	USD	2 Qtrs
Other	`OtherNoncashIncomeExpense`	$-50.00K	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-10.38M	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$4.28M	USD	2 Qtrs
Inventories	`IncreaseDecreaseInInventories`	$9.25M	USD	2 Qtrs
Inventories	`IncreaseDecreaseInInventories`	$12.29M	USD	2 Qtrs
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$-903.00K	USD	2 Qtrs
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$3.74M	USD	2 Qtrs
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-18.97M	USD	2 Qtrs
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-11.96M	USD	2 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$7.92M	USD	2 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$8.75M	USD	2 Qtrs
Additions to property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$5.76M	USD	2 Qtrs
Additions to property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$8.39M	USD	2 Qtrs
Proceeds from sale of property, plant and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	-	USD	2 Qtrs
Proceeds from sale of property, plant and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$1.80M	USD	2 Qtrs
Other	`PaymentsForProceedsFromOtherInvestingActivities`	$-848.00K	USD	2 Qtrs
Other	`PaymentsForProceedsFromOtherInvestingActivities`	$149.00K	USD	2 Qtrs
Net cash used for investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-6.73M	USD	2 Qtrs
Net cash used for investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-4.92M	USD	2 Qtrs
Repayment of long term debt	`RepaymentsOfLongTermDebt`	$305.00K	USD	2 Qtrs
Repayment of long term debt	`RepaymentsOfLongTermDebt`	$305.00K	USD	2 Qtrs
Net borrowing on credit facility	`ProceedsFromRepaymentsOfShortTermDebtMaturingInThreeMonthsOrLess`	$6.86M	USD	2 Qtrs
Net borrowing on credit facility	`ProceedsFromRepaymentsOfShortTermDebtMaturingInThreeMonthsOrLess`	$28.37M	USD	2 Qtrs
Cash dividends paid	`PaymentsOfDividendsCommonStock`	$4.97M	USD	2 Qtrs
Cash dividends paid	`PaymentsOfDividendsCommonStock`	$4.71M	USD	2 Qtrs
Proceeds from issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	$2.82M	USD	2 Qtrs
Proceeds from issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	$70.00K	USD	2 Qtrs
Repurchase of common stock	`PaymentsForRepurchaseOfCommonStock`	-	USD	2 Qtrs
Repurchase of common stock	`PaymentsForRepurchaseOfCommonStock`	$3.72M	USD	2 Qtrs
Net cash provided by (used for) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-1.81M	USD	2 Qtrs
Net cash provided by (used for) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$25.92M	USD	2 Qtrs
Foreign Exchange Rate Effect on Cash	`EffectOfExchangeRateOnCashAndCashEquivalents`	$1.70M	USD	2 Qtrs
Foreign Exchange Rate Effect on Cash	`EffectOfExchangeRateOnCashAndCashEquivalents`	$212.00K	USD	2 Qtrs
Net increase in cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$28.81M	USD	2 Qtrs
Net increase in cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$2.23M	USD	2 Qtrs
Cash at January 1	`Cash`	$35.61M	USD	Point-in-time
Cash at January 1	`Cash`	$6.94M	USD	Point-in-time
Cash at January 1	`Cash`	$6.80M	USD	Point-in-time
Cash at January 1	`Cash`	$4.71M	USD	Point-in-time
Cash at June 30	`Cash`	$35.61M	USD	Point-in-time
Cash at June 30	`Cash`	$6.94M	USD	Point-in-time
Cash at June 30	`Cash`	$6.80M	USD	Point-in-time
Cash at June 30	`Cash`	$4.71M	USD	Point-in-time

Stockholders Equity 12 line items

Line Item	Tag	Value	Unit	Period
Dividends declared per share (in dollars per share)	`CommonStockDividendsPerShareDeclared`	$0.08	USD	1 Quarter
Dividends declared per share (in dollars per share)	`CommonStockDividendsPerShareDeclared`	$0.07	USD	1 Quarter
Dividends declared per share (in dollars per share)	`CommonStockDividendsPerShareDeclared`	$0.16	USD	2 Qtrs
Dividends declared per share (in dollars per share)	`CommonStockDividendsPerShareDeclared`	$0.14	USD	2 Qtrs
Balance	`StockholdersEquity`	$222.32M	USD	Point-in-time
Balance	`StockholdersEquity`	$206.14M	USD	Point-in-time
Net income	`NetIncomeLoss`	$11.38M	USD	2 Qtrs
Net income	`NetIncomeLoss`	$4.66M	USD	1 Quarter
Net income	`NetIncomeLoss`	$5.66M	USD	1 Quarter
Net income	`NetIncomeLoss`	$15.64M	USD	2 Qtrs
Balance	`StockholdersEquity`	$222.32M	USD	Point-in-time
Balance	`StockholdersEquity`	$206.14M	USD	Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.