10-Q Filing

MYERS INDUSTRIES INC CIK: 69488 Q1 2014

Filing Information

Form Type	10-Q
Accession Number	`0000069488-14-000008`
Period End Date	20140331
Filing Date	20140428
Fiscal Year	2014
Fiscal Period	Q1
XBRL Instance	mye-20140331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 88 Income Statement 24 Cash Flow Statement 72 Stockholders Equity 8 Comprehensive Income 10

Balance Sheet 88 line items

Line Item	Tag	Value	Unit	Period
Cash	`CashAndCashEquivalentsAtCarryingValue`	$4.05M	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$6.54M	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$3.95M	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$5.74M	USD	Point-in-time
Accounts receivable-less allowances of $2,987 and $2,945, respectively	`AccountsReceivableNetCurrent`	$112.46M	USD	Point-in-time
Accounts receivable-less allowances of $2,987 and $2,945, respectively	`AccountsReceivableNetCurrent`	$130.83M	USD	Point-in-time
Allowances for accounts receivable	`AllowanceForDoubtfulAccountsReceivableCurrent`	$2.99M	USD	Point-in-time
Allowances for accounts receivable	`AllowanceForDoubtfulAccountsReceivableCurrent`	$2.94M	USD	Point-in-time
Finished and in-process products	`InventoryFinishedGoodsAndWorkInProcessNetOfReserves`	$73.47M	USD	Point-in-time
Finished and in-process products	`InventoryFinishedGoodsAndWorkInProcessNetOfReserves`	$81.85M	USD	Point-in-time
Raw materials and supplies	`InventoryRawMaterialsAndSuppliesNetOfReserves`	$37.00M	USD	Point-in-time
Raw materials and supplies	`InventoryRawMaterialsAndSuppliesNetOfReserves`	$33.05M	USD	Point-in-time
Inventory net	`InventoryNet`	$118.85M	USD	Point-in-time
Preferred Shares, shares authorized (in shares)	`PreferredStockSharesAuthorized`	1.00M	shares	Point-in-time
Inventory net	`InventoryNet`	$106.52M	USD	Point-in-time
Preferred Shares, shares authorized (in shares)	`PreferredStockSharesAuthorized`	1.00M	shares	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
Prepaid expenses	`PrepaidExpenseCurrent`	$8.18M	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$7.17M	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetCurrent`	$2.21M	USD	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
Deferred income taxes	`DeferredTaxAssetsNetCurrent`	$2.19M	USD	Point-in-time
Common Shares, shares authorized (in shares)	`CommonStockSharesAuthorized`	60.00M	shares	Point-in-time
Total Current Assets	`AssetsCurrent`	$265.79M	USD	Point-in-time
Common Shares, shares authorized (in shares)	`CommonStockSharesAuthorized`	60.00M	shares	Point-in-time
Total Current Assets	`AssetsCurrent`	$234.91M	USD	Point-in-time
Common Shares, shares outstanding (in shares)	`CommonStockSharesOutstanding`	33.57M	shares	Point-in-time
Common Shares, shares outstanding (in shares)	`CommonStockSharesOutstanding`	33.53M	shares	Point-in-time
Goodwill	`Goodwill`	$60.64M	USD	Point-in-time
Common shares, treasury (in shares)	`TreasuryStockShares`	4.24M	shares	Point-in-time
Goodwill	`Goodwill`	$60.91M	USD	Point-in-time
Common shares, treasury (in shares)	`TreasuryStockShares`	4.20M	shares	Point-in-time
Patents and other intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$20.23M	USD	Point-in-time
Patents and other intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$21.11M	USD	Point-in-time
Other	`OtherAssetsNoncurrent`	$3.43M	USD	Point-in-time
Other	`OtherAssetsNoncurrent`	$3.31M	USD	Point-in-time
Total other non current assets	`AssetsNoncurrent`	$85.07M	USD	Point-in-time
Total other non current assets	`AssetsNoncurrent`	$84.57M	USD	Point-in-time
Land	`Land`	$5.11M	USD	Point-in-time
Land	`Land`	$5.11M	USD	Point-in-time
Buildings and leasehold improvements	`BuildingsAndImprovementsGross`	$67.62M	USD	Point-in-time
Buildings and leasehold improvements	`BuildingsAndImprovementsGross`	$67.61M	USD	Point-in-time
Machinery and equipment	`MachineryAndEquipmentGross`	$465.67M	USD	Point-in-time
Machinery and equipment	`MachineryAndEquipmentGross`	$461.40M	USD	Point-in-time
Property, Plant and Equipment, at cost	`PropertyPlantAndEquipmentGross`	$538.39M	USD	Point-in-time
Property, Plant and Equipment, at cost	`PropertyPlantAndEquipmentGross`	$534.12M	USD	Point-in-time
Less allowances for depreciation and amortization	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$391.87M	USD	Point-in-time
Less allowances for depreciation and amortization	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$384.65M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$149.48M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$146.52M	USD	Point-in-time
Total Assets	`Assets`	$469.46M	USD	Point-in-time
Total Assets	`Assets`	$496.88M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$70.70M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$98.26M	USD	Point-in-time
Employee compensation	`EmployeeRelatedLiabilitiesCurrent`	$22.95M	USD	Point-in-time
Employee compensation	`EmployeeRelatedLiabilitiesCurrent`	$15.60M	USD	Point-in-time
Income taxes	`AccruedIncomeTaxesCurrent`	-	USD	Point-in-time
Income taxes	`AccruedIncomeTaxesCurrent`	$6.53M	USD	Point-in-time
Taxes, other than income taxes	`AccrualForTaxesOtherThanIncomeTaxesCurrent`	$3.08M	USD	Point-in-time
Taxes, other than income taxes	`AccrualForTaxesOtherThanIncomeTaxesCurrent`	$2.75M	USD	Point-in-time
Accrued interest	`InterestPayableCurrent`	$103.00K	USD	Point-in-time
Accrued interest	`InterestPayableCurrent`	$1.33M	USD	Point-in-time
Other	`OtherLiabilitiesCurrent`	$19.99M	USD	Point-in-time
Other	`OtherLiabilitiesCurrent`	$19.92M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$150.58M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$110.63M	USD	Point-in-time
Long-term debt, net	`LongTermDebtNoncurrent`	$44.35M	USD	Point-in-time
Long-term debt, net	`LongTermDebtNoncurrent`	$116.69M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$14.69M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$16.64M	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesNoncurrent`	$24.33M	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesNoncurrent`	$24.19M	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 33,528,097 and 33,572,778; net of treasury shares of 4,239,040 and 4,203,179, respectively)	`CommonStockValue`	$20.31M	USD	Point-in-time
Common Shares, without par value (authorized 60,000,000 shares; outstanding 33,528,097 and 33,572,778; net of treasury shares of 4,239,040 and 4,203,179, respectively)	`CommonStockValue`	$20.29M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$263.20M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$266.28M	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$2.48M	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$2.43M	USD	Point-in-time
Retained deficit	`RetainedEarningsAccumulatedDeficit`	$-53.51M	USD	Point-in-time
Retained deficit	`RetainedEarningsAccumulatedDeficit`	$-57.24M	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	$228.73M	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	$235.51M	USD	Point-in-time
Total Liabilities and Shareholders' Equity	`LiabilitiesAndStockholdersEquity`	$496.88M	USD	Point-in-time
Total Liabilities and Shareholders' Equity	`LiabilitiesAndStockholdersEquity`	$469.46M	USD	Point-in-time

Income Statement 24 line items

Line Item	Tag	Value	Unit	Period
Net sales	`SalesRevenueNet`	$208.79M	USD	1 Quarter
Net sales	`SalesRevenueNet`	$214.98M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$158.76M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$156.66M	USD	1 Quarter
Gross profit	`GrossProfit`	$50.03M	USD	1 Quarter
Gross profit	`GrossProfit`	$58.32M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$45.07M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$47.39M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$2.64M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$13.24M	USD	1 Quarter
Interest expense, net	`InterestExpense`	$1.09M	USD	1 Quarter
Interest expense, net	`InterestExpense`	$1.58M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$12.15M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$1.06M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$380.00K	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$4.27M	USD	1 Quarter
Net income	`NetIncomeLoss`	$7.88M	USD	1 Quarter
Net income	`NetIncomeLoss`	$680.00K	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.24	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.02	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.02	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.23	USD	1 Quarter
Dividends declared per share (in dollars per share)	`CommonStockDividendsPerShareDeclared`	$0.13	USD	1 Quarter
Dividends declared per share (in dollars per share)	`CommonStockDividendsPerShareDeclared`	$0.09	USD	1 Quarter

Cash Flow Statement 72 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$7.88M	USD	1 Quarter
Net income	`NetIncomeLoss`	$680.00K	USD	1 Quarter
Depreciation	`Depreciation`	$8.42M	USD	1 Quarter
Depreciation	`Depreciation`	$8.15M	USD	1 Quarter
Amortization	`AmortizationOfIntangibleAssets`	$909.00K	USD	1 Quarter
Amortization	`AmortizationOfIntangibleAssets`	$1.00M	USD	1 Quarter
Non-cash stock compensation	`ShareBasedCompensation`	$438.00K	USD	1 Quarter
Non-cash stock compensation	`ShareBasedCompensation`	$788.00K	USD	1 Quarter
Provision for loss on accounts receivable	`ProvisionForDoubtfulAccounts`	$361.00K	USD	1 Quarter
Provision for loss on accounts receivable	`ProvisionForDoubtfulAccounts`	$822.00K	USD	1 Quarter
Deferred taxes	`DeferredIncomeTaxExpenseBenefit`	$2.23M	USD	1 Quarter
Deferred taxes	`DeferredIncomeTaxExpenseBenefit`	$-116.00K	USD	1 Quarter
Other long-term liabilities	`IncreaseDecreaseInOtherOperatingLiabilities`	$885.00K	USD	1 Quarter
Other long-term liabilities	`IncreaseDecreaseInOtherOperatingLiabilities`	$1.08M	USD	1 Quarter
Gain from asset disposition	`GainLossOnSaleOfPropertyPlantEquipment`	-	USD	1 Quarter
Gain from asset disposition	`GainLossOnSaleOfPropertyPlantEquipment`	$46.00K	USD	1 Quarter
Tax benefit from options	`ExcessTaxBenefitFromShareBasedCompensationOperatingActivities`	$650.00K	USD	1 Quarter
Tax benefit from options	`ExcessTaxBenefitFromShareBasedCompensationOperatingActivities`	$37.00K	USD	1 Quarter
Payments on performance based compensation	`PaymentsOnPerformanceBasedCompensation`	$1.72M	USD	1 Quarter
Payments on performance based compensation	`PaymentsOnPerformanceBasedCompensation`	$1.29M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$18.53M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$9.83M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$2.22M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$12.13M	USD	1 Quarter
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$237.00K	USD	1 Quarter
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$1.58M	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-38.57M	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-13.86M	USD	1 Quarter
Net cash used for operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-6.50M	USD	1 Quarter
Net cash used for operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-60.67M	USD	1 Quarter
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$4.51M	USD	1 Quarter
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$4.65M	USD	1 Quarter
Proceeds from sale of property, plant and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	-	USD	1 Quarter
Proceeds from sale of property, plant and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$48.00K	USD	1 Quarter
Other	`PaymentsForProceedsFromOtherInvestingActivities`	$-96.00K	USD	1 Quarter
Other	`PaymentsForProceedsFromOtherInvestingActivities`	-	USD	1 Quarter
Net cash used for investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-4.61M	USD	1 Quarter
Net cash used for investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-4.41M	USD	1 Quarter
Proceeds from long-term debt	`ProceedsFromIssuanceOfLongTermDebt`	-	USD	1 Quarter
Proceeds from long-term debt	`ProceedsFromIssuanceOfLongTermDebt`	$89.00M	USD	1 Quarter
Net (repayment of) borrowing on credit facility	`ProceedsFromRepaymentsOfShortTermDebtMaturingInThreeMonthsOrLess`	$-16.70M	USD	1 Quarter
Net (repayment of) borrowing on credit facility	`ProceedsFromRepaymentsOfShortTermDebtMaturingInThreeMonthsOrLess`	$10.76M	USD	1 Quarter
Cash dividends paid	`PaymentsOfDividendsCommonStock`	$3.12M	USD	1 Quarter
Cash dividends paid	`PaymentsOfDividendsCommonStock`	-	USD	1 Quarter
Proceeds from issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	$1.78M	USD	1 Quarter
Proceeds from issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	$1.71M	USD	1 Quarter
Tax benefit from options	`EmployeeServiceShareBasedCompensationTaxBenefitRealizedFromExerciseOfStockOptions`	$-650.00K	USD	1 Quarter
Tax benefit from options	`EmployeeServiceShareBasedCompensationTaxBenefitRealizedFromExerciseOfStockOptions`	$-37.00K	USD	1 Quarter
Repurchase of common stock	`PaymentsForRepurchaseOfCommonStock`	$1.96M	USD	1 Quarter
Repurchase of common stock	`PaymentsForRepurchaseOfCommonStock`	$5.06M	USD	1 Quarter
Shares withheld for employee taxes on equity awards	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$1.08M	USD	1 Quarter
Shares withheld for employee taxes on equity awards	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	-	USD	1 Quarter
Deferred financing costs	`PaymentsOfFinancingCosts`	$196.00K	USD	1 Quarter
Deferred financing costs	`PaymentsOfFinancingCosts`	-	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$65.27M	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$10.55M	USD	1 Quarter
Foreign Exchange Rate Effect on Cash	`EffectOfExchangeRateOnCashAndCashEquivalents`	$-799.00K	USD	1 Quarter
Foreign Exchange Rate Effect on Cash	`EffectOfExchangeRateOnCashAndCashEquivalents`	$469.00K	USD	1 Quarter
Net (decrease) increase in cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$105.00K	USD	1 Quarter
Net (decrease) increase in cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-801.00K	USD	1 Quarter
Cash at January 1	`CashAndCashEquivalentsAtCarryingValue`	$4.05M	USD	Point-in-time
Cash at January 1	`CashAndCashEquivalentsAtCarryingValue`	$6.54M	USD	Point-in-time
Cash at January 1	`CashAndCashEquivalentsAtCarryingValue`	$3.95M	USD	Point-in-time
Cash at January 1	`CashAndCashEquivalentsAtCarryingValue`	$5.74M	USD	Point-in-time
Cash at March 31	`CashAndCashEquivalentsAtCarryingValue`	$4.05M	USD	Point-in-time
Cash at March 31	`CashAndCashEquivalentsAtCarryingValue`	$6.54M	USD	Point-in-time
Cash at March 31	`CashAndCashEquivalentsAtCarryingValue`	$3.95M	USD	Point-in-time
Cash at March 31	`CashAndCashEquivalentsAtCarryingValue`	$5.74M	USD	Point-in-time
Interest	`InterestPaid`	$199.00K	USD	1 Quarter
Interest	`InterestPaid`	$526.00K	USD	1 Quarter
Income taxes	`IncomeTaxesPaid`	$435.00K	USD	1 Quarter
Income taxes	`IncomeTaxesPaid`	$3.80M	USD	1 Quarter

Stockholders Equity 8 line items

Line Item	Tag	Value	Unit	Period
Dividends declared per share (in dollars per share)	`CommonStockDividendsPerShareDeclared`	$0.13	USD	1 Quarter
Dividends declared per share (in dollars per share)	`CommonStockDividendsPerShareDeclared`	$0.09	USD	1 Quarter
Balance at January 1, 2014	`StockholdersEquity`	$228.73M	USD	Point-in-time
Balance at January 1, 2014	`StockholdersEquity`	$235.51M	USD	Point-in-time
Net income	`NetIncomeLoss`	$7.88M	USD	1 Quarter
Net income	`NetIncomeLoss`	$680.00K	USD	1 Quarter
Balance at March 31, 2014	`StockholdersEquity`	$228.73M	USD	Point-in-time
Balance at March 31, 2014	`StockholdersEquity`	$235.51M	USD	Point-in-time

Comprehensive Income 10 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$7.88M	USD	1 Quarter
Net income	`NetIncomeLoss`	$680.00K	USD	1 Quarter
Foreign currency translation adjustment	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$54.00K	USD	1 Quarter
Foreign currency translation adjustment	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$-851.00K	USD	1 Quarter
Pension liability	`OtherComprehensiveIncomeDefinedBenefitPlansAdjustmentNetOfTaxPortionAttributableToParent`	$75.00K	USD	1 Quarter
Pension liability	`OtherComprehensiveIncomeDefinedBenefitPlansAdjustmentNetOfTaxPortionAttributableToParent`	-	USD	1 Quarter
Total other comprehensive income (loss), net of tax	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$-926.00K	USD	1 Quarter
Total other comprehensive income (loss), net of tax	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$54.00K	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$6.96M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$734.00K	USD	1 Quarter

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