10-Q Filing

MYERS INDUSTRIES INC CIK: 69488 Q1 2023

Filing Information

Form Type	10-Q
Accession Number	`0000950170-23-017816`
Period End Date	20230331
Filing Date	20230504
Fiscal Year	2023
Fiscal Period	Q1
XBRL Instance	mye-20230331_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 86 Income Statement 24 Cash Flow Statement 54 Stockholders Equity 18 Comprehensive Income 8

Balance Sheet 86 line items

Line Item	Tag	Value	Unit	Period
Allowance for doubtful accounts receivable, current	`AllowanceForDoubtfulAccountsReceivableCurrent`	$3.26M	USD	Point-in-time
Allowance for doubtful accounts receivable, current	`AllowanceForDoubtfulAccountsReceivableCurrent`	$3.18M	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$28.24M	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$23.14M	USD	Point-in-time
Accounts receivable, less allowances of $3,183 and $3,259, respectively	`AccountsReceivableNetCurrent`	$133.72M	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
Accounts receivable, less allowances of $3,183 and $3,259, respectively	`AccountsReceivableNetCurrent`	$130.62M	USD	Point-in-time
Preferred Shares, shares issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Inventories, net	`InventoryNet`	$93.35M	USD	Point-in-time
Inventories, net	`InventoryNet`	$102.14M	USD	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
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$5.78M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$7.00M	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$266.78M	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
Total Current Assets	`AssetsCurrent`	$257.21M	USD	Point-in-time
Property, plant, and equipment, net	`PropertyPlantAndEquipmentNet`	$101.57M	USD	Point-in-time
Common Shares, shares outstanding (in shares)	`CommonStockSharesOutstanding`	36.50M	shares	Point-in-time
Property, plant, and equipment, net	`PropertyPlantAndEquipmentNet`	$105.80M	USD	Point-in-time
Common Shares, shares outstanding (in shares)	`CommonStockSharesOutstanding`	36.72M	shares	Point-in-time
Right of use asset - operating leases	`OperatingLeaseRightOfUseAsset`	$28.91M	USD	Point-in-time
Right of use asset - operating leases	`OperatingLeaseRightOfUseAsset`	$28.38M	USD	Point-in-time
Common shares, treasury (in shares)	`TreasuryStockCommonShares`	5.84M	shares	Point-in-time
Common shares, treasury (in shares)	`TreasuryStockCommonShares`	6.05M	shares	Point-in-time
Goodwill	`Goodwill`	$95.16M	USD	Point-in-time
Goodwill	`Goodwill`	$95.17M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$50.10M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$51.75M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxAssetsNet`	$129.00K	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxAssetsNet`	$130.00K	USD	Point-in-time
Other	`OtherAssetsNoncurrent`	$9.84M	USD	Point-in-time
Other	`OtherAssetsNoncurrent`	$7.92M	USD	Point-in-time
Total Assets	`Assets`	$542.63M	USD	Point-in-time
Total Assets	`Assets`	$556.20M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$73.54M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$93.48M	USD	Point-in-time
Accrued employee compensation	`AccruedEmployeeBenefitsCurrent`	$13.65M	USD	Point-in-time
Accrued employee compensation	`AccruedEmployeeBenefitsCurrent`	$24.66M	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$4.89M	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$2.05M	USD	Point-in-time
Accrued taxes payable, other than income taxes	`AccrualForTaxesOtherThanIncomeTaxesCurrent`	$3.17M	USD	Point-in-time
Accrued taxes payable, other than income taxes	`AccrualForTaxesOtherThanIncomeTaxesCurrent`	$2.94M	USD	Point-in-time
Accrued interest	`InterestPayableCurrent`	$661.00K	USD	Point-in-time
Accrued interest	`InterestPayableCurrent`	$1.26M	USD	Point-in-time
Other current liabilities	`OtherAccruedLiabilitiesCurrent`	$27.02M	USD	Point-in-time
Other current liabilities	`OtherAccruedLiabilitiesCurrent`	$26.38M	USD	Point-in-time
Operating lease liability - short-term	`OperatingLeaseLiabilityCurrent`	$6.18M	USD	Point-in-time
Operating lease liability - short-term	`OperatingLeaseLiabilityCurrent`	$6.07M	USD	Point-in-time
Finance lease liability - short-term	`FinanceLeaseLiabilityCurrent`	$518.00K	USD	Point-in-time
Finance lease liability - short-term	`FinanceLeaseLiabilityCurrent`	$523.00K	USD	Point-in-time
Long-term debt - current portion	`LongTermDebtCurrent`	$25.98M	USD	Point-in-time
Long-term debt - current portion	`LongTermDebtCurrent`	-	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$137.76M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$175.21M	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$93.96M	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$62.78M	USD	Point-in-time
Operating lease liability - long-term	`OperatingLeaseLiabilityNoncurrent`	$22.41M	USD	Point-in-time
Operating lease liability - long-term	`OperatingLeaseLiabilityNoncurrent`	$22.79M	USD	Point-in-time
Finance lease liability - long-term	`FinanceLeaseLiabilityNoncurrent`	$8.79M	USD	Point-in-time
Finance lease liability - long-term	`FinanceLeaseLiabilityNoncurrent`	$8.92M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$13.68M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$15.27M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxLiabilitiesNet`	$8.08M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxLiabilitiesNet`	$7.51M	USD	Point-in-time
Total Liabilities	`Liabilities`	$286.21M	USD	Point-in-time
Total Liabilities	`Liabilities`	$290.95M	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 36,716,788 and 36,500,020; net of treasury shares of 5,835,669 and 6,052,437, respectively)	`CommonStockValue`	$22.52M	USD	Point-in-time
Common Shares, without par value (authorized 60,000,000 shares; outstanding 36,716,788 and 36,500,020; net of treasury shares of 5,835,669 and 6,052,437, respectively)	`CommonStockValue`	$22.33M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$316.71M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$315.87M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-17.79M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-17.75M	USD	Point-in-time
Retained deficit	`RetainedEarningsAccumulatedDeficit`	$-56.24M	USD	Point-in-time
Retained deficit	`RetainedEarningsAccumulatedDeficit`	$-63.98M	USD	Point-in-time
Total Shareholders Equity	`StockholdersEquity`	$209.32M	USD	Point-in-time
Total Shareholders Equity	`StockholdersEquity`	$265.25M	USD	Point-in-time
Total Shareholders Equity	`StockholdersEquity`	$256.43M	USD	Point-in-time
Total Shareholders Equity	`StockholdersEquity`	$224.14M	USD	Point-in-time
Total Liabilities and Shareholders Equity	`LiabilitiesAndStockholdersEquity`	$542.63M	USD	Point-in-time
Total Liabilities and Shareholders Equity	`LiabilitiesAndStockholdersEquity`	$556.20M	USD	Point-in-time

Income Statement 24 line items

Line Item	Tag	Value	Unit	Period
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$225.49M	USD	1 Quarter
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$215.74M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$153.56M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$144.67M	USD	1 Quarter
Gross profit	`GrossProfit`	$71.93M	USD	1 Quarter
Gross profit	`GrossProfit`	$71.06M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$47.99M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$52.08M	USD	1 Quarter
(Gain) loss on disposal of fixed assets	`GainLossOnDispositionOfAssets`	$-27.00K	USD	1 Quarter
(Gain) loss on disposal of fixed assets	`GainLossOnDispositionOfAssets`	$467.00K	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$18.96M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$24.41M	USD	1 Quarter
Interest expense, net	`InterestIncomeExpenseNonoperatingNet`	$-1.65M	USD	1 Quarter
Interest expense, net	`InterestIncomeExpenseNonoperatingNet`	$-1.15M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$17.31M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$23.26M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$4.33M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$5.92M	USD	1 Quarter
Net income	`NetIncomeLoss`	$12.98M	USD	1 Quarter
Net income	`NetIncomeLoss`	$17.34M	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.48	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.35	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.47	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.35	USD	1 Quarter

Cash Flow Statement 54 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$17.34M	USD	1 Quarter
Net income	`ProfitLoss`	$12.98M	USD	1 Quarter
Depreciation and amortization	`Depreciation`	$5.62M	USD	1 Quarter
Depreciation and amortization	`Depreciation`	$5.20M	USD	1 Quarter
Amortization of deferred financing costs	`AmortizationOfFinancingCosts`	$78.00K	USD	1 Quarter
Amortization of deferred financing costs	`AmortizationOfFinancingCosts`	$121.00K	USD	1 Quarter
Non-cash stock-based compensation expense	`ShareBasedCompensation`	$1.73M	USD	1 Quarter
Non-cash stock-based compensation expense	`ShareBasedCompensation`	$1.90M	USD	1 Quarter
(Gain) loss on disposal of fixed assets	`GainLossOnDispositionOfAssets`	$-27.00K	USD	1 Quarter
(Gain) loss on disposal of fixed assets	`GainLossOnDispositionOfAssets`	$467.00K	USD	1 Quarter
Other	`OtherNoncashIncomeExpense`	$-521.00K	USD	1 Quarter
Other	`OtherNoncashIncomeExpense`	$827.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$31.89M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-3.18M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$5.98M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$8.78M	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-1.22M	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-614.00K	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$10.39M	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$20.11M	USD	1 Quarter
Net cash provided by (used for) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$7.29M	USD	1 Quarter
Net cash provided by (used for) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$25.79M	USD	1 Quarter
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$5.06M	USD	1 Quarter
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$9.09M	USD	1 Quarter
Acquisition of business, net of cash acquired	`PaymentsToAcquireBusinessesGross`	-	USD	1 Quarter
Acquisition of business, net of cash acquired	`PaymentsToAcquireBusinessesGross`	$160.00K	USD	1 Quarter
Proceeds from sale of property, plant and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$33.00K	USD	1 Quarter
Proceeds from sale of property, plant and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$1.08M	USD	1 Quarter
Net cash provided by (used for) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-3.98M	USD	1 Quarter
Net cash provided by (used for) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-9.22M	USD	1 Quarter
Net borrowings from revolving credit facility	`ProceedsFromRepaymentsOfLinesOfCredit`	$1.50M	USD	1 Quarter
Net borrowings from revolving credit facility	`ProceedsFromRepaymentsOfLinesOfCredit`	$-5.20M	USD	1 Quarter
Payments on finance lease	`PaymentsOnFinanceLease`	$129.00K	USD	1 Quarter
Payments on finance lease	`PaymentsOnFinanceLease`	$124.00K	USD	1 Quarter
Cash dividends paid	`PaymentsOfDividendsCommonStock`	$5.27M	USD	1 Quarter
Cash dividends paid	`PaymentsOfDividendsCommonStock`	$4.94M	USD	1 Quarter
Proceeds from issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	$471.00K	USD	1 Quarter
Proceeds from issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	$1.13M	USD	1 Quarter
Shares withheld for employee taxes on equity awards	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$344.00K	USD	1 Quarter
Shares withheld for employee taxes on equity awards	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$2.00M	USD	1 Quarter
Net cash provided by (used for) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-11.47M	USD	1 Quarter
Net cash provided by (used for) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-3.44M	USD	1 Quarter
Foreign exchange rate effect on cash	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$49.00K	USD	1 Quarter
Foreign exchange rate effect on cash	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$4.00K	USD	1 Quarter
Net increase (decrease) in cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-79.00K	USD	1 Quarter
Net increase (decrease) in cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$5.10M	USD	1 Quarter
Cash at January 1	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$17.58M	USD	Point-in-time
Cash at January 1	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$23.14M	USD	Point-in-time
Cash at January 1	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$28.24M	USD	Point-in-time
Cash at January 1	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$17.66M	USD	Point-in-time
Cash at March 31	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$17.58M	USD	Point-in-time
Cash at March 31	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$23.14M	USD	Point-in-time
Cash at March 31	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$28.24M	USD	Point-in-time
Cash at March 31	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$17.66M	USD	Point-in-time

Stockholders Equity 18 line items

Line Item	Tag	Value	Unit	Period
Beginning balance	`StockholdersEquity`	$209.32M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$265.25M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$256.43M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$224.14M	USD	Point-in-time
Net income	`NetIncomeLoss`	$12.98M	USD	1 Quarter
Net income	`NetIncomeLoss`	$17.34M	USD	1 Quarter
Foreign currency translation adjustment	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$570.00K	USD	1 Quarter
Foreign currency translation adjustment	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$42.00K	USD	1 Quarter
Shares issued under incentive plans, net of shares withheld for tax	`StockIssuedDuringPeriodValueShareBasedCompensation`	$-867.00K	USD	1 Quarter
Shares issued under incentive plans, net of shares withheld for tax	`StockIssuedDuringPeriodValueShareBasedCompensation`	$127.00K	USD	1 Quarter
Stock compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$1.73M	USD	1 Quarter
Stock compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$1.90M	USD	1 Quarter
Declared dividends	`DividendsCommonStockCash`	$4.95M	USD	1 Quarter
Declared dividends	`DividendsCommonStockCash`	$5.24M	USD	1 Quarter
Ending balance	`StockholdersEquity`	$209.32M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$265.25M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$256.43M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$224.14M	USD	Point-in-time

Comprehensive Income 8 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$12.98M	USD	1 Quarter
Net income	`NetIncomeLoss`	$17.34M	USD	1 Quarter
Foreign currency translation adjustment	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$570.00K	USD	1 Quarter
Foreign currency translation adjustment	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$42.00K	USD	1 Quarter
Total other comprehensive income	`OtherComprehensiveIncomeLossNetOfTax`	$570.00K	USD	1 Quarter
Total other comprehensive income	`OtherComprehensiveIncomeLossNetOfTax`	$42.00K	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$13.02M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$17.91M	USD	1 Quarter

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