10-Q Filing

MYERS INDUSTRIES INC CIK: 69488 Q1 2021

Filing Information

Form Type	10-Q
Accession Number	`0001564590-21-024983`
Period End Date	20210331
Filing Date	20210506
Fiscal Year	2021
Fiscal Period	Q1
XBRL Instance	mye-10q_20210331_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 86 Income Statement 26 Cash Flow Statement 62 Stockholders Equity 18 Comprehensive Income 8

Balance Sheet 86 line items

Line Item	Tag	Value	Unit	Period
Allowance for doubtful accounts receivable, current	`AllowanceForDoubtfulAccountsReceivableCurrent`	$3.28M	USD	Point-in-time
Allowance for doubtful accounts receivable, current	`AllowanceForDoubtfulAccountsReceivableCurrent`	$3.41M	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$16.67M	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$28.30M	USD	Point-in-time
Accounts receivable, less allowances of $3,414 and $3,278, respectively	`AccountsReceivableNetCurrent`	$83.70M	USD	Point-in-time
Preferred Shares, shares authorized (in shares)	`PreferredStockSharesAuthorized`	1.00M	shares	Point-in-time
Accounts receivable, less allowances of $3,414 and $3,278, respectively	`AccountsReceivableNetCurrent`	$94.62M	USD	Point-in-time
Preferred Shares, shares authorized (in shares)	`PreferredStockSharesAuthorized`	1.00M	shares	Point-in-time
Income tax receivable	`IncomeTaxReceivable`	$1.05M	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
Income tax receivable	`IncomeTaxReceivable`	-	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
Inventories, net	`InventoryNet`	$65.92M	USD	Point-in-time
Inventories, net	`InventoryNet`	$69.85M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$4.76M	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
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$9.61M	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$183.73M	USD	Point-in-time
Common Shares, shares outstanding (in shares)	`CommonStockSharesOutstanding`	35.92M	shares	Point-in-time
Common Shares, shares outstanding (in shares)	`CommonStockSharesOutstanding`	36.08M	shares	Point-in-time
Total Current Assets	`AssetsCurrent`	$190.75M	USD	Point-in-time
Property, plant, and equipment, net	`PropertyPlantAndEquipmentNet`	$73.95M	USD	Point-in-time
Property, plant, and equipment, net	`PropertyPlantAndEquipmentNet`	$83.22M	USD	Point-in-time
Common shares, treasury (in shares)	`TreasuryStockCommonShares`	6.47M	shares	Point-in-time
Common shares, treasury (in shares)	`TreasuryStockCommonShares`	6.63M	shares	Point-in-time
Right of use asset - operating leases	`OperatingLeaseRightOfUseAsset`	$18.39M	USD	Point-in-time
Right of use asset - operating leases	`OperatingLeaseRightOfUseAsset`	$20.82M	USD	Point-in-time
Goodwill	`Goodwill`	$79.35M	USD	Point-in-time
Goodwill	`Goodwill`	$79.26M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$41.04M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$39.84M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxAssetsNet`	$84.00K	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxAssetsNet`	$84.00K	USD	Point-in-time
Other	`OtherAssetsNoncurrent`	$6.21M	USD	Point-in-time
Other	`OtherAssetsNoncurrent`	$3.56M	USD	Point-in-time
Total Assets	`Assets`	$400.01M	USD	Point-in-time
Total Assets	`Assets`	$420.28M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$61.15M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$69.93M	USD	Point-in-time
Accrued employee compensation	`AccruedEmployeeBenefitsCurrent`	$15.59M	USD	Point-in-time
Accrued employee compensation	`AccruedEmployeeBenefitsCurrent`	$14.50M	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	-	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$2.95M	USD	Point-in-time
Accrued taxes payable, other than income taxes	`AccrualForTaxesOtherThanIncomeTaxesCurrent`	$2.11M	USD	Point-in-time
Accrued taxes payable, other than income taxes	`AccrualForTaxesOtherThanIncomeTaxesCurrent`	$2.52M	USD	Point-in-time
Accrued interest	`InterestPayableCurrent`	$1.78M	USD	Point-in-time
Accrued interest	`InterestPayableCurrent`	$476.00K	USD	Point-in-time
Other current liabilities	`OtherAccruedLiabilitiesCurrent`	$17.94M	USD	Point-in-time
Other current liabilities	`OtherAccruedLiabilitiesCurrent`	$17.87M	USD	Point-in-time
Operating lease liability - short-term	`OperatingLeaseLiabilityCurrent`	$4.36M	USD	Point-in-time
Operating lease liability - short-term	`OperatingLeaseLiabilityCurrent`	$4.27M	USD	Point-in-time
Finance lease liability - short-term	`FinanceLeaseLiabilityCurrent`	$487.00K	USD	Point-in-time
Finance lease liability - short-term	`FinanceLeaseLiabilityCurrent`	-	USD	Point-in-time
Long-term debt - current portion	`LongTermDebtCurrent`	-	USD	Point-in-time
Long-term debt - current portion	`LongTermDebtCurrent`	$39.99M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$113.69M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$142.25M	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$70.93M	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$37.58M	USD	Point-in-time
Operating lease liability - long-term	`OperatingLeaseLiabilityNoncurrent`	$13.76M	USD	Point-in-time
Operating lease liability - long-term	`OperatingLeaseLiabilityNoncurrent`	$16.30M	USD	Point-in-time
Finance lease liability - long-term	`FinanceLeaseLiabilityNoncurrent`	$9.81M	USD	Point-in-time
Finance lease liability - long-term	`FinanceLeaseLiabilityNoncurrent`	-	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$14.37M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$14.30M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxLiabilitiesNet`	$995.00K	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxLiabilitiesNet`	$2.96M	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 36,078,884 and 35,921,025; net of treasury shares of 6,473,573 and 6,631,432, respectively)	`CommonStockValue`	$21.94M	USD	Point-in-time
Common Shares, without par value (authorized 60,000,000 shares; outstanding 36,078,884 and 35,921,025; net of treasury shares of 6,473,573 and 6,631,432, respectively)	`CommonStockValue`	$22.05M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$300.85M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$303.13M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-15.36M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-15.77M	USD	Point-in-time
Retained deficit	`RetainedEarningsAccumulatedDeficit`	$-117.92M	USD	Point-in-time
Retained deficit	`RetainedEarningsAccumulatedDeficit`	$-115.57M	USD	Point-in-time
Total Shareholders Equity	`StockholdersEquity`	$194.25M	USD	Point-in-time
Total Shareholders Equity	`StockholdersEquity`	$189.10M	USD	Point-in-time
Total Shareholders Equity	`StockholdersEquity`	$176.22M	USD	Point-in-time
Total Shareholders Equity	`StockholdersEquity`	$166.68M	USD	Point-in-time
Total Liabilities and Shareholders Equity	`LiabilitiesAndStockholdersEquity`	$400.01M	USD	Point-in-time
Total Liabilities and Shareholders Equity	`LiabilitiesAndStockholdersEquity`	$420.28M	USD	Point-in-time

Income Statement 26 line items

Line Item	Tag	Value	Unit	Period
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$122.25M	USD	1 Quarter
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$174.43M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$124.02M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$79.77M	USD	1 Quarter
Gross profit	`GrossProfit`	$50.41M	USD	1 Quarter
Gross profit	`GrossProfit`	$42.48M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$39.55M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$31.12M	USD	1 Quarter
Gain on disposal of fixed assets	`GainLossOnDispositionOfAssets`	$7.00K	USD	1 Quarter
Gain on disposal of fixed assets	`GainLossOnDispositionOfAssets`	-	USD	1 Quarter
Gain on sale of notes receivable	`GainLossOnSaleOfNotesReceivable`	$11.92M	USD	1 Quarter
Gain on sale of notes receivable	`GainLossOnSaleOfNotesReceivable`	-	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$10.87M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$23.30M	USD	1 Quarter
Interest expense, net	`InterestIncomeExpenseNonoperatingNet`	$-1.07M	USD	1 Quarter
Interest expense, net	`InterestIncomeExpenseNonoperatingNet`	$-995.00K	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$9.87M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$22.23M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$5.50M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$2.56M	USD	1 Quarter
Net income	`NetIncomeLoss`	$16.73M	USD	1 Quarter
Net income	`NetIncomeLoss`	$7.30M	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.47	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.20	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.20	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.47	USD	1 Quarter

Cash Flow Statement 62 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$7.30M	USD	1 Quarter
Net income	`ProfitLoss`	$16.73M	USD	1 Quarter
Depreciation	`Depreciation`	$3.97M	USD	1 Quarter
Depreciation	`Depreciation`	$3.55M	USD	1 Quarter
Amortization	`AdjustmentForAmortization`	$2.27M	USD	1 Quarter
Amortization	`AdjustmentForAmortization`	$1.29M	USD	1 Quarter
Non-cash stock-based compensation expense	`ShareBasedCompensation`	$653.00K	USD	1 Quarter
Non-cash stock-based compensation expense	`ShareBasedCompensation`	$1.15M	USD	1 Quarter
Gain on disposal of fixed assets	`GainLossOnDispositionOfAssets`	$7.00K	USD	1 Quarter
Gain on disposal of fixed assets	`GainLossOnDispositionOfAssets`	-	USD	1 Quarter
Gain on sale of notes receivable	`GainLossOnSaleOfNotesReceivable`	$11.92M	USD	1 Quarter
Gain on sale of notes receivable	`GainLossOnSaleOfNotesReceivable`	-	USD	1 Quarter
Other	`OtherNoncashIncomeExpense`	$-241.00K	USD	1 Quarter
Other	`OtherNoncashIncomeExpense`	$1.29M	USD	1 Quarter
Other long-term liabilities	`IncreaseDecreaseInOtherOperatingLiabilities`	$8.00K	USD	1 Quarter
Other long-term liabilities	`IncreaseDecreaseInOtherOperatingLiabilities`	$-104.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$10.90M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$3.52M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$5.21M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$3.86M	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$4.85M	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$218.00K	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$13.77M	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$2.57M	USD	1 Quarter
Net cash provided by (used for) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$5.03M	USD	1 Quarter
Net cash provided by (used for) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$6.59M	USD	1 Quarter
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$2.49M	USD	1 Quarter
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$5.24M	USD	1 Quarter
Acquisition of business	`PaymentsToAcquireBusinessesGross`	$1.22M	USD	1 Quarter
Acquisition of business	`PaymentsToAcquireBusinessesGross`	$691.00K	USD	1 Quarter
Proceeds on sale of notes receivable	`ProceedsFromSaleOfNotesReceivable`	-	USD	1 Quarter
Proceeds on sale of notes receivable	`ProceedsFromSaleOfNotesReceivable`	$1.20M	USD	1 Quarter
Net cash provided by (used for) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-1.98M	USD	1 Quarter
Net cash provided by (used for) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-6.46M	USD	1 Quarter
Net borrowings from revolving credit facility	`ProceedsFromLinesOfCredit`	$33.00M	USD	1 Quarter
Net borrowings from revolving credit facility	`ProceedsFromLinesOfCredit`	-	USD	1 Quarter
Repayments of long-term debt	`RepaymentsOfLongTermDebt`	$40.00M	USD	1 Quarter
Repayments of long-term debt	`RepaymentsOfLongTermDebt`	-	USD	1 Quarter
Payments on finance lease	`PaymentsOnFinanceLease`	$40.00K	USD	1 Quarter
Payments on finance lease	`PaymentsOnFinanceLease`	-	USD	1 Quarter
Cash dividends paid	`PaymentsOfDividendsCommonStock`	$4.90M	USD	1 Quarter
Cash dividends paid	`PaymentsOfDividendsCommonStock`	$4.91M	USD	1 Quarter
Proceeds from issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	$125.00K	USD	1 Quarter
Proceeds from issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	$1.90M	USD	1 Quarter
Shares withheld for employee taxes on equity awards	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$663.00K	USD	1 Quarter
Shares withheld for employee taxes on equity awards	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$362.00K	USD	1 Quarter
Deferred financing fees	`PaymentsOfFinancingCosts`	-	USD	1 Quarter
Deferred financing fees	`PaymentsOfFinancingCosts`	$1.09M	USD	1 Quarter
Net cash provided by (used for) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-11.80M	USD	1 Quarter
Net cash provided by (used for) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-5.14M	USD	1 Quarter
Foreign exchange rate effect on cash	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$-223.00K	USD	1 Quarter
Foreign exchange rate effect on cash	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$42.00K	USD	1 Quarter
Net decrease in cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-2.31M	USD	1 Quarter
Net decrease in cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-11.63M	USD	1 Quarter
Cash at January 1	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$75.53M	USD	Point-in-time
Cash at January 1	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$73.21M	USD	Point-in-time
Cash at January 1	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$16.67M	USD	Point-in-time
Cash at January 1	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$28.30M	USD	Point-in-time
Cash at March 31	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$75.53M	USD	Point-in-time
Cash at March 31	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$73.21M	USD	Point-in-time
Cash at March 31	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$16.67M	USD	Point-in-time
Cash at March 31	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$28.30M	USD	Point-in-time

Stockholders Equity 18 line items

Line Item	Tag	Value	Unit	Period
Beginning balance	`StockholdersEquity`	$194.25M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$189.10M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$176.22M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$166.68M	USD	Point-in-time
Net income	`NetIncomeLoss`	$16.73M	USD	1 Quarter
Net income	`NetIncomeLoss`	$7.30M	USD	1 Quarter
Foreign currency translation adjustment	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-2.75M	USD	1 Quarter
Foreign currency translation adjustment	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$411.00K	USD	1 Quarter
Shares issued under incentive plans, net of shares withheld for tax	`StockIssuedDuringPeriodValueShareBasedCompensation`	$1.24M	USD	1 Quarter
Shares issued under incentive plans, net of shares withheld for tax	`StockIssuedDuringPeriodValueShareBasedCompensation`	$-237.00K	USD	1 Quarter
Stock compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$1.15M	USD	1 Quarter
Stock compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$653.00K	USD	1 Quarter
Declared dividends	`DividendsCommonStockCash`	$4.95M	USD	1 Quarter
Declared dividends	`DividendsCommonStockCash`	$4.85M	USD	1 Quarter
Ending balance	`StockholdersEquity`	$194.25M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$189.10M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$176.22M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$166.68M	USD	Point-in-time

Comprehensive Income 8 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$16.73M	USD	1 Quarter
Net income	`NetIncomeLoss`	$7.30M	USD	1 Quarter
Foreign currency translation adjustment	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-2.75M	USD	1 Quarter
Foreign currency translation adjustment	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$411.00K	USD	1 Quarter
Total other comprehensive income (loss)	`OtherComprehensiveIncomeLossNetOfTax`	$-2.75M	USD	1 Quarter
Total other comprehensive income (loss)	`OtherComprehensiveIncomeLossNetOfTax`	$411.00K	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$7.72M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$13.97M	USD	1 Quarter

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