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Last10K.com | 10-K Annual Report Fri Mar 08 2019
Exhibit 99.1
Myers Industries Reports 2018 Fourth Quarter and Full Year Results
Strong earnings growth in 2018; free cash flow of $55 million
February 28, 2019, Akron, Ohio - Myers Industries, Inc. (NYSE: MYE), a manufacturer of polymer products for industrial, agricultural, automotive, commercial and consumer markets, today announced results for the fourth quarter and year ended December 31, 2018.
Business Highlights
| • | GAAP income per diluted share from continuing operations for 2018 was $0.09 for the fourth quarter and a loss of $0.05 for the full year (includes $33.3 million of pre-tax charges related to the Company’s sale of its Lawn and Garden business, which was sold in 2015), compared to income of $0.06 and $0.35, respectively, for the fourth quarter and full year 2017 |
| • | Adjusted income per diluted share from continuing operations was $0.13 for the fourth quarter and $0.76 for the full year, compared to $0.09 and $0.51, respectively, for the fourth quarter and full year 2017 |
| • | Net sales for the fourth quarter decreased 1.2% compared to the fourth quarter 2017; net sales for the full year increased 3.6% compared to the full year 2017 |
| • | Gross margin expanded 310 basis points to 30.4% for the fourth quarter and 280 basis points to 31.6% for the full year |
| • | Generated $55 million in free cash flow from continuing operations for 2018, an increase of 28% compared to 2017 |
| • | Income per diluted share from continuing operations estimated to be between $0.75 and $0.85 for the full year 2019 |
“We are pleased with our performance for both the fourth quarter and full year of 2018. We made progress in our Myers Tire Supply business during the fourth quarter, growing top line at a low single digit rate. In addition, we increased our enterprise gross profit margin significantly, contributing to a more than 35 percent increase in our adjusted operating income for the quarter. As a result of our operating performance, combined with a reduction in working capital, we generated free cash flow of nearly $18 million during the quarter, an increase of 118% year-over-year,” said Dave Banyard, President and Chief Executive Officer of Myers Industries.
Mr. Banyard continued, “Through our continued focus on executing our strategy centered on growing the key niche markets where we deliver value, reducing costs through flexible operations and generating strong cash flow, we were able to deliver sales growth for the year of 3.6 percent, and adjusted operating income and free cash flow growth of nearly 30 percent. We continued to stress the importance of living a culture built around continuous improvement, and we continued to invest in areas to help further align ourselves with our customers’ needs as we help them be safer and more efficient.”
| Quarter Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||
| (Dollars in thousands, except per share data) | 2018 | 2017 | % Inc (Dec) |
2018 | 2017 | % Inc (Dec) |
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| Net sales |
$ | 138,388 | $ | 140,106 | (1.2 | )% | $ | 566,735 | $ | 547,043 | 3.6 | % | ||||||||||||
| Gross profit |
$ | 42,096 | $ | 38,257 | 10.0 | % | $ | 179,293 | $ | 157,453 | 13.9 | % | ||||||||||||
| Gross profit margin |
30.4 | % | 27.3 | % | 31.6 | % | 28.8 | % | ||||||||||||||||
| Operating income |
$ | 7,033 | $ | 4,003 | 75.7 | % | $ | 6,327 | $ | 24,888 | (74.6 | )% | ||||||||||||
| Income (loss) from continuing operations: |
||||||||||||||||||||||||
| Income (loss) |
$ | 3,126 | $ | 1,821 | 71.7 | % | $ | (1,648 | ) | $ | 10,844 | (115.2 | )% | |||||||||||
| Income (loss) per diluted share |
$ | 0.09 | $ | 0.06 | 50.0 | % | $ | (0.05 | ) | $ | 0.35 | (114.3 | )% | |||||||||||
| Operating income as adjusted(1) |
$ | 7,652 | $ | 5,642 | 35.6 | % | $ | 40,425 | $ | 31,468 | 28.5 | % | ||||||||||||
| Income (loss) from continuing operations as adjusted(1): |
||||||||||||||||||||||||
| Income |
$ | 4,768 | $ | 2,674 | 78.3 | % | $ | 25,835 | $ | 15,473 | 67.0 | % | ||||||||||||
| Income per diluted share |
$ | 0.13 | $ | 0.09 | 44.4 | % | $ | 0.76 | $ | 0.51 | 49.0 | % | ||||||||||||
| EBITDA as adjusted |
$ | 13,829 | $ | 12,532 | 10.3 | % | $ | 65,965 | $ | 60,306 | 9.4 | % | ||||||||||||
| (1) | Detail regarding the adjustments is provided on the Reconciliations of Non-GAAP Financial Measures included in this release. |
The following information was filed by Myers Industries Inc (MYE) on Thursday, February 28, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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Myers Industries Inc's Definitive Proxy Statement (Form DEF 14A) filed after their 2019 10-K Annual Report includes:
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Financial - Income Highlight
The increase in cash provided by continuing operations of $11.3 million during the year ended December 31, 2018 compared to 2017 was driven by improvements in income from continuing operations, after considering the non-cash charges of $33.3 million related to the HC matters described in Note 5 and Note 11 to the consolidated financial statements, partially offset by changes in working capital of $3.5 million driven by higher volume in 2018.
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Financial - Debt Highlight
The Company used a portion of the net proceeds received from the offering to repay a portion of its outstanding indebtedness during the second quarter of 2018 and intends to use the remaining proceeds to fund the growth of the business, including selective acquisitions, and for other general corporate purposes.
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Financial - Expense Highlight
SG&A; expenses in 2018 were primarily impacted by higher incentive compensation and other employee-related costs of $2.1 million, higher freight costs of $1.5 million, and higher legal and professional fees of $0.7 million.
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Revenue - Product Highlight
The remainder of the decrease in volume was across all product lines and regions, including our export and international channels; however, the Company saw most of this decline early in 2017, as both demand and pricing improved throughout the second half of the year.
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Financial - Expense Highlight
These costs were partially offset by lower environmental costs of $1.1 million and non-recurring restructuring-related costs of $1.2 million incurred in the prior year.
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Financial Statements, Disclosures and Schedules
Inside this 10-K Annual Report
Document And Entity Information
Consolidated Statement Of Shareholders' Equity (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income (Loss)
Consolidated Statements Of Comprehensive Income (Loss) (Parenthetical)
Consolidated Statements Of Financial Position
Consolidated Statements Of Financial Position (Parenthetical)
Consolidated Statements Of Operations
Consolidated Statements Of Shareholders' Equity
Contingencies
Contingencies - Additional Information (Details)
Disposal Of Businesses
Disposal Of Businesses (Tables)
Disposal Of Businesses - Additional Information (Details)
Disposal Of Businesses - Summary Of Selected Financial Information For Discontinued Operations (Details)
Equity
Equity - Additional Information (Details)
Goodwill And Intangible Assets
Goodwill And Intangible Assets (Tables)
Goodwill And Intangible Assets - Additional Information (Details)
Goodwill And Intangible Assets - Change In Goodwill (Details)
Goodwill And Intangible Assets - Intangible Assets (Details)
Impairment Charges
Impairment Charges - Additional Information (Details)
Income Taxes
Income Taxes (Tables)
Income Taxes - Activity Related To The Company's Unrecognized Tax Benefits (Details)
Income Taxes - Additional Information (Details)
Income Taxes - Income (Loss) From Continuing Operations Before Income Taxes (Details)
Income Taxes - Income Tax Expense (Benefit) From Continuing Operations (Details)
Income Taxes - Reconciliation Of The Federal Statutory Income Tax Rate To The Company's Effective Tax Rate (Details)
Income Taxes - Significant Components Of The Company's Deferred Taxes (Details)
Industry Segments
Industry Segments (Tables)
Industry Segments - Additional Information (Details)
Industry Segments - Schedule Of Reporting Information By Segment (Details)
Leases
Leases (Tables)
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Leases - Future Minimum Rental Commitments (Details)
Long-Term Debt And Loan Agreements
Long-Term Debt And Loan Agreements (Tables)
Long-Term Debt And Loan Agreements - Additional Information (Details)
Long-Term Debt And Loan Agreements - Schedule Of Debt Ratios (Details)
Long-Term Debt And Loan Agreements - Schedule Of Long Term Debt (Details)
Long-Term Debt And Loan Agreements - Schedule Of Long Term Debt (Parenthetical) (Details)
Net Income (Loss) Per Common Share
Net Income (Loss) Per Common Share (Details)
Net Income (Loss) Per Common Share (Tables)
Net Income (Loss) Per Common Share - Additional Information (Details)
Other Liabilities
Other Liabilities (Tables)
Other Liabilities - Schedule Of Other Current Liabilities (Details)
Other Liabilities - Schedule Of Other Liabilities (Long-Term) (Details)
Restructuring
Restructuring (Tables)
Restructuring - Additional Information (Details)
Restructuring - Restructuring Charges By Segment (Details)
Restructuring - Summary Of Restructuring Activity (Details)
Retirement Plans
Retirement Plans (Tables)
Retirement Plans - Additional Information (Details)
Retirement Plans - Assumptions Used To Determine The Net Periodic Benefit Cost And Benefit Obligations (Details)
Retirement Plans - Benefit Payments Projected For The Plan (Details)
Retirement Plans - Change In The Fair Value Of The Plans Assets (Details)
Retirement Plans - Net Periodic Pension Cost (Details)
Retirement Plans - Reconciliation Of Changes In Projected Benefit Obligations (Details)
Retirement Plans - Reconciliation Of The Funded Status Of The Plan (Details)
Retirement Plans - Weighted Average Asset Allocations (Details)
Revenue Recognition
Revenue Recognition (Tables)
Revenue Recognition - Additional Information (Details)
Revenue Recognition - Schedule Of Balances Included In Consolidated Statements Of Financial Position Related To Revenue Recognition (Details)
Revenue Recognition - Schedule Of Disaggregation Of Revenue By Major Market (Details)
Stock Compensation
Stock Compensation (Tables)
Stock Compensation - Additional Information (Details)
Stock Compensation - Fair Value Of Stock Options Granted Assumptions Used (Details)
Stock Compensation - Options Outstanding And Exercisable (Details)
Stock Compensation - Summary Of Combined Restricted Stock Units Including Performance Based Restricted Stock Units And Restricted Stock Activity (Details)
Stock Compensation - Summary Of Stock Option Activity For The Period (Details)
Subsequent Events (Unaudited)
Subsequent Events (Unaudited) - Additional Information (Details)
Summarized Quarterly Results Of Operations (Details)
Summarized Quarterly Results Of Operations (Notes)
Summarized Quarterly Results Of Operations (Parenthetical) (Details)
Summarized Quarterly Results Of Operations (Tables)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Tables)
Summary Of Significant Accounting Policies - Additional Information (Details)
Summary Of Significant Accounting Policies - Schedule Of Estimated Useful Lives Of The Assets (Details)
Summary Of Significant Accounting Policies - Schedule Of Property Plant And Equipment By Major Assets Class (Details)
Summary Of Significant Accounting Policies - Summary Of Determination Cost Of Inventories (Details)
Summary Of Significant Accounting Policies - The Balances In The Company's Accumulated Other Comprehensive Income (Loss) (Details)
Summary Of Significant Accounting Policies - The Balances In The Company's Accumulated Other Comprehensive Income (Loss) (Parenthetical) (Details)
Material Contracts, Statements, Certifications & more
Myers Industries Inc provided additional information to their SEC Filing as exhibits
Exhibit 10.W: Material Contract
Exhibit 10.AC: Material Contract
Exhibit 10.AI: Material Contract
Exhibit 21: Subsidaries Of The Registrant
Exhibit 23: Consents Of Experts And Counsel
Exhibit 31.A: Rule 13A-14(A)/15D-14(A) Certification
Exhibit 31.B: Rule 13A-14(A)/15D-14(A) Certification
Exhibit 32: Section 1350 Certification
Ticker: MYE
CIK: 69488
Form Type: 10-K Annual Report
Accession Number: 0001564590-19-007003
Submitted to the SEC: Fri Mar 08 2019 11:15:58 AM EST
Accepted by the SEC: Fri Mar 08 2019
Period: Monday, December 31, 2018
Industry: Plastics Products
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