$MYE
MYERS INDUSTRIES INC

2017 Q1 Form 10-Q Financial Statement

#000156459017009276 Filed on May 08, 2017

View on sec.gov

Income Statement

Concept 2017 Q1 2016 Q4 2016 Q1
Revenue $136.6M $123.3M $147.2M
YoY Change -7.21% -11.43% -5.87%
Cost Of Revenue $99.70M $73.10M $103.0M
YoY Change -3.24% -25.1% -6.83%
Gross Profit $41.76M $35.30M $48.44M
YoY Change -13.79% -12.31% 5.86%
Gross Profit Margin 30.58% 28.63% 32.91%
Selling, General & Admin $34.65M $29.10M $38.50M
YoY Change -10.01% -22.19% -1.39%
% of Gross Profit 82.96% 82.44% 79.47%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $5.532M $5.890M $6.000M
YoY Change -7.8% -25.54% -7.54%
% of Gross Profit 13.25% 16.69% 12.39%
Operating Expenses $34.65M $29.10M $38.50M
YoY Change -10.01% -22.19% -1.39%
Operating Profit $7.358M $6.200M $1.129M
YoY Change 551.73% 117.24% -83.19%
Interest Expense -$1.975M -$2.600M -$2.019M
YoY Change -2.18% 23.81% -174.72%
% of Operating Profit -26.84% -41.94% -178.83%
Other Income/Expense, Net
YoY Change
Pretax Income $5.383M $9.500M -$890.0K
YoY Change -704.83% -3266.67% -122.17%
Income Tax $2.255M $1.000M $2.446M
% Of Pretax Income 41.89% 10.53%
Net Earnings $3.114M -$1.458M -$3.393M
YoY Change -191.78% -289.11% -164.76%
Net Earnings / Revenue 2.28% -1.18% -2.31%
Basic Earnings Per Share $0.10 -$0.05 -$0.11
Diluted Earnings Per Share $0.10 -$0.05 -$0.11
COMMON SHARES
Basic Shares Outstanding 30.03M 29.92M 29.55M
Diluted Shares Outstanding 30.29M 29.55M

Balance Sheet

Concept 2017 Q1 2016 Q4 2016 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $7.300M $2.400M $5.600M
YoY Change 30.36% -67.12% 51.35%
Cash & Equivalents $7.325M $7.888M $5.601M
Short-Term Investments
Other Short-Term Assets $11.40M $27.40M $13.40M
YoY Change -14.93% 87.67% 41.05%
Inventory $50.52M $44.79M $60.20M
Prepaid Expenses
Receivables $75.58M $73.82M $85.30M
Other Receivables $0.00 $2.200M $0.00
Total Short-Term Assets $144.8M $141.2M $164.6M
YoY Change -12.01% -8.53% -6.64%
LONG-TERM ASSETS
Property, Plant & Equipment $105.4M $106.3M $128.4M
YoY Change -17.89% -18.74% -1.05%
Goodwill $59.31M $59.22M $59.61M
YoY Change -0.5% 0.56% -3.59%
Intangibles $45.88M $46.87M
YoY Change -19.92%
Long-Term Investments
YoY Change
Other Assets $3.784M $3.313M $2.700M
YoY Change 40.15% 42.56% -90.93%
Total Long-Term Assets $127.6M $129.1M $265.0M
YoY Change -51.85% -10.2% 66.02%
TOTAL ASSETS
Total Short-Term Assets $144.8M $141.2M $164.6M
Total Long-Term Assets $127.6M $129.1M $265.0M
Total Assets $377.8M $381.7M $429.6M
YoY Change -12.05% -11.03% -7.75%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $56.65M $47.57M $55.40M
YoY Change 2.26% -33.29% -24.98%
Accrued Expenses $22.80M $21.60M $25.70M
YoY Change -11.28% -32.5% 8.07%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $86.18M $79.31M $94.70M
YoY Change -8.99% -32.1% -18.24%
LONG-TERM LIABILITIES
Long-Term Debt $179.6M $189.5M $218.5M
YoY Change -17.82% -1.23% 6.76%
Other Long-Term Liabilities $7.923M $9.235M $10.80M
YoY Change -26.64% -25.25% -13.52%
Total Long-Term Liabilities $187.5M $198.8M $229.3M
YoY Change -18.23% -2.68% 5.59%
TOTAL LIABILITIES
Total Short-Term Liabilities $86.18M $79.31M $94.70M
Total Long-Term Liabilities $187.5M $198.8M $229.3M
Total Liabilities $273.7M $278.1M $333.8M
YoY Change -18.01% -13.39% 0.25%
SHAREHOLDERS EQUITY
Retained Earnings -$94.08M -$93.06M
YoY Change 19.58%
Common Stock $221.0M $220.3M
YoY Change 2.62%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares $7.897M $7.933M
Shareholders Equity $93.64M $93.03M $95.80M
YoY Change
Total Liabilities & Shareholders Equity $377.8M $381.7M $429.6M
YoY Change -12.05% -10.99% -7.75%

Cashflow Statement

Concept 2017 Q1 2016 Q4 2016 Q1
OPERATING ACTIVITIES
Net Income $3.114M -$1.458M -$3.393M
YoY Change -191.78% -289.11% -164.76%
Depreciation, Depletion And Amortization $5.532M $5.890M $6.000M
YoY Change -7.8% -25.54% -7.54%
Cash From Operating Activities $13.05M $14.63M -$11.32M
YoY Change -215.32% -65.1% -59.11%
INVESTING ACTIVITIES
Capital Expenditures $480.0K -$1.000M $7.140M
YoY Change -93.28% -83.5% 53.32%
Acquisitions
YoY Change
Other Investing Activities $1.100M $240.0K -$4.030M
YoY Change -127.3% -88.52% -105.82%
Cash From Investing Activities $619.0K -$760.0K -$11.17M
YoY Change -105.54% -80.81% -117.3%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net -$247.0K -$47.00K
YoY Change 425.53% -100.84%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -14.40M -11.84M 20.36M
YoY Change -170.72% -66.45% -153.8%
NET CHANGE
Cash From Operating Activities 13.05M 14.63M -11.32M
Cash From Investing Activities 619.0K -760.0K -11.17M
Cash From Financing Activities -14.40M -11.84M 20.36M
Net Change In Cash -585.0K 2.030M -2.126M
YoY Change -72.48% -23.97% 121.92%
FREE CASH FLOW
Cash From Operating Activities $13.05M $14.63M -$11.32M
Capital Expenditures $480.0K -$1.000M $7.140M
Free Cash Flow $12.57M $15.63M -$18.46M
YoY Change -168.11% -67.42% -42.92%

Facts In Submission

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CY2017Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-94075000
CY2016Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-93060000
CY2017Q1 us-gaap Stockholders Equity
StockholdersEquity
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CY2017Q1 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
377849000
CY2017Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000
CY2016Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000
CY2016Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2017Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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749000
CY2016Q1 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-967000
CY2016Q1 mye Excess Tax Expense Benefit From Share Based Compensation Operating Activities
ExcessTaxExpenseBenefitFromShareBasedCompensationOperatingActivities
-106000
CY2017Q1 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-109000
CY2017Q1 mye Payments On Performance Based Compensation
PaymentsOnPerformanceBasedCompensation
992000
CY2016Q1 us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
427000
CY2016Q1 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
6766000
CY2016Q1 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
4774000
CY2016Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-1143000
CY2016Q1 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-13690000
CY2016Q1 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-11317000
CY2016Q1 us-gaap Cash Provided By Used In Operating Activities Discontinued Operations
CashProvidedByUsedInOperatingActivitiesDiscontinuedOperations
0
CY2016Q1 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-11168000
CY2016Q1 us-gaap Cash Provided By Used In Investing Activities Discontinued Operations
CashProvidedByUsedInInvestingActivitiesDiscontinuedOperations
0
CY2016Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-11168000
CY2016Q1 mye Excess Tax Expense Benefit From Share Based Compensation Financing Activities
ExcessTaxExpenseBenefitFromShareBasedCompensationFinancingActivities
-106000
CY2016Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
0
CY2016Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
502000
CY2017Q1 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-14398000
CY2017Q1 us-gaap Cash Provided By Used In Financing Activities Discontinued Operations
CashProvidedByUsedInFinancingActivitiesDiscontinuedOperations
0
CY2017Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-14398000
CY2017Q1 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
167000
CY2017Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-563000
CY2015Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
7344000
CY2016Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
47000
CY2017Q1 mye Excess Tax Expense Benefit From Share Based Compensation Financing Activities
ExcessTaxExpenseBenefitFromShareBasedCompensationFinancingActivities
0
CY2017Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
0
CY2017Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
271000
CY2017Q1 us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
975000
CY2016Q1 us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
0
CY2016Q1 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
20359000
CY2016Q1 us-gaap Cash Provided By Used In Financing Activities Discontinued Operations
CashProvidedByUsedInFinancingActivitiesDiscontinuedOperations
0
CY2016Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
20359000
CY2016Q1 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
383000
CY2016Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-1743000
CY2016Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
5601000
CY2017Q1 us-gaap Restructuring And Related Cost Expected Cost1
RestructuringAndRelatedCostExpectedCost1
10000000
CY2017Q1 us-gaap Business Exit Costs1
BusinessExitCosts1
5500000
CY2017Q1 us-gaap Severance Costs1
SeveranceCosts1
2500000
CY2017Q1 mye Expected Restructuring Charges In Accelerated Depreciation Charges And Potential Impairment Of Property Plant And Equipment
ExpectedRestructuringChargesInAcceleratedDepreciationChargesAndPotentialImpairmentOfPropertyPlantAndEquipment
2000000
CY2017Q1 us-gaap Restructuring Charges
RestructuringCharges
854000
CY2017Q1 us-gaap Restructuring Reserve Settled Without Cash2
RestructuringReserveSettledWithoutCash2
618000
CY2017Q1 us-gaap Restructuring Reserve
RestructuringReserve
236000
CY2017Q1 us-gaap Percentage Of Lifo Inventory
PercentageOfLIFOInventory
0.40
CY2017Q1 us-gaap Inventory Adjustments
InventoryAdjustments
0
CY2017Q1 us-gaap Customer Advances And Deposits Current
CustomerAdvancesAndDepositsCurrent
2329000
CY2016Q4 us-gaap Customer Advances And Deposits Current
CustomerAdvancesAndDepositsCurrent
2688000
CY2017Q1 us-gaap Dividends Payable Current
DividendsPayableCurrent
4300000
CY2016Q4 us-gaap Dividends Payable Current
DividendsPayableCurrent
4260000
CY2017Q1 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
584000
CY2016Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
452000
CY2017Q1 mye Other Accrued Expenses Current
OtherAccruedExpensesCurrent
5567000
CY2016Q4 mye Other Accrued Expenses Current
OtherAccruedExpensesCurrent
5683000
CY2017Q1 us-gaap Goodwill Foreign Currency Translation Gain Loss
GoodwillForeignCurrencyTranslationGainLoss
87000
CY2015Q4 us-gaap Goodwill
Goodwill
64035000
CY2016Q1 us-gaap Goodwill Foreign Currency Translation Gain Loss
GoodwillForeignCurrencyTranslationGainLoss
1246000
CY2016Q1 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
5676000
CY2016Q1 us-gaap Goodwill
Goodwill
59605000
CY2017Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
30029679
CY2016Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
29547514
CY2017Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
262904
CY2016Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
0
CY2017Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
30292583
CY2016Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
29547514
CY2017Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
856559
CY2016Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2136840
CY2017Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
900000
CY2016Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1300000
CY2017Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
8500000
CY2017Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P3Y
CY2017Q1 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
181504000
CY2016Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
190686000
CY2017Q1 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
1933000
CY2016Q4 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
1164000
CY2017Q1 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
200000000
CY2017Q1 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
4400000
CY2017Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.419
CY2017Q1 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
500000
CY2016Q4 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
500000
CY2017Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
2

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