The RV sector was among the handful of industries that contributed to Myers Industries Inc. reporting improved sales and earnings for both the fourth quarter and all of 2002.
However, Stephen Myers, the polymer products manufacturer’s president and CEO, would only describe the earnings improvement as “modest” because changes in the way Myers accounts for the amortization of goodwill, which occurred in 2001, made the comparisons between 2002 and 2001 more favorable.
“Demand from RV, heavy truck and horticulture markets remained steady” for most of 2002, while Myers’s customers in many other industries were cautious about ordering, according to the New York Stock Exchange-listed company.
Myers, parent of RV industry supplier Ameri-Kart, reports its fourth-quarter net earnings increased 73% to $4 million and its full-year 2002 earnings climbed 58% higher to $24 million.
The company’s fourth-quarter sales increased 7% to $159.3 million while its full-year 2002 sales were flat at $608 million.