(RTTNews) - Thursday, polymer products company Myers Industries Inc. (MYE: News ) reported a loss for the third quarter from a profit last year, impacted by a impairment charge related to long-lived assets in the company's rubber businesses.

Myers Industries' third quarter net loss was $5.32 million or $0.15 per share, compared to a profit of $1.31 million or $0.04 per share for the prior year period. On average, three analysts polled by Thomson Reuters expected the company to report earnings of $0.07 per share for the third quarter.

Loss from continuing operations was $0.6 million or $0.02 per share for the third quarter, compared to income from continuing operations of $1.7 million or $0.05 per share for the prior year period. However, excluding special expenses, income from continuing operations, net of taxes, was $3.2 million or $0.09 per share, flat with last year.

Net loss from discontinued operations rose to $4.7 million or $0.13 per share from $0.4 million or $0.01 per share for the prior year period. The loss was primarily due to an impairment of long-lived assets of $7.8 million as a result of the pending sale of the rubber products businesses.

Net sales for the quarter declined to $165.41 million from $199.88 million for the same period last year. The company's largest segment, material handling revenue dropped by 5% to $62.8 million from $66.3 million last year and Lawn and Garden revenue declined 33% to $40.8 million from $60.5 million a year earlier.
In September 2009 the company announced its intention to sell two businesses from its Automotive and Custom Segment Buckhorn Rubber Products, Inc. and Michigan Rubber Products, Inc. to Zhongding Sealing Parts Co. Ltd. The company has restated its third quarter and year-to-date results to reflect these businesses as discontinued operations.

For the nine months, net loss was $1.62 million or $0.05 per share, compared with $14.58 million or $0.41 per share a year earlier. Net sales dropped to $513.54 million from $634.23 million last year.

Looking forward, the company said that it is cautiously optimistic in its outlook for overall economic and end market improvements in the remainder of the year and early 2010.

Thursday, MYE closed at $9.70, down $0.22 or 2.22% on volumes of 148.67 thousand on NYSE.

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by RTT Staff Writer

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