Transcript of
Myers Industries, Inc
2011
Second Quarter Earnings Conference Call
July 21, 2011
John Orr,
President and Chief Executive Officer
David
Knowles, Executive Vice President and Chief Operating Officer
Don
Merril, Senior Vice President and Chief Financial Officer
Monica
Vinay, Director of Investor Relations
Operator
Greetings and welcome
to the Myers Industries 2011 second quarter earnings conference call. At this
time all participants are in a listen-only mode. A brief question and answer
session will follow the formal presentation. If anyone should require operator
assistance during the conference, please press *0 on your telephone keypad. As
a reminder, this conference is being recorded. It is now my pleasure to
introduce your host Monica Vinay, Director of Investor Relations for Myers
Industries. Thank you Ms. Vinay, you may begin.
Monica Vinay – Myers Industries, Inc
– Director of Investor Relations
Thank you. Good
morning and welcome to the Myers Industries 2011 second quarter business
performance review. I am Monica Vinay, the director of investor relations at
Myers Industries. Joining me today are John Orr, President and Chief Executive
Officer; David Knowles, Executive Vice President and Chief Operating Officer
and Don Merril, Senior Vice President and Chief Financial Officer. Before I
turn the call over to management, I would like to take a few minutes to
highlight some changes that we have made to the formats of both our earnings
release and our conference call. We have made these changes in order to be
more responsive and provide improved communication and increase transparency to
our shareholders and to the overall investment community.
You probably noticed
in the release we issued earlier this morning covering the second quarter that
we added specific commentary about each of our segments, sales and adjusted
income before tax. We also added a cash flow statement to the end of the
release and provided some commentary concerning cash flow from operations. We
will continue to include this information in our quarterly earnings releases
and make further refinements in order to provide the investment community with
more detailed information more quickly regarding our result each quarter. The
format of today’s call and future earnings calls has also been changed. The
presentation section of the call has been streamlined so that management can
allow more time to take questions from analysts and shareholders. The format
of the call will be as followed: John will begin the call by reviewing the
high level financial results for the quarter. Don will then review the
detailed financial results including the segment results. John will conclude
the presentation with a strategic business update and/or any other relevant
updates. Following our prepared comments, John, Don and David will all be
available to take any questions that you may have. Although David is no longer
making a formal presentation, so as to streamline the process and provide more
time for Q and A, please feel free to direct any questions you may have for him
during the Q and A if you feel it is appropriate. Thank you.
As I mentioned
earlier, we issued a news release this morning outlining the financial results
for the second quarter of 2011. If you have not yet received a copy of the
release you can access it on our website at www.myersindustries.com under the
investor relations tab. This call is also being audio webcast on our website
and will be archived there along with the transcript of the call shortly after
the event. Before I turn the call over to John and Don for remarks, I would
like to remind you that we may make some forward-looking statements during the
course of this call. These comments are made pursuant to the Safe Harbor provisions of the securities Reform Act of 1995. Such statements involve risks and
uncertainties which may cause results to differ materially from those set forth
in these statements. These risks and uncertainties are detailed in the
company’s SEC filings and may be found in the company’s 10-K filing.
I am now pleased to
turn the call over to John Orr, President and Chief Executive Officer. John?
John Orr – Myers Industries, Inc
– President and CEO
Thank you Monica and
good morning. It’s a pleasure to have you with us. I hope you find the
changes Monica outlined helpful. We’re striving to continue to improve our
communications with you our investors. As Monica mentioned earlier, I will
begin the call by reviewing our overall results.
Net sales for the
second quarter were $176.8 million compared to $175.9 million in the second
quarter of 2010. Strong sales increases in our Material Handling and Distribution
Segments were mostly offset by sales decreases in our Lawn and Garden and Engineered
Product Segments. Gross profit increased by 560 basis points to 24.9% compared
to 19.3% in the second quarter of 2010. A favorable product mix and higher
prices in several of our businesses coupled with continued focus on our
operations excellence initiatives more than offset higher raw material costs
during the quarter.
Net income was $4.7
million or $0.13 per share in the second quarter compared to a net loss of $1.1
million or $0.03 per share in the second quarter of last year. On an adjusted
basis, which excludes restructuring costs and other special items, our earnings
per share in the second quarter was $0.14 versus break-even last year. The
significant increase in gross margin was the main driver of the improvement in
net income. The gross margin improvement in this quarter and the previous
several quarters continues to illustrate our relentless focus on operations
excellence and reducing our vulnerability to volatile raw material costs.
As Don reviews the
detailed financial results you will see that the progress we’ve made in each of
our segments continued into the second quarter. Furthermore, our improved
results over the last several quarters demonstrate that we have successfully
implemented actions capable of driving improved profitability on a consistent
basis. I will now turn the call over to Don Merril our Chief Financial Officer.
Don?
Don Merril – Myers Industries, Inc
– SVP and CFO
Thank you John.
Since John already reviewed sales, gross margin and net income, let’s go to
selling, general and administrative expenses and move on to the segment detail
from there.
SG&A expenses in
the second quarter were $35.4 million as compared to $34 million in 2010. The
increase is mostly due to higher variable selling costs in our Material Handling
Segment. Cash from operations for the six months ended June 30th 2011 was $8.8 million compared to a use of cash from operations of $2.6 million
in 2010. Increased earnings was the primary reason for the improvement of
$11.4 million year over year. Capital expenditures were $3.2 million in the
second quarter and totaled $5.8 million for the first half of 2011. For the
full year we are forecasting capital expenditures of $20-25 million versus $20.5
million last year.
The company announced
on May 2nd 2011 that the board of directors authorized a stock
repurchase program that enables the company to purchase up to 5 million shares
of its common stock from time to time in the open market. On June 1st
2011, the company announced that it has adopted a Rule 10b5-1 Plan for the
purpose of repurchasing up to 2 million shares of its common stock in
accordance with the guidelines specified in Rule 10b5-1 of the Securities
Exchange Act of 1934. Since the adoption of the plan through the period ended June 30th 2011, the company has purchased 371,779 shares of stock at an average
price of $10.01 resulting in a cash outflow of approximately $3.7 million.
Including the stock repurchase, our debt net of cash was $83.8 million at the
end of the second quarter. With more than $100 million of available borrowing under
our committed credit agreement, our balance sheet remains strong, providing a lot
of flexibility for future growth.
Now let’s turn to our
business segments and their performance. Results for the second quarter are
compared to the same period in 2010. I will be referencing the adjusted pre-tax
income or loss information by segment as it appears in the reconciliation of
non-GAAP financial measures included in the earning release.
In our Material Handling
Segment, sales in the quarter were $67 million compared to $62.7 million last
year. Very strong sales in the higher margin agricultural, auto and food
processing markets were somewhat offset by a $12.1 million reduction in pallet
sales year over year. If you exclude the less profitable pallet sales from
2010, the year over year increase in sales would be 32%. Adjusted pre-tax
income for the quarter was $8.4 million as compared to $4.1 million last year.
The increase of 108% is due mainly to gross margin expansion resulting from an
unusually favorable sales mix of legacy products replacing lower margin
customer pallets. Additionally, the segment benefited from increased
productivity related to our operations excellence initiative and price
increases which offset raw material inflation.
In our Lawn and Garden
Segment, sales in the quarter were $41.4 million compared to $45.2 million in
the second quarter of last year. The 9% decrease is a result of reduced
customer demand due to poor weather conditions across many parts of the United States during the quarter, particularly in April. The segment’s adjusted pre-tax
loss was $1.6 million as compared to a pre-tax loss of $5.4 million in the second
quarter of last year. You will recall that in the second quarter of last year
a spike in resin costs had a large negative impact on profitability. As a
result, we put into place a plan to drive healthy predictable business
performance. Through successful execution of that plan we were able to improve
profitability during the quarter despite a decrease in sales volume and a
further increase in resin costs.
In our Distribution Segment
sales were $46.1 million, an increase of 5% compared to $44 million in the
second quarter of last year. The increase is due mostly to new products sales
in the fleet market and new customer sales in our international business. The
new product and customer sales are direct results of the continued focus on our
strategic initiatives which include implementing project enterprise our
distribution model change; growing our fleet segment by expanding our products
and service offering; and expanding and growing our international business in
Canada and Central America.
Adjusted pretax
income was $4.5 million compared to $3.9 million in the second quarter of last
year. In addition to the improved sales, an increase in gross margin resulting
from favorable product mix also contributed to the improved profitability in
the segment.
In our Engineered Products
Segment, sales in the quarter were $27.9 million compared to $29.7 million last
year. Strong sales in the RV, marine and industrial markets were offset by a
temporary interruption in the transplant auto portion of the segment. Adjusted
pre-tax income was $2.7 million compared to $3.3 million in the same quarter
last year. The sales decrease was the foremost reason for the reduced
profitability in the segment.
That concludes the
review of the financials. I will now turn the call back over to John.
Thanks. John?
John Orr – Myers Industries, Inc
– President and CEO
Thanks Don. As you
can see, we continue to make progress towards improving our results and
executing our strategy across each of our segments.
In our Material Handling
Segment we are benefiting from our refocus on key growth markets which is
resulting in higher sales and a better product mix.
In our Lawn and Garden
Segment successful implementation of the improvement plan we initiated in 2010
is leading to improved gross margins and increased profitability.
In our Distribution Segment
our focus on innovation in the form of new product and new customer sales is
driving increased sales and profitability.
Finally, in our Engineered
Products Segment our focus on innovation is driving sales growth through custom
channels while our focus on operations excellence is leading to improved
profitability.
Our sustained focus
on our objectives combined with the drive in leadership that David and his team
provide is producing positive operating momentum across the company. We
believe that the progress we have made in the first half of this year
demonstrates our ability to execute the improvement plans that we initiated in
the second half of 2010 as well as our longer term strategy. As there
continues to be some general economic headwinds, we are cautiously optimistic
about the remainder of 2011.
That concludes Management’s
presentation. I will turn it back over to Monica so that we can take your
questions.
Monica Vinay – Myers Industries, Inc
– Director of Investor Relations
Thank you John. The
operator will now direct the Q&A phase of the presentation. Go ahead
please.
Operator
Thank you. We will
now be conducting a question and answer session. If you would like to ask a
question, please press *1 on your telephone keypad. A confirmation tone will
indicate your line is in the question queue. You may press *2 if you would
like to remove your question from the queue. For participants using speaker
equipment, it may be necessary to pick up your handset before pressing the *
keys. One moment please while we poll for questions. Thank you, our first
question is from Chris Manuel with KeyBanc Capital Markets. Please proceed with
your question.
<Q>: Good
morning.
John Orr – Myers Industries, Inc
– President and CEO
Hey Chris.
Don Merril – Myers Industries, Inc
– SVP and CFO
Morning.
<Q>: Congratulations on a
solid quarter, as well. And while we're talking about some of these kinds of
items, I do appreciate the extra color with respect to cash flow statements,
things of that nature in the release. One question - it looks like you are now
including interest expense embedded down into the segments. Is that correct?
Don Merril – Myers Industries, Inc
– SVP and CFO
No, it’s not.
<Q>: Okay. Um,
income, all right, I will come back to that. But … okay.
Don Merril – Myers Industries, Inc
– SVP and CFO
Chris, the interest
expense has always been included in the corporate number.
<Q>: Okay. I
apologize. There we go. So my question is can you give us maybe a little bit
of help with, John or David, with how you would characterize this quarter from
a cost price perspective? Were you ahead, behind? How did you kind of feel
working through the quarter? How does that set you up as you move into the
back half of the year when it looks like resin costs seem to be abating a bit?
John Orr – Myers Industries, Inc
– President and CEO
I think David can
handle that one.
David Knowles – Myers Industries, Inc
– EVP and COO
You know our goal,
Chris, has been to move pricing to offset increases in raw material costs and I
think we feel like we were able to successfully accomplish that in the second
quarter. You know, of course, you’ve got some timing issues that require some
catch up but I think by and large we are accomplishing that objective and you
know our mindset now for the business as we go forward is to move prices in
line with raw material costs.
Don Merril – Myers Industries, Inc
– SVP and CFO
Chris, I can add a
little bit of color for you there. Our price realization in the quarter was
about 3.8% and if you look at our resin costs they were just a little bit
higher than that and that relates to the timing that David talked about - particularly
in Material Handling because there is a little bit of a lag there in our
escalators and de-escalators.
<Q>: Okay, so as a whole, you
would kind of characterize it as maybe a touch behind, but not a whole lot
behind. As you work into Q3 with some of the decreases we've begun to see and
knowing how some of those escalators traditionally work, would you anticipate
potentially being a bit ahead?
David Knowles – Myers Industries, Inc
– EVP and COO
Right, that’s how it
should work. I think our goal is to keep up, though with some timing issues it
will flush away a little bit quarterly, but I think we will largely keep up
with it. So we are a touch behind, we will be a touch ahead next quarter.
<Q>: And then, as we think
through each of these segments, could you talk a little bit about, in maybe a
little more detail, what volumes were like? I know you've given us some color
that they were up or down within the segments, but maybe some rough percentages
or approximations to help us think about that?
David Knowles – Myers Industries, Inc
– EVP and COO
Sure. So if we take
out price and we look at just volume quarter over quarter, we are up in Material
Handling and I will give you another adjustment to consider after I go through
these, but if we strictly take out price and we take out pallet sales from last
year in Material Handling, we are up about 22%. Now, we did have a sale in the
second quarter of this year in the food processing area that fell in the third
quarter last year and if you normalize for that, because it is a fairly sizable
sale, if you normalize for that, we’re up about 15% which to us kind of makes
sense as to where that Material Handling business is in sort of niche markets.
We are experiencing nice growth in that business. I think around 15% is not a
bad place to think about. Lawn and Garden, again if we adjust for price, we
are down about 16%. You might remember, after the last call, we talked about
sort of the early signs of the spring being kind of a weak spring. What we
found is, it was, you know, some reports say that it was the worst spring on
record in terms of bad weather, rain, flooding, all of those things had an
impact. I know that the big boxes earlier in the quarter were reporting down
almost 30%. They caught up toward the end of the quarter as things tried out a
little bit but we’re down 16% and we think that that’s about right for where
the market is in that business. Distribution I would say up 4%, Engineered Products
down 7% and again, that’s the disruption that Don mentioned in the transplant
auto. So overall, if you kind of put that altogether for the business we are
up about 3%.
Don Merril – Myers Industries, Inc
– SVP and CFO
And on the transplant
piece, we view that to be temporary, obviously, as those companies start to
come back.
David Knowles – Myers Industries, Inc
– EVP and COO
In fact that is
starting, you know, we are seeing it start to come back in the third quarter
and we think we will be largely back in the fourth quarter.
<Q>: Okay. That is very, very
helpful. Thanks for the color. And it looks like...I saw it on the press
release last night...that you completed an acquisition?
David Knowles – Myers Industries, Inc
– EVP and COO
We did. Yeah, we are
entering the processed cheese market. We have acquired a technology and a tool
that will allow us to penetrate a market that we feel is growing, with some
technology that we think has a real competitive advantage in terms of providing
customers with an efficient product for processing cheese, and one that really
takes a step forward in cleanliness and it addresses the overall sort of drive
toward cleanliness in the process.
John Orr – Myers Industries, Inc
– President and CEO
They currently use
wood.
David Knowles – Myers Industries, Inc
– EVP and COO
Yeah, they currently
use wood for the most part.
<Q>: Okay, and
do you have any, Don, any financials or numbers you can share with us,
approximately? I guess we'll wait until next quarter to see maybe in the cash
flow statement what you paid, certainly, but how big is the business, what do you
think the opportunity is, et cetera?
Don Merril – Myers Industries, Inc
– SVP and CFO
Yeah, I guess we’re
not really prepared to share numbers around it but I would go back and sort of
characterize it as a technology acquisition so it is almost as if we invested
to build a new tool for a new market segment that we are entering. You know, I
don’t think we are going to sort of rock the world in the Material Handling Segment
early on but we think it’s got nice growth potential over the next few years
and it is largely a new product for that segment that we are working to put
together with a pooling capability so we can bring a full service package into
that segment. So, you know, it will take some time to grow but it will be a
very nice segment over the next few years for us.
<Q>: Okay, and then the last
question I had was it looks like you started a share repurchase program through
the quarter and have made good progress there thus far. And if I understand it
right, there are two components. There is a portion that kind of goes on an
ongoing basis, and then a portion where you're going to be opportunistic in the
marketplace. Can you kind of walk through use of the cash as you go through
the balance of the year? You've done one acquisition or a small acquisition,
it sounds like, a tech acquisition thus far. Maybe John, if you could kind of
walk through your thoughts with cash flow over the balance of the year.
John Orr – Myers Industries, Inc
– President and CEO
Well, you know Chris,
as we say each quarter, we you know, we’re always opportunistic. We have got ourselves
prepared. We look at our balance sheet. You know, we’re prepared to make the
right kind of acquisition. The acquisition we just talked about was really a
technology acquisition. It’s not necessarily a company. I think what we need
to make sure that everybody listening understands is, is we are still at the
point of taking a look at potential opportunities, specifically in one or two
of our segments and we are prepared to do that and we will continue to look if
it makes sense and the return to the shareholder is appropriate.
<Q>: Okay. And
with respect to the rest of the share repurchase program that you have out
there, is that something that you intend to be opportunistic about as well?
John Orr – Myers Industries, Inc
– President and CEO
Yeah, you know, we
have a defined plan as to how we implement it and it is based on share price so
we will continue to do what the board has agreed to allow us to do.
<Q>: Okay, thank you. Good
luck.
John Orr – Myers Industries, Inc
– President and CEO
Thanks Chris.
David Knowles – Myers Industries, Inc
– EVP and COO
Thanks Chris.
Operator
As a reminder ladies
and gentlemen, if you would like to ask a question, press *1 on your telephone
keypad. If you are using a speaker phone, you may need to pick up the handset
before pressing the * keys. Our next question is from Christopher Butler with
Sidoti & Company. Please proceed with your question.
<Q>: Hi. Good
morning, everyone.
David Knowles – Myers Industries, Inc
– EVP and COO
Good morning.
John Orr – Myers Industries, Inc
– President and CEO
Morning.
<Q>: Going
back to Material Handling, the results in the quarter seem to be strong. You
are showing some good growth, yet at the end of your prepared comments, you had
mentioned a little bit of softening. And it would seem that Material Handling
would be one of your businesses that would be exposed to this. Can you kind of
put those two thoughts together on how the rest of the year is going to play
out?
David Knowles – Myers Industries, Inc
– EVP and COO
This is David
Knowles. You know, I would say three things are kind of on our mind as we
think about Material Handling in the second quarter and then how it might play
out going forward. The first, I already mentioned. We had some customer sales
in the second quarter of this year that typically fall in the third quarter
that knock down what I would say our normalized growth in the second quarter
would have been compared to what we reported. And of course, those sales won’t
come in the third quarter. It is a customer that makes a fairly large purchase
of a certain product in the food processing area. The other thing that Don
mentioned about the second quarter that continues but is something that is
certainly on our mind is we have got a very positive mix of sales in the second
quarter in Material Handling and we don’t expect that to continue to be as positive
long term but it certainly is at least continuing for a while. The third thing
we are seeing in some of our industrial markets is, and I don’t know about a
slowing but you know, the backlog isn’t building in those markets the way it
has been through the early part of the year so we are just taking a more
cautious mindset around some of the more industrial markets that we serve in
the Material Handling business as we go forward.
<Q>: And just drilling
down a little bit on the product mix element, you had the very good improvement
on the margin side of Material Handling. Do you have any sense on how much of
that was due to the shift of mix specifically from the pallets and the changing
demand for those lower-margin products?
Don Merril – Myers Industries, Inc
– SVP and CFO
Well I would say that
clearly, as we talked about having $12 million worth of pallets in Q2 of last
year and then replacing them with a much higher margin in Q2 of this year
really played into that. Now going forward, that’s not going to be case right
because we stopped selling pallets in Q2 of last year. I do think, though, as
we said in the prepared remarks, we had an unusually favorable mix,
particularly in our seed business that did cause those numbers to go up. We
were at 12.5% income in Material Handling in Q2, and to remind you,
historically, we were at 10% in Q3 of last year.
<Q>: And
finally, if we're looking at SG&A, a pretty big change looking from the
first quarter coming down to the second quarter. Could you kind of walk us
through the delta there? How much of this is just timing of certain costs? And
how do we think of SG&A for this back half of the year?
Don Merril – Myers Industries, Inc
– SVP and CFO
Oh SG&A. I think
that SG&A, you’re looking at a run rate that I think is pretty accurate for
the rest of the year.
<Q>: I
appreciate your time.
Operator
Once again ladies and
gentlemen, if you would like to ask a question press *1 on you’re your
telephone keypad. Our next question is from Brian Sponheimer with Gabelli
& Co. Please proceed with your question.
<Q>: Hi, good
morning.
David Knowles – Myers Industries, Inc
– EVP and COO
Good morning.
John Orr – Myers Industries, Inc
– President and CEO
Morning.
<Q>: Just a
couple of questions here. On the Material Handling side, you mentioned that
you still had some lag from resin pass-through. Should we expect that the full
pass-through will be felt during the third quarter? And beyond that, what room
do you think you have from a pricing standpoint to continue to really defend
your margins here?
Don Merril – Myers Industries, Inc
– SVP and CFO
Well in Material Handling,
the majority of our sales actually work on an escalator or a de-escalator. So
as resin goes up, there is a little bit of a lag but we do go out and capture
the price on those raw materials. The same happens if it goes down. So it
really is a lag that we try to capture about 100% of that. As David mentioned,
you know, we fall just a little bit short of that and that is just the way the
mechanisms work but we are pretty comfortable in our ability to capture the raw
material pricing in that segment.
David Knowles – Myers Industries, Inc
– EVP and COO
And if maybe I could
add to, just sort of the operating approach that we are taking is to develop
our business in a way that we can be responsive about passing changing raw
material costs to the market in pricing and we will continue to have some
timing issues around that. But we are operating in pretty competitive
markets. Our overall goal is to continue to expand our margins by driving
productivity in our business and I think that is where a lot of our goals
around margin expansion in the future are focused. I don’t expect to see a lot
of margin expansion out of strictly price actions.
<Q>: Okay. Speaking
of the margins, we will move onto Lawn and Garden. Obviously, a very nice job
on a year-over-year basis. If we're thinking about it from a volume
perspective, is it really the $50 million level that you can say with some
confidence that you could start to generate some margin there?
Don Merril – Myers Industries, Inc
– SVP and CFO
Could you repeat that
question?
<Q>: On the Lawn and
Garden side, in order to lever your fixed costs and...
Don Merril – Myers Industries, Inc
– SVP and CFO
Oh, I see what you’re
saying…that if $50 million is roughly, you’re calculating a break even point at
roughly $50 million.
<Q>: Right.
David Knowles – Myers Industries, Inc
– EVP and COO
Ah okay, I see.
Don Merril – Myers Industries, Inc
– SVP and CFO
Yeah, I think that’s
pretty fair. If you look at Lawn and Garden, it’s a dramatic increase year
over year in profitability, mostly due to a plan that we put in place to
correct how that business is operating. We were able to capture the raw
material increases that happened in the second quarter of this year. In fact,
polypropylene, which is the main resin used in Lawn and Garden, was up roughly
15% year over year and we were able to capture the majority of that. I will,
however, mention here that in our Lawn and Garden business, because of the
difficult second quarter that the industry suffered, not just us, that we will
be looking, going forward into the third quarter, at throttling back some of
our plants because we do have inventory on hand right now that we anticipated
to sell through and due to the shortened seasoned, we are unable to do that.
So, we are going into plant shut downs right now. In fact, we are experiencing
those right now and those will have an impact on our third quarter results.
<Q>: Any idea about the
competitive environment regarding pricing as far as … I would assume that
you're not the only company that has some excess inventory there. Are you
getting the sense that there's going to be some price competition in the back
half of the year?
David Knowles – Myers Industries, Inc
– EVP and COO
You know, I think
that certainly there will be. That segment is one where there continues to be
plenty of capacity to serve the market. I would say the other thing that we
have on our minds about that segment in the second half of the year is that
with the weak spring there are some products that our customers purchased that
they didn’t fully use and sell through to the consumer this year so they will
have some inventory hangover themselves. That, we believe, you know, will be a
bit of a drag on that business in the second half of the year. There is
certainly, we just got out of the industry trade show and despite the weak
spring, we feel there is some optimism around expectations for planting and
growing for next year. So we have some offsetting phenomenon there. Our
expectation is it is all going to kind of add up to be a continued competitive
business the way it has been. We feel we have really started to get our arms
around how we manage our raw materials and pricing into the market place so we
feel better about how that is going to be going forward and clearly, in that
business, we are driving productivity aggressively and we think that that is
where the profit improvement is going to come in that business as we continue
to drive that moving forward.
<Q>: Understood. Thank
you very much.
John Orr – Myers Industries, Inc
– President and CEO
Thanks Brian.
Operator
Ms. Vinay, there are
no further questions at this time. I would now like to turn the floor back
over to you for closing comments.
Monica Vinay – Myers Industries, Inc
– Director of Investor Relations
Thank you. We thank
all of you for your time and your participation. As a reminder, a transcript
of this call will be available on our website within approximately 24 hours and
a replay will be immediately available via webcast or call. Details can be
found on the Myers Industries website under the investor relations tab. Thank
you and have a great day.
Operator
Ladies and gentleman
this does conclude today’s teleconference. You may disconnect your lines at
this time. Thank you for your participation and have a wonderful day.
