MYERS INDUSTRIES INC. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Myers Industries Inc. filed its 2023 10-K report detailing its annual financial performance.</b>

AI Summary

MYERS INDUSTRIES INC (MYE) filed a Annual Report (10-K) with the SEC on March 5, 2024. Myers Industries Inc. reported its 2023 fiscal year-end results on March 5, 2024. The company's fiscal year concludes on December 31st annually. The filing is a 10-K annual report. Myers Industries Inc. is incorporated in Ohio. The company's SIC code is 3089 (Plastics Products, NEC).

Why It Matters

For investors and stakeholders tracking MYERS INDUSTRIES INC, this filing contains several important signals. This 10-K filing provides a comprehensive overview of the company's financial health, operational performance, and strategic initiatives for the fiscal year 2023. Investors and analysts can use this report to assess the company's profitability, debt levels, and future outlook, aiding in investment decisions.

Risk Assessment

Risk Level: medium — MYERS INDUSTRIES INC shows moderate risk based on this filing. The company's financial performance and future prospects are subject to various market and operational risks inherent in the plastics products industry, as detailed in the 10-K filing.

Analyst Insight

Review the detailed financial statements and risk factors in the 10-K to understand the company's performance and potential challenges.

Key Numbers

• 20231231 — Fiscal Year End (Conformed period of report)
• 20240305 — Filing Date (Filed as of date)
• 116 — Document Count (Public document count)
• 001-08524 — SEC File Number (SEC file number)

Key Players & Entities

• MYERS INDUSTRIES INC (company) — Filer name
• OH (location) — State of incorporation
• 3089 (industry_code) — Standard Industrial Classification
• AKRON (location) — Business address city
• 330-253-5592 (phone) — Business phone
• MYERS TIRE SUPPLY CO (company) — Former company name
• 20231231 (date) — Conformed period of report
• 20240305 (date) — Filed as of date

FAQ

Risk Factors

• Customer Concentration Risk [medium — market]: The company faces risk due to potential concentration of sales with a limited number of customers.

Industry Context

Myers Industries Inc. operates in the plastics products manufacturing sector, specifically focusing on industrial applications and services.

Regulatory Implications

The company is subject to SEC regulations for public companies, including the requirement to file annual reports (10-K) detailing financial and operational information.

What Investors Should Do

1. Analyze the company's revenue segments and growth trends.
2. Evaluate the company's debt structure and liquidity position.
3. Assess the identified risk factors and management's mitigation strategies.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-03-05: Filing Date — Date the 10-K was officially filed with the SEC.

Year-Over-Year Comparison

This filing is the 2023 annual report (10-K) for Myers Industries Inc., providing updated financial and operational data compared to previous filings.

Key Financial Figures

• $110 million — ature's annual sales were approximately $110 million at the time of the acquisition. On Ma
• $65 million — ohawk's annual sales were approximately $65 million at the time of the acquisition. 5 T
• $555.3 — & Services Representative Markets $555.3 Plastic Reusable Containers & Akro-
• $257.9 — & Services Representative Markets $257.9 Tire Valves & Accessories Myers Tir

Filing Documents

• mye-20231231.htm (10-K) — 3142KB
• mye-ex10_16.htm (EX-10.16) — 250KB
• mye-ex10_28.htm (EX-10.28) — 2KB
• mye-ex21.htm (EX-21) — 21KB
• mye-ex23.htm (EX-23) — 7KB
• mye-ex31_1.htm (EX-31.1) — 13KB
• mye-ex31_2.htm (EX-31.2) — 13KB
• mye-ex32.htm (EX-32) — 12KB
• mye-ex97_1.htm (EX-97.1) — 58KB
• img20142346_0.jpg (GRAPHIC) — 9KB
• img20142346_1.jpg (GRAPHIC) — 9KB
• img85651666_0.jpg (GRAPHIC) — 702KB
• 0000950170-24-025847.txt (&nbsp;) — 17426KB
• mye-20231231.xsd (EX-101.SCH) — 2248KB
• mye-20231231_htm.xml (XML) — 3331KB

Business

ITEM 1. Business 4

Risk Factors

ITEM 1A. Risk Factors 10

Unresolved Staff Comments

ITEM 1B. Unresolved Staff Comments 17

Cybersecurity

ITEM 1C. Cybersecurity 17

Properties

ITEM 2. Properties 19

Legal Proceedings

ITEM 3. Legal Proceedings 20 PART II

Market for Registrant's Common Stock, Related Stockholder Matters and Issuer Purchases of Equity Securities

ITEM 5. Market for Registrant's Common Stock, Related Stockholder Matters and Issuer Purchases of Equity Securities 21

Reserved

ITEM 6. Reserved 22

Management's Discussion and Analysis of Financial Condition and Results of Operations

ITEM 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 23

Quantitative and Qualitative Disclosures About Market Risk

ITEM 7A. Quantitative and Qualitative Disclosures About Market Risk 28

Financial Statements and Supplementary Data

ITEM 8. Financial Statements and Supplementary Data 29 Report of Independent Registered Public Accounting Firm - Ernst & Young LLP (PCAOB Firm ID No. 42 ) 29 Consolidated Statements of Operations 31 Consolidated Statements of Comprehensive Income (Loss) 32 Consolidated Statements of Financial Position 33 Consolidated Statements of Shareholders' Equity 34 Consolidated Statements of Cash Flows 35

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 36

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

ITEM 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 59

Controls and Procedures

ITEM 9A. Controls and Procedures 59

Other Information

ITEM 9B. Other Information 61

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

ITEM 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 61 PART III

Directors, Executive Officers and Corporate Governance

ITEM 10. Directors, Executive Officers and Corporate Governance 62

Executive Compensation

ITEM 11. Executive Compensation 62

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

ITEM 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 63

Certain Relationships and Related Transactions, and Director Independence

ITEM 13. Certain Relationships and Related Transactions, and Director Independence 63

Principal Accounting Fees and Services

ITEM 14. Principal Accounting Fees and Services 63 PART IV

Exhibits, Financial Statement Schedules

ITEM 15. Exhibits, Financial Statement Schedules 64

SIGNATURES

SIGNATURES 67 Exhibit 21 Exhibit 23 Exhibit 31(a) Exhibit 31(b) Exhibit 32 Exhibit 101 PART I

B usiness

ITEM 1. B usiness General Development of Business Myers Industries, Inc. (the "Company") was founded in 1933 and is headquartered in Akron, Ohio. The terms "Myers Industries," "Company," "we," "us," or "our" wherever used herein refer to the Company, unless the context indicates to the contrary. Since its founding, the Company has grown from a small storefront distributing tire service supplies into an international manufacturing and distribution enterprise. In 1971, the Company went public, and the stock is traded on the New York Stock Exchange under the ticker symbol MYE. The Company designs, manufactures, and markets a variety of plastic, metal and rubber products, including a broad selection of plastic reusable containers, pallets, small parts bins, bulk shipping containers, storage and organization products, OEM parts, custom plastic products, consumer fuel containers and tanks for water, fuel and waste handling. Our plastic bulk containers replace single-use packaging, reducing waste and improving sustainability. The Company is also the largest distributor of tools, equipment and supplies used for tire, wheel and under vehicle service on passenger, heavy truck and off-road vehicles, as well as the manufacturing of tire repair and retreading products. As of December 31, 2023, the Company operated seventeen manufacturing facilities, six sales offices, eight distribution centers and three distribution branches located throughout North and Central America; and has approximately 2,500 employees. Serving customers around the world, Myers Industries' brands provide sustainable solutions to a wide variety of customers in diverse niche markets. Myers Industries' diverse products and solutions help customers to improve shop productivity with point of use inventory, to store and transport products more safely and efficiently, to improve sustainability through reuse, to lower overall material handling costs, to improve ergonomics for their labor force, to elimin

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View this 10-K filing on SEC EDGAR