Revenue during the quarter dropped 6.56 percent to $130.06 million from $139.19 million in the previous year period. Gross margin for the quarter contracted 123 basis points over the previous year period to 27.69 percent. Total expenses were 99.32 percent of quarterly revenues, up from 98.69 percent for the same period last year. That has resulted in a contraction of 63 basis points in operating margin to 0.68 percent.

Operating income for the quarter was $0.89 million, compared with $1.82 million in the previous year period.

However, the adjusted operating income for the quarter stood at $1.88 million compared to $4.73 million in the prior year period. At the same time, adjusted operating margin contracted 195 basis points in the quarter to 1.45 percent from 3.40 percent in the last year period.

Dave Banyard President and Chief Executive Officer commented, "Fourth-quarter results were in line with our expectations as we faced the continued impact of a reduced capital spending environment that persisted across many industrial markets for most of 2016. Demand in agriculture markets has been notably weak with record sales declines in some channels over the previous two years. Some of our most strategic products sell into these customers. While we are disappointed with our sales performance during the year, we managed costs well and made tangible improvements in the management of working capital and capital spending, both of which will continue to be part of our strengths moving forward."

The company has spent $16.09 million cash to meet investing activities during the year as against cash inflow of $47.72 million in the last year. It has incurred net capital expenditure of $12.06 million on net basis during the year, down 46.34 percent or $10.41 million from year ago.

The company has spent $17.75 million cash to carry out financing activities during the year as against cash outgo of $81.82 million in the last year period.

Cash and cash equivalents stood at $7.89 million as on Dec. 31, 2016, up 7.41 percent or $0.54 million from $7.34 million on Dec. 31, 2015.

Working capital increases sharply
Myers Industries, Inc. has recorded an increase in the working capital over the last year. It stood at $61.84 million as at Dec. 31, 2016, up 64.92 percent or $24.34 million from $37.50 million on Dec. 31, 2015. Current ratio was at 1.78 as on Dec. 31, 2016, up from 1.32 on Dec. 31, 2015.

Debt comes down marginally
Myers Industries, Inc. has recorded a decline in total debt over the last one year. It stood at $189.52 million as on Dec. 31, 2016, down 1.23 percent or $2.36 million from $191.88 million on Dec. 31, 2015. Myers Industries has recorded a decline in long-term debt over the last one year. It stood at $189.52 million as on Dec. 31, 2016, down 1.23 percent or $2.36 million from $191.88 million on Dec. 31, 2015. Total debt was 49.65 percent of total assets as on Dec. 31, 2016, compared with 44.63 percent on Dec. 31, 2015. Debt to equity ratio was at 2.04 as on Dec. 31, 2016, up from 1.96 as on Dec. 31, 2015. Interest coverage ratio deteriorated to 0.43 for the quarter from 0.87 for the same period last year.