##### Table of Contents





SECURITIES AND EXCHANGE
    COMMISSION
 WASHINGTON, D.C.
    20549
  Form 10-K/A
 Amendment No. 1
  þ

ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d)
    OF THE SECURITIES EXCHANGE ACT OF 1934For The Fiscal Year Ended
    December 31, 2007   Commission File Number 001-08524
  MYERS INDUSTRIES,
    INC.
 (Exact name of registrant as
    specified in its charter)
  OHIO

34-0778636(State or other jurisdiction of
    incorporation or organization)

(IRS Employer Identification
    Number)   1293 S. Main Street, Akron, Ohio

44301

(330) 253-5592(Address of Principal Executive
    Offices)

(Zip Code)

(Telephone Number)   Securities Registered Pursuant
    to
    Section 12(b) of the Act:

Name of Each Exchange
    On which registered:Common Stock, Without Par Value

New York Stock Exchange(Title of Class)   Securities Registered Pursuant to Section 12(g) of the Act:
    None
  o þ
  o þ
  þ o
  Regulation S-K Form 10-K/A Form 10-K/A. þ
  Rule 12b-2
  Large accelerated filer
    o

Accelerated filer
    þ

Non-accelerated
    filer o

Smaller reporting
    company o(Do not check if a smaller reporting company)   Rule 12b-2 o þ




---





TABLE OF CONTENTS  PART IITEM 8. Financial Statements and Supplementary DataREPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRMStatements of Consolidated IncomeStatements of Consolidated Financial PositionStatements of Consolidated Financial PositionStatements of Consolidated Shareholders Equity and Comprehensive IncomeStatements of Consolidated Cash FlowsNotes to Consolidated Financial StatementsITEM 9A. Controls and ProceduresReport of Independent Registered Public Accounting FirmPART IVITEM 15. Exhibits, Financial Statement SchedulesSIGNATURESEX-23EX-31(a)EX-31(b)EX-32    Table of Contents  
  MYERS INDUSTRIES, INC.
Annual Report on Form 10-K/A
For the Fiscal Year Ended December 31, 2007
EXPLANATORY NOTE
     1




---



##### Table of Contents



PART II
 
  ITEM 8.
    Financial
    Statements and Supplementary Data  Summarized
    Quarterly Results of Operations
    Thousands of Dollars, Except Per Share Data
  Quarter Ended 2007

March 31


June 30


Sept. 30


Dec. 31


TotalNet Sales

$
246,471


$
225,622


$
213,921


$
232,780


$
918,793Gross Profit


73,766



57,828



51,786



52,306



235,686Income from continuing operations


14,737



2,513



1,505



18,193



36,948Per Basic and Diluted Share


.42



.07



.04



.52



1.05   Quarter Ended 2006

March 31


June 30


Sept. 30


Dec. 31


TotalNet Sales

$
205,660


$
194,157


$
185,838


$
194,330


$
779,984Gross Profit


54,084



54,683



47,020



51,759



207,546Income from continuing operations


10,010



7,135



4,234



7,331



28,711Per Basic and Diluted Share


.29



.20



.12



.21



.82  2




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##### Table of Contents



REPORT OF
    INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
  The Board
    of Directors and Shareholders
    Myers Industries, Inc.:
        Accounting for Uncertainty in Income
    Taxes  an interpretation of FASB Standard
    No. 109 Share Based Payment Employers Accounting for Defined Benefit Pension and
    Other Postretirement Plans  an amendment of FASB
    Statements No. 87, 88, 106, and 132(R),
  Internal Control  Integrated Framework
      3




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##### Table of Contents



MYERS
    INDUSTRIES, INC. AND SUBSIDIARIES
 
  Statements
    of Consolidated Income
  For The
    Years Ended December 31, 2007, 2006 and 2005
  2007


2006


2005Net sales

$
918,792,960


$
779,984,388


$
736,880,105Cost of sales


683,107,307



572,438,757



555,687,606Gross profit


235,685,653



207,545,631



181,192,499Selling


99,893,012



79,340,520



71,796,860General and administrative


89,991,241



67,282,548



61,660,260189,884,253



146,623,068



133,457,120Operating income


45,801,400



60,922,563



47,735,379Other income, net


26,750,000



0



0InterestIncome


(283,897
)


(146,343
)


(340,173
)Expense


15,784,166



15,994,763



15,803,45215,500,269



15,848,426



15,463,279Income from continuing operations before income taxes


57,051,131



45,074,143



32,272,100Income taxes


20,103,000



16,363,613



12,907,205Income from continuing operations


36,948,131



28,710,531



19,364,895Income (loss) from discontinued operations, net of tax


17,787,645



(97,734,686
)


7,190,611Net income (loss)

$
54,735,776


$
(69,024,155
)

$
26,555,506Income (loss) per common shareBasicContinuing operations

$
1.05


$
.82


$
.56Discontinued operations


.51



(2.79
)


.20Net income (loss)

$
1.56


$
(1.97
)

$
.76DilutedContinuing operations

$
1.05


$
.82


$
.56Discontinued operations


.50



(2.79
)


.20Net income (loss)

$
1.55


$
(1.97
)

$
.76   The accompanying notes are an integral part of these
    statements.
 4




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##### Table of Contents



MYERS
    INDUSTRIES, INC. AND SUBSIDIARIES
  Statements of Consolidated Financial Position
  As of
    December 31, 2007 and 2006
  2007


2006AssetsCurrent AssetsCash

$
7,558,832


$
6,637,389Accounts receivable  less allowances of $3,915,000
    and $2,595,000 respectively


129,631,910



98,830,002InventoriesFinished and in-process products


77,121,338



57,007,218Raw materials and supplies


48,034,866



29,789,656125,156,204



86,796,874Prepaid expenses


6,164,390



5,776,187Deferred income taxes


9,298,038



4,240,386Current assets of discontinued operations


0



105,242,416Total Current Assets


277,809,374



307,523,254Other AssetsGoodwill


171,462,256



162,214,948Patents and other intangible assets


28,335,537



5,970,381Other


5,974,876



3,433,410Long term assets of discontinued operations


0



31,540,786205,772,669



203,159,525Property, Plant and Equipment, at CostLand


5,696,694



4,710,378Buildings and leasehold improvements


78,825,686



78,859,310Machinery and equipment


421,206,343



332,283,970505,728,723



415,853,658Less allowances for depreciation and amortization


291,758,397



264,553,217213,970,326



151,300,441$
697,552,369


$
661,983,220   The accompanying notes are an integral part of these
    statements.
 5




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##### Table of Contents



Part I 
    Financial Information
  Myers
    Industries, Inc.
 
  Statements
    of Consolidated Financial Position
  As of
    December 31, 2007 and 2006
  2007


2006Liabilities and Shareholders EquityCurrent LiabilitiesAccounts payable

$
78,268,137


$
48,111,122Accrued expensesEmployee compensation


21,604,532



18,535,357Taxes, other than income taxes


2,036,230



2,326,865Income Taxes


14,803,686



1,632,619Accrued interest


455,842



420,355Dividends payable


11,961,265



1,840,989Other


25,718,870



16,834,091Current portion of long-term debt


3,626,077



3,235,058Current liabilities of discontinued operations


0



41,790,763Total Current Liabilities


158,474,639



134,727,219Long-term Debt, less current portion


167,253,706



198,274,578Other Liabilities


4,013,808



4,447,222Deferred Income Taxes


50,540,270



35,400,520Long term liabilities of discontinued operations


0



8,475,063Shareholders EquitySerial Preferred Shares (authorized 1,000,000 shares; none
    issued and outstanding)


0



0Common Shares, without par value (authorized
    60,000,000 shares; outstanding 35,180,192 and
    35,067,230 shares, respectively)


21,416,849



21,347,941Additional paid-in capital


273,617,888



270,836,471Accumulated other comprehensive income


9,320,002



12,497,362Retained income (deficit)


12,915,207



(24,023,156
)317,269,946



280,658,618$
697,552,369


$
661,983,220   The accompanying notes are an integral part of these
    statements.
 6




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##### Table of Contents



MYERS
    INDUSTRIES, INC. AND SUBSIDIARIES
 
  Statements
    of Consolidated Shareholders Equity
    and Comprehensive Income
  For The
    Years Ended December 31, 2007, 2006 and 2005
  AccumulatedOtherAdditional


Comprehensive


Retained


ComprehensiveCommon Shares


Paid-In


(Loss)


Income


(Loss)Number


Amount


Capital


Income


(Deficit)


IncomeBalance at January 1, 2005


34,645,948


$
21,090,960


$
266,257,630


$
26,089,410


$
32,566,036


$
40,864,310Net income


0



0



0



0



26,555,507



26,555,507Sales under option plans


101,993



62,215



655,112



0



0



0Employees stock purchase plan


41,699



25,436



453,572



0



0



0Dividend reinvestment plan


12,092



7,377



143,295



0



0



0Stock issued for acquisition


4,661



2,843



52,529



0



0



0Foreign currency translation adjustment


0



0



0



(25,704,942
)


0



(25,704,942
)Dividends  $.20 per share


0



0



0



0



(6,946,838
)


0Pension liability


0



0



0



(1,908,771
)


0



(1,908,771
)Balance at December 31, 2005


34,806,393


$
21,188,831


$
267,562,138


$
(1,524,303
)

$
52,174,705


$
(1,058,206
)Net loss


0



0



0



0



(69,024,155
)


(69,024,155
)Sales under option plans


220,864



134,726



1,595,853



0



0



0Employees stock purchase plan


31,408



19,159



437,148



0



0



0Tax benefit for stock options exercised


0



0



553,780



0



0



0Dividend reinvestment plan


8,565



5,225



132,238



0



0



0Stock based compensation


0



0



555,314



0



0



0Foreign currency translation adjustment


0



0



0



16,952,010



0



16,952,010Dividends  $.21 per share


0



0



0



0



(7,173,706
)


0Cumulative effect of change in accounting principle 
    adoption of SFAS 158


0



0



0



(4,481,665
)


0



0Pension liability


0



0



0



1,551,318



0



1,551,318Balance at December 31, 2006


35,067,230


$
21,347,941


$
270,836,471


$
12,497,362


$
(24,023,156
)

$
(50,520,827
)Net income


0



0



0



0



54,735,776



54,735,776Sales under option plans


83,232



50,772



754,966



0



0



0Employees stock purchase plan


24,697



15,066



399,647



0



0



0Tax benefit for stock options


0



0



161,370



0



0



0Dividend reinvestment plan


5,033



3,070



88,944



0



0



0Stock based compensation


0



0



1,376,490



0



0



0Foreign currency translation


0



0



0



7,563,541



0



7,563,801Dividends  $.50 per share


0



0



0



0



(17,495,413
)


0Pension liability


0



0



0



(8,266
)


0



(8,266
)Adoption of FIN 48


0



0



0



0



(302,000
)


0Realization of amounts previously recognized in AOCI on sale of
    discontinued operations


0



0



0



(10,732,635
)


0



(10,732,635
)Balance at December 31, 2007


35,180,192


$
21,416,849


$
273,617,888


$
9,320,002


$
12,915,207


$
51,558,676   The accompanying notes are an integral part of these
    statements.
 7




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##### Table of Contents



MYERS
    INDUSTRIES, INC. AND SUBSIDIARIES
  Statements of Consolidated Cash Flows
  For the
    Years Ended December 31, 2007, 2006 and 2005
  2007


2006


2005Cash Flows From Operating ActivitiesNet income (loss)

$
54,735,776


$
(69,024,155
)

$
26,555,507Net (income) loss of discontinued operations


(17,787,646
)


97,734,686



(7,190,611
)Non operating other income


(26,750,000
)


0



0Items not affecting use of cashDepreciation


34,118,705



26,505,008



27,159,312Amortization of other intangible assets


3,608,304



1,707,516



1,893,664Non cash stock compensation


1,376,490



555,314



0Deferred taxes


(3,382,644
)


(101,352
)


1,726,141Loss (gain) on disposition of property, plant and equipment


1,722,252



0



(740,386
)Cash flow provided by (used for) working capitalAccounts receivable


21,393,544



2,614,403



(5,186,725
)Inventories


13,128,641



9,212,812



1,286,076Prepaid expenses


437,995



(1,907,760
)


96,834Accounts payable and accrued expenses


16,483,989



389,418



7,969,035Net cash provided by operating activities of continuing
    operations


99,085,406



67,685,890



53,568,847Net cash (used for) provided by operating activities of
    discontinued operations


(2,016,769
)


13,261,186



13,664,503Net cash provided by operating activities


97,068,637



80,947,076



67,233,350Cash Flows From Investing ActivitiesAcquisition of businesses, net of cash


(95,698,323
)


0



0Proceeds from Merger termination


32,500,000



0



0Proceeds from sale of plant


0



0



2,277,760Additions to property, plant and equipment


(19,809,973
)


(12,381,407
)


(24,559,724
)Other


1,003,815



701,574



508,700Net cash used for investing activities of continuing operations


(82,004,481
)


(11,679,833
)


(21,773,264
)Net cash provided by (used for) investing activities of
    discontinued operations


67,906,906



(1,656,735
)


(1,714,412
)Net cash used for investing activities


(14,097,575
)


(13,336,568
)


(23,487,676
)Cash Flows From Financing ActivitiesRepayment of long term debt


(60,559,865
)


0



0Net borrowing (repayment) of credit facility


(42,373,780
)


(49,887,562
)


(24,263,827
)Cash dividends paid


(7,644,959
)


(7,173,706
)


(6,946,838
)Proceeds from issuance of common stock


1,312,465



2,324,349



1,347,007Excess tax benefit from options exercised


161,370



553,780



0Deferred financing costs


(41,072
)


(380,956
)


(262,500
)Net cash used for financing activities of continuing operations


(109,145,841
)


(54,564,095
)


(30,126,158
)Net cash used for financing activities of discontinued operations


(224,444
)


(249,062
)


(246,875
)Net cash used for financing activities


(109,370,285
)


(54,813,157
)


(30,373,033
)Foreign Exchange Rate Effect on Cash


234,355



1,767,129



(2,232,044
)Net (decrease) increase in cash


(26,164,868
)


14,564,480



11,140,597Cash at January 1


33,723,700



19,159,220



8,018,623Cash at December 31 ($27,086,311 included in discontinued
    operations at December 31, 2006)

$
7,558,832


$
33,723,700


$
19,159,220Supplemental Disclosures of Cash Flow InformationCash paid during the year forInterest

$
15,645,631


$
16,225,095


$
15,826,862Income taxes

$
14,024,429


$
20,096,118


$
12,316,811   The accompanying notes are an integral part of these
    statements.
 8




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##### Table of Contents



MYERS
    INDUSTRIES, INC. AND SUBSIDIARIES.
  Notes to Consolidated Financial Statements
  Summary
    of Significant Accounting Policies
  Basis of
    Presentation
    Translation
    of Foreign Currencies
    Financial
    Instruments
    Concentration
    of Credit Risk
    Inventories
  last-in, first-in,
   9




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##### Table of Contents



MYERS
    INDUSTRIES, INC. AND SUBSIDIARIES.
  Notes to
    Consolidated Financial
    Statements  Continued
  Property,
    Plant and Equipment
    Buildings


20 to 30 yearsLeasehold Improvements


7 to 10 yearsMachinery and Equipment


3 to 12 yearsVehicles


1 to 3 years   Long-Lived
    Assets
    Revenue
    Recognition
    Shipping
    and Handling
    Income
    Taxes
    Accounting of Uncertainty in Income Taxes  An
    Interpretation of FASB Statement No. 109,
 10




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##### Table of Contents



MYERS
    INDUSTRIES, INC. AND SUBSIDIARIES.
  Notes to
    Consolidated Financial
    Statements  Continued
    Accounting for
    Contingencies,
  Goodwill
    and Intangible Assets
      Material Handling


Automotive and


Lawn and(Amount in thousands)

Distribution


North America


Custom


Garden


TotalDecember 31, 2005

$
214


$
30,383


$
60,074


$
71,544


$
162,215Acquisitions


0



0



0



0



0Foreign currency translation


0



0



0



0



0December 31, 2006

$
214


$
30,383


$
60,074


$
71,544


$
162,215Acquisitions


0



0



0



9,211



9,211Foreign currency translation


0



0



0



36



36December 31, 2007

$
214


$
30,383


$
60,074


$
80,791


$
171,462    11




---



##### Table of Contents



MYERS
    INDUSTRIES, INC. AND SUBSIDIARIES.
  Notes to
    Consolidated Financial
    Statements  Continued
    2007








2006Accumulated








AccumulatedLife

Gross


Amortization


Net


Gross


Amortization


NetTradename

Indefinite


4,272,775



0



4,272,775



0



0



0Customer Relationships

6 - 13 years


16,694,533



(4,039,451
)


12,655,082



6,667,000



(2,248,916
)


4,418,084Technology

7.5 years


2,100,000



(980,000
)


1,120,000



2,100,000



(700,000
)


1,400,000Patents

10 years


10,900,000



(908,333
)


9,991,667



3,893,390



(3,741,093
)


152,297Non-Compete

3 years


418,679



(122,666
)


296,013



0



0



034,385,987



(6,050,450
)


28,335,537



12,660,390



(6,690,009
)


5,970,381   Net
    Income Per Share
    2007


2006


2005Weighted average common shares outstandingBasic


35,140,581



34,978,269



34,724,488Dilutive effect of stock options and restricted stock


108,991



65,889



162,476Weighted average common shares outstanding  diluted


35,249,572



35,044,158



34,886,964   Merger
    Agreement
         12




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##### Table of Contents



MYERS
    INDUSTRIES, INC. AND SUBSIDIARIES.
  Notes to
    Consolidated Financial
    Statements  Continued
  Discontinued
    Operations
          (In thousands)Cash and cash equivalents

$
27,086Receivables, net of allowance of $1,345


48,913Inventories


20,435Prepaid expenses


3,297Deferred income taxes


5,512Property, plant and equipment, net


31,055Intangible assets and other


485Total assets


136,783Accounts payable


23,775Accrued expenses


17,185Debt


1,478Deferred income taxes


1,657Other long term liabilities


6,171Total liabilities


50,266Net assets

$
86,517   Acquisitions
   13




---



##### Table of Contents



MYERS
    INDUSTRIES, INC. AND SUBSIDIARIES.
  Notes to
    Consolidated Financial
    Statements  Continued
        (Amounts in thousands)

ITML


Schoeller ArcaAssets acquired:Accounts receivable

$
45,252


$
0Inventory


37,107



8,825Property, plant & equipment


56,142



18,100Intangibles


9,200



14,700Other


4,409



0152,110



41,625Liabilities assumed:Accounts payable and accruals


(25,496
)


0Debt


(64,570
)


0Deferred Income Taxes


(17,182
)


0(107,248
)


0Goodwill


9,211



0Total consideration

$
54,073


$
41,625     (Amounts in thousands, except per share)

2007


2006Net Sales

$
923,348


$
947,406Income from Continuing Operations


36,953



34,819Income from Continuing Operations per basic and diluted share

$
1.05


$
1.00      14




---



##### Table of Contents



MYERS
    INDUSTRIES, INC. AND SUBSIDIARIES.
  Notes to
    Consolidated Financial
    Statements  Continued
    No. 95-3,
  Severance


Contractand


Termination(Dollars in thousands)

Personnel


Fees


TotalAccrued at acquisition date

$
2,023


$
241


$
2,264Provision


0



0



0Less: Payments


(1,703
)


(241
)


(1,944
)Balance at December 31, 2007

$
320


$
0


$
320   Restructuring
    Activities
      Severanceand


Other(Dollars in thousands)

Personnel


Exit Costs


TotalBalance at January 1, 2007

$
0


$
0


$
0Provision


937



90



1,027Less: Payments


(918
)


(90
)


(1,008
)Balance at December 31, 2007

$
19


$
0


$
19   Stock
    Compensation
      Year

Shares


Price2007


23,000


$18.622006


382,800


$15.11 to $17.212005


326,810


$11.15 to $12.86  15




---



##### Table of Contents



MYERS
    INDUSTRIES, INC. AND SUBSIDIARIES.
  Notes to
    Consolidated Financial
    Statements  Continued
    Year

Shares


Price2007


87,068


$
8.00 to $17.022006


238,896


$
7.44 to $12.262005


93,110


$
7.60 to $11.15     Range of Exercise





Weighted AverageYear

Outstanding


Prices


Exercisable


Exercise Price2007


654,809


$
8.00 to $18.62



329,156


$
12.712006


781,219


$
8.00 to $17.21



210,882


$
13.522005


684,636


$
7.44 to $12.86



333,977


$
9.58         Year Ended(In thousands, except per share amounts)

December 31, 2005Income from continuing operations as reported

$
19,365Stock option compensation as reported, net of tax


0Fair value of stock option compensation net of tax


180Proforma income from continuing operations

$
19,185Income per common share from continuing operations:Basic and diluted as reported

$
.56Basic and diluted proforma


.55    16




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##### Table of Contents



MYERS
    INDUSTRIES, INC. AND SUBSIDIARIES.
  Notes to
    Consolidated Financial
    Statements  Continued
    2007


2006


2005Black


Black


TrinomialModel

Scholes


Scholes


LatticeRisk free interest rate


4.70
%


4.70
%


3.72
%Expected dividend yield


1.23
%


1.23
%


1.79
%Expected life of award (years)


6.0



6.0



4.3Expected volatility


31.58
%


31.58
%


37.50
%Fair value per option share

$
6.00


$
5.95


$
2.94     Average


Weighted


AggregateExercise


Average


IntrinsicShares


Price


Life


ValueOutstanding at December 31, 2006


781,219


$
13.52Options Granted


23,000



18.62Options Exercised


(87,068
)


10.05Cancelled or Forfeited


(62,342
)


12.89Outstanding at December 31, 2007


654,809


$
14.12



7.83


$
229,183Exercisable at December 31, 2007


329,156


$
12.71






$
579,315     Contingencies
    Long-Term
    Debt and Credit Agreements
    2007


2006Credit agreement

$
60,913,706


$
94,148,992Senior notes


100,000,000



100,000,000Industrial revenue bonds


6,890,000



4,000,000Other


3,076,077



3,360,644170,879,783



201,509,636Less current portion


3,626,077



3,235,058$
167,253,706


$
198,274,578  17




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##### Table of Contents



MYERS
    INDUSTRIES, INC. AND SUBSIDIARIES.
  Notes to
    Consolidated Financial
    Statements  Continued
            Retirement
    Plans
      2007


2006Overfunded


Underfunded


Overfunded


Underfunded


2005Service cost

$
33,016


$
89,229


$
28,570


$
110,055


$
191,272Interest cost


152,157



171,715



168,416



155,897



350,501Expected return on assets


(216,320
)


(211,002
)


(226,915
)


(185,298
)


(396,485
)Amortization of prior service cost


0



4,012



0



9,629



25,894Amortization of net loss


0



7,914



1,227



35,109



83,545Settlement/Curtailment


0



67,662



8,666



0



195,467Net periodic pension cost

$
(31,147
)

$
129,530


$
(20,036
)

$
125,392


$
450,194  18




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##### Table of Contents



MYERS
    INDUSTRIES, INC. AND SUBSIDIARIES.
  Notes to
    Consolidated Financial
    Statements  Continued
    2007


2006Overfunded


Underfunded


Overfunded


UnderfundedBenefit obligation at beginning of year

$
2,747,559


$
2,949,499


$
3,133,300


$
2,889,420Service cost


33,016



89,229



28,570



110,055Interest cost


152,157



171,715



168,416



155,897Curtailments


0



3,638



0



0Settlements


0



0



(301,609
)


0Actuarial loss


1,725



97,843



(65,119
)


(103,177
)Expenses paid


(38,024
)


(49,636
)


(33,015
)


(25,441
)Benefits paid


(273,072
)


(111,657
)


(182,984
)


(77,255
)Benefit obligation at end of year

$
2,623,361


$
3,150,631


$
2,747,559


$
2,949,499     2007


2006


2005Discount rate for net periodic pension cost


5.75
%


5.50
%


5.75
%Discount rate for benefit obligations


5.75
%


5.75
%


5.50
%Expected long-term return of plan assets


8.00
%


8.00
%


8.00
%       2007


2006Overfunded


Underfunded


Overfunded


UnderfundedFair value of plan assets at beginning of year

$
2,837,180


$
2,622,694


$
2,957,859


$
2,380,537Actual return on plan assets


238,709



220,497



396,929



344,853Settlements


0



0



(301,609
)


0Company contributions


0



192,000



0



0Expenses paid


(38,024
)


(49,636
)


(33,015
)


(25,441
)Benefits paid


(273,072
)


(111,657
)


(182,984
)


(77,255
)Fair value of plan assets at end of year

$
2,764,793


$
2,873,898


$
2,837,180


$
2,622,694  19




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##### Table of Contents



MYERS
    INDUSTRIES, INC. AND SUBSIDIARIES.
  Notes to
    Consolidated Financial
    Statements  Continued
    2007


2006Equities securities


76
%


83
%Debt securities


21



17Cash


3



0Total


100
%


100
%     2007


2006Overfunded


Underfunded


Overfunded


UnderfundedProjected benefit obligation

$
2,623,361


$
3,150,631


$
2,747,559


$
2,949,499Plan assets at fair value


2,764,793


$
2,873,898



2,837,180



2,622,694Funded status

$
(141,432
)

$
276,733


$
89,621


$
(326,805
)       2008

$
320,4212009


343,8622010


359,0292011


365,8362012


383,7352013-2017


2,013,252     Leases
   20




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##### Table of Contents



MYERS
    INDUSTRIES, INC. AND SUBSIDIARIES.
  Notes to
    Consolidated Financial
    Statements  Continued
    Year EndedDecember 31,

Commitment2008

$
10,331,0002009


9,074,0002010


7,612,0002011


6,202,0002012


2,985,000Thereafter


25,677,000Total

$
61,881,000   Income
    Taxes
    Percent of Pre-Tax Income2007


2006


2005Statutory Federal income tax rate


35.0
%


35.0
%


35.0
%State income taxes  net of Federal tax benefit


2.1



2.1



4.9Foreign tax rate differential


(1.5
)


.1



(0.2
)Domestic production deduction


(1.8
)


(.9
)


(1.1
)Other


1.4



(0
)


1.4Effective tax rate for the year


35.2
%


36.3
%


40.0
%     (Dollar in thousands)

2007


2006


2005United States

$
62,471


$
40,756


$
30,845Foreign


(5,420
)


4,318



1,427Totals

$
57,051


$
45,074


$
32,272     2007


2006


2005(Dollars in thousands)

Current


Deferred


Current


Deferred


Current


DeferredFederal

$
23,975


$
(2,968
)

$
13,133


$
266


$
9,103


$
935Foreign


(2,552
)


(205
)


1,588



(49
)


172



253State and local


2,063



(210
)


1,290



136



1,848



596$
23,486


$
(3,383
)

$
16,011


$
353


$
11,123


$
1,784  21




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##### Table of Contents



MYERS
    INDUSTRIES, INC. AND SUBSIDIARIES.
  Notes to
    Consolidated Financial
    Statements  Continued
    2007


2006(Dollars in thousands)Deferred income tax liabilitiesProperty, plant and equipment

$
32,154


$
21,957Tax deductible goodwill


16,719



11,210Other intangibles


1,433



2,036State deferred taxes


1,886



2,084Other


868



83053,060



38,117Deferred income tax assetsCompensation


3,005



2,797Inventory valuation


1,358



1,210Allowance for uncollectible accounts


974



848Non-deductible accruals


5,281



2,102Capital and other loss carryforwards


26,635



14,560Net operating loss carryforwards


2,058



71339,311



22,230Valuation Allowance


(27,493
)


(15,273
)11,818



6,957Net deferred income tax liability

$
41,242


$
31,160        22




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##### Table of Contents



MYERS
    INDUSTRIES, INC. AND SUBSIDIARIES.
  Notes to
    Consolidated Financial
    Statements  Continued
    Total(In thousands)Balance at January 1, 2007

$
1,755,000Increases related to current year tax positions


145,500Expiration of the statute of limitations for the assessment of
    taxes


(20,500
)Balance at December 31, 2007

$
1,880,000         Industry
    Segments
        interior/exterior
 23




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##### Table of Contents



MYERS
    INDUSTRIES, INC. AND SUBSIDIARIES.
  Notes to
    Consolidated Financial
    Statements  Continued
         24




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##### Table of Contents



MYERS
    INDUSTRIES, INC. AND SUBSIDIARIES.
  Notes to
    Consolidated Financial
    Statements  Continued
  2007


2006


2005(Dollars in thousands)Net SalesDistribution

$
203,230


$
197,329


$
189,950Material Handling  North America


267,221



240,050



209,469Automotive and Custom


170,903



204,659



195,125Lawn and Garden


300,872



160,155



170,416Intra-segment elimination


(23,433
)


(22,209
)


(28,080
)$
918,793


$
779,984


$
736,880Income Before Income TaxesDistribution

$
20,537


$
22,241


$
20,566Material Handling  North America


40,360



34,872



16,265Automotive and Custom


8,968



14,041



9,967Lawn and Garden


897



8,089



16,420Corporate


1,788



(18,320
)


(15,483
)Interest
    expense-net


(15,500
)


(15,849
)


(15,463
)$
57,051


$
45,074


$
32,272Identifiable AssetsDistribution

$
46,944


$
54,636


$
52,404Material Handling  North America


191,562



149,114



149,709Automotive and Custom


137,933



142,185



153,933Lawn and Garden


302,736



163,434



176,826Corporate


18,377



15,831



11,671Intra-segment elimination


0



0



(985
)$
697,552


$
525,200


$
543,558Capital Additions, NetDistribution

$
190


$
416


$
654Material Handling  North America


7,875



4,910



13,404Automotive and Custom


4,892



1,773



3,861Lawn and Garden


6,496



5,116



6,929Corporate


357



166



(270
)$
19,810


$
12,381


$
24,578DepreciationDistribution

$
372


$
351


$
336Material Handling  North America


10,991



10,378



11,419Automotive and Custom


6,117



6,120



6,318Lawn and Garden


16,242



9,215



8,553Corporate


397



441



534$
34,119


$
26,505


$
27,160  25




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##### Table of Contents



ITEM 9A.
    Controls
    and Procedures  Evaluation
    of Disclosure Controls and Procedures
  Rules 13a-15(e) 15d-a5(e)
      Managements
    Annual Assessment of and Report on Internal Control Over
    Financial Reporting
  13a-15(f).
      Internal Control - Integrated Framework
 26




---



##### Table of Contents



Changes
    in Internal Control Over Financial Reporting
    John C. Orr

Donald A. MerrilPresident and

Vice President,Chief Executive Officer

Chief Financial Officer and Corporate
    Secretary  27




---



##### Table of Contents



Report of
    Independent Registered Public Accounting Firm
  The Board of
    Directors and Shareholders
    Myers Industries, Inc.:
  Internal Control  Integrated Framework
        Internal Control - Integrated
    Framework
          28




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##### Table of Contents



PART IV
 
  ITEM 15.
    Exhibits,
    Financial Statement Schedules    15.
    (A)(1)
    Financial Statements  Consolidated Financial Statements of Myers Industries, Inc.
    and Subsidiaries
              15.
    (A)(2)
    Financial Statement Schedules   29




---



##### Table of Contents



EXHIBIT INDEX23

Consent of Independent Registered Accounting Firm (KPMG LLP)31(a)

Certification of John C. Orr pursuant to Section 302
    of the Sarbanes-Oxley Act of 2002.31(b)

Certification of Donald A. Merril  pursuant to
    Section 302 of the Sarbanes-Oxley Act of 2002.32

Certifications of John C. Orr Myers, President and Chief
    Executive Officer, and Donald A. Merril, Vice President (Chief
    Financial Officer), of Myers Industries, Inc. pursuant to
    Section 906 of the Sarbanes-Oxley Act of 2002.  
  SIGNATURES
    Myers Industries, Inc.
  /s/  Donald
    A. Merril   Vice President,
 Chief Financial Officer and
 Corporate Secretary
    Signature

Title

Date/s/  Donald
    A. MerrilDonald
    A. Merril

Vice President, Chief Financial Officer and Corporate Secretary
    (Principal Financial and Accounting Officer)

November 13, 2008/s/  Keith
    A. BrownKeith
    A. Brown

Director

November 13, 2008/s/  Vincent
    ByrdVincent
    Byrd

Director

November 13, 2008/s/  Robert
    A. StefankoRobert
    A. Stefanko

Director

November 13, 2008/s/  Richard
    P. JohnstonRichard
    P. Johnston

Director

November 13, 2008/s/  Edward
    W. KisselEdward
    W. Kissel

Director

November 13, 2008 30




---



##### Table of Contents



Signature

Title

Date/s/  Stephen
    E. MyersStephen
    E. Myers

Director

November 13, 2008/s/  John
    C. OrrJohn
    C. Orr

President, Chief Executive Officer and Director (Principal
    Executive Officer)

November 13, 2008/s/  Richard
    L. OsborneRichard
    L. Osborne

Director

November 13, 2008/s/  Jon
    H. OutcaltJon
    H. Outcalt

Director

November 13, 2008  31