Investor presentation november 2014

1. November
2014
Myers
Industries,
Inc.
Investor
Presenta4on

2. Forward-­‐looking
Statements
Statements in this presentation concerning the Company’s goals, strategies, and expectations for business and financial results
may be "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and are based on
current indicators and expectations. Whenever you read a statement that is not simply a statement of historical fact (such as when
we describe what we "believe," "expect," or "anticipate" will occur, and other similar statements), you must remember that our
expectations may not be correct, even though we believe they are reasonable. We do not guarantee that the transactions and
events described will happen as described (or that they will happen at all). You should review this presentation with the
understanding that actual future results may be materially different from what we expect. Many of the factors that will determine
these results are beyond our ability to control or predict. You are cautioned not to put undue reliance on any forward-looking
statement. We do not intend, and undertake no obligation, to update these forward-looking statements. These statements involve
a number of risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the
applicable statements. Such risks include:
(1) Changes in the markets for the Company’s business segments
(2) Changes in trends and demands in the markets in which the Company competes
(3) Unanticipated downturn in business relationships with customers or their purchases
(4) Competitive pressures on sales and pricing
(5) Raw material availability, increases in raw material costs, or other production costs
(6) Harsh weather conditions
(7) Future economic and financial conditions in the United States and around the world
(8) Inability of the Company to meet future capital requirements
(9) Claims, litigation and regulatory actions against the Company
(10) Changes in laws and regulations affecting the Company
(11) The Company’s ability to execute the components of its Strategic Business Evolution process
Myers Industries, Inc. encourages investors to learn more about these risk factors. A detailed
explanation of these factors is available in the Company’s publicly filed quarterly and annual reports,
which can be found online at www.myersind.com and at the SEC.gov web site.
2

3. Why
Myers
3
• Significant
progress
in
streamlining
business
• Enhanced
plaIorm
to
accelerate
growth
• Strong
market
posi4ons;
plan
to
further
penetrate
expansion
markets
• Financially
strong;
disciplined
capital
deployment
• Dedicated
to
enhancing
shareholder
value

4. 4
Company
at
a
Glance
Material Handling Distribution
Two core businesses and repor0ng
segments:
Material Handling
• Polymer-­‐based
returnable
packaging
• Polymer-­‐based
storage
and
safety
products
• Specialty
molding
Distribu0on
• Largest
wholesale
distributor
of
tools,
supplies
and
equipment
for
the
4re,
wheel
and
undervehicle
service
segment
industry;
parts
produc4on
• Manufacturer
of
repair
and
retread
products
74%
26%
2013
Net
Sales*
70%
30%
2013
Adjusted
EBIT*
Material Handing | Distribu0on
• Data
has
been
updated
to
reflect
discon4nued
opera4ons
presenta4on,
segment
realignment
completed
in
June
2014,
and
inclusion
of
Scepter
Corpora4on
Group’s
2013
sales
and
EBIT.

5. Business
Segments
Material
Handling
Manufacturing
Distribu4on
5

6. Growth
Drivers
6
Net
Sales
Growth
+
• Select investments and acquisitions
• Richer product mix
• New markets and geographies
Profitability
+
• Optimize capacity
• Drive greater operating efficiency
• Enhance product mix
Free
Cash
Flow
• Sales growth and profitability improvement
• Capital discipline

7. Strategic
&
Financial
Goals
Strategic
Goals
• Focus on markets
that
have
strong,
sustainable
growth
and
profit
poten4al
• Material Handling:
• Liquid/Semi-­‐liquid
food
products
• Bulk
packaging
of
dry,
granular
flowable
products
• Acquisi4ons
• Distribu0on:
• Auto
dealer
4re
market
• Value
chain
strategic
customer
partnerships
• E-­‐Commerce
• Strategic
geographic
acquisi4ons
• Invest within
our
growth
plaIorms
for
value
crea4on
• Drive
earnings
growth
faster
than
sales
growth
• Maintain
a
strong
and
flexible
balance
sheet
7
Financial
Goals
• Sales Growth > 2.0x GDP
• Gross Margin > 30%
• EPS Growth > 20% CAGR
• Free Cash Flow ≥ 100% of Net
Income
• ROIC > Cost of Capital
• InnovaDon/NPD > 10% of Sales
• Ops Excellence Savings = 3% of
COGS (gross)

8. Recent
Announcements
&
Events
• Acquisi4on
of
Scepter
• Commencement
of
the
sale
of
the
Lawn
&
Garden
Segment
• Two-­‐phase
restructuring
complete
• Engaged
William
Blair
to
assist
with
the
sale
process
• Expect
the
sale
to
be
completed
by
mid-­‐2015
• Reported
as
discon4nued
opera4ons
• Sale
of
WEK
Industries,
Inc.
to
Industrial
Opportunity
Partners
for
≈
$20
million
–
reported
as
discon4nued
opera4ons
• Segment
repor4ng
realignment
• Two
reportable
segments
from
four
• Material
Handling
• Distribu4on
8

9. Growth
PlaIorms
We
will
con4nuously
upgrade
Myers’
performance
through:
Disciplined Por;olio Management and
Investment in Profitable Growth
9
Pla;orm Growth
2012-­‐2014
Acquisi0ons
Material Handling
Returnable
Packaging
Drive
conversions
to
reusable
products
through
further
penetra4on
of
exis4ng
growth
markets,
new
end
markets
and
broader
geographic
reach.
Novel/
Scepter
Storage & Safety
Products
Further
grow
plaIorm
with
acquisi4ons.
Strengthen
compe44ve
advantage
through
distribu4on
channels.
Jamco
Products
Inc.
Specialty Molding
Expand
our
capabili4es
to
further
grow
our
posi4ons
in
Marine
and
RV.
Scepter
Distribu0on
Tire Supply
Distribu0on
Grow
through
market
reach,
innova4ve
products
and
expanded
global
sourcing.
Tire Repair &
Retread Products
Leverage
product
and
customer
exper4se
to
grow
niche
market.

10. Scepter
Acquisi4on
Overview
• Completed
acquisi4on
of
Scepter
Corpora4on
(Canadian
company)
and
Scepter
Manufacturing,
LLC
(US
company),
a
manufacturer
of
polymer
products,
July
2,
2014
• Grows
Material
Handling
Segment
with
adjacent
products
and
technologies,
and
expands
end
markets
and
geographic
reach
10

11. Transac4on
Summary
Structure
• Purchase
price
$157M
• Increased
senior
secured
revolving
credit
facility
to
$300M
to
fund
acquisi4on
• Proceeds
from
the
dives4ture
of
Lawn
&
Garden
Segment
will
be
used
to
pay
down
debt
• Closed
July
2,
2014
Financial
Contribu4on
• Sales
in
2013
of
$94.8M
• EBIT
in
2013
of
$16.7M;
EBITDA
in
2013
of
$21.9M
• Increases
Material
Handling
2013
revenue
by
25%
• An4cipate
realizing
synergies
of
more
than
$2M
annually
• Expected
returns
>
cost
of
capital
• Immediate
contribu4on
to
adjusted
EPS
11

12. Strong
Combined
PlaIorm
for
Growth
Myers Scepter New Myers
Returnable
packaging
ü ü ü
Storage
and
safety
ü ü
Specialty
molding
ü ü ü
Industrial
ü ü ü
Marine
ü ü ü
Consumer
ü ü
Military
ü ü
North
America
ü ü ü
La4n
America
ü ü
12

13. Lawn
&
Garden
Segment
• Completed
mul4-­‐phase
restructuring
of
the
segment
in
1H
2014
• Announced
commencement
of
the
sale
of
Lawn
&
Garden
Segment
June
2,
2014
• As
of
second
quarter
2014,
the
Lawn
&
Garden
Segment
is
being
reported
as
discon4nued
opera4ons
• Expect
sale
to
be
completed
by
mid-­‐2015
13

14. Progress
Towards
Financial
Goals
14
Key Accomplishment Metrics
Metric Goal 2013(4) 2012(4)
Sales Growth(1) > 2.0x GDP 7.2% 7.2%
Gross Profit Margin > 30% 29.0% 30.0%
Adjusted EPS Growth* >20% CAGR 28.3% 89.0%
Free Cash Flow ≥ 100% of Net Income 205% 90%
ROIC(2) > 10% 17% 15%
Innovation / NPD(3) >10% of Sales 7% 7%
Operations Excellence Savings 3% of COGS (gross) 2% 3%
(1) Using real GDP forecasted and actual growth rates, 2.0x GDP growth = 4.4% and 4.6% for 2013 and 2012 respectively.
(2) ROIC = Net Operating Profit After Tax/(Debt + Equity).
(3) NPD = New Product Development calculation based on products/services introduced within the last three years.
(4) 2013 and 2012 reflect discontinued operations presentation and do not include Scepter acquisition completed in 2014.

15. Solid
Cash
Flow
Genera4on
Free
Cash
Flow
$31
$1 8
$29
$55
As Reported Continuing
$77
$20
$57
$25
$42
$24
$54
$(Millions)
$100
$80
$60
$40
$20
$0
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
15
Notes:
1) Free
cash
flow
calculated
as
cash
flow
from
con4nuing
opera4ons
less
capital
expenditures.
2) Years
2012
and
2013
have
been
adjusted
to
reflect
discon4nued
opera4ons
presenta4on.
Genera4ng
Free
Cash
Flow,
Inves4ng
for
the
Future
and
Returning
Cash
to
Shareholders
Operations

16. Strong
&
Flexible
Balance
Sheet
16
Net
Debt-­‐to-­‐Capital
70%
60%
50%
40%
30%
20%
10%
$300
$250
$200
$150
$100
$50
Notes:
1) Net
Debt-­‐to-­‐Capital
ra4o
calculated
as
net
debt/(net
debt+equity).
2) Net
Debt
at
September
30,
2014
was
$268.5M.
Available
liquidity
at
September
30,
2014
was
$117.8M.
3) Data
has
not
been
adjusted
to
reflect
discon4nued
opera4ons.
Maintaining
strong
balance
sheet
for
investments
and
returning
capital
to
shareholders
44%
41%
41%
34%
39%
28%
27%
25%
28%
14%
60%
0%
$0
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
Q3
2014
Net
Debt
($
Millions)
Net
Debt-­‐to-­‐Capital

17. Balanced
Approach
to
Capital
Alloca4on
17
InvesDng for the future and returning cash to
shareholders
Organic
Growth
• Reinvest
in
business
• New
product
development
• Process
improvements
Growth
Through
Acquisi4ons
• Core
markets
• Adjacencies
Return
Capital
to
Shareholders
• Dividends
• Share
repurchases
• Debt
reduc4on

18. Returning
Cash
to
Shareholders
• Increasing
• Increased
• Buying
• Invested
• Invested
• 4.9
$0.07
Back
Shares
million
shares
remaining
in
Board
authoriza4on
(as
of
9-­‐30-­‐14)
$0.07
Dividends
Q1
2014
quarterly
dividend
by
44%
to
$0.13
per
share
$33M
to
buy
back
2.8M
shares
from
2011
to
2013
$48M
to
buy
back
2.3M
shares
YTD
September
2014
$0.08
$0.09
$0.1 3
$0.1 3
$0.1 1
$0.09
$0.07
$0.05
$0.03
2010 201 1 201 2 201 3 201 4
18
Quarterly Dividends Paid
$Millions Invested in Share Repurchases
$0.0
$21 .0
$4.2
$8.1
$48.0
$60.0
$50.0
$40.0
$30.0
$20.0
$1 0.0
$0.0
2010 2011 2012 2013 YTD Sept
2014
Notes
re:
quarterly
dividends:
1)
Above
adjusted
for
stock
dividends
and
splits
in
2000,
2001,
2002
and
2004.
2)
In
2007
there
was
an
addi4onal
special
dividend
(not
shown
above)
of
$0.28
or
$9.9M
accrued
but
not
paid
un4l
2008,
resul4ng
from
a
merger
termina4on
payment.

19. Why
Myers
19
• Significant
progress
in
streamlining
business
• Enhanced
plaIorm
to
accelerate
growth
• Strong
market
posi4ons;
plan
to
further
penetrate
expansion
markets
• Financially
strong;
disciplined
capital
deployment
• Dedicated
to
enhancing
shareholder
value

20. Appendix
20

21. Management
Team
John
C.
Orr,
President
&
Chief
Execu4ve
Officer
• Named
President
and
CEO
May
2005
• Previously
President
and
COO,
responsible
for
global
manufacturing
and
distribu4on
• Prior
General
Manager
of
Buckhorn
• Previous
28
years
with
Goodyear,
including
Vice
President
of
Manufacturing
for
North
America
and
Director
of
Manufacturing
for
La4n
America
Division
Gregg
Branning,
SVP,
Chief
Financial
Officer
&
Corporate
Secretary
• Joined
Myers
as
CFO
in
September
2012
• Previously
VP
of
Finance
and
CFO
of
Danaher
subsidiary,
Thomson
Industries,
a
global
industrial
manufacturing
business
• Prior
President
of
Danaher
subsidiary,
Accu-­‐Sort,
global
developer
and
manufacturer
of
technological
products;
also
CFO
of
Joslyn
Hi-­‐Voltage
• Prior
to
Danaher,
13
years
with
Hamilton
Sundstrand
&
7
in
public
accoun4ng
21
More than 100 Years of Experience in Manufacturing

22. Management
Team
22
More than 100 Years of Experience in Manufacturing
Joel
Grant,
SVP
&
General
Manager,
Material
Handling
Segment
• Named
VP
&
General
Manager,
Material
Handling
Segment
in
November
of
2010,
with
his
4tle
changing
to
Senior
VP
&
General
Manager
in
July
of
2011
• Previously
Managing
Director
of
Material
Handling
&
GM
of
Buckhorn
• Prior
Director
of
Opera4ons
of
Material
Handling,
Director
of
Sales
&
Marke4ng,
Buckhorn,
and
Director
of
Sales,
Buckhorn
• Over
13
years
of
experience
with
the
Sonoco
Products
Company
and
seven
years
with
Con4nental
Group
of
New
York
(division
sold
to
Sonoco
Products)
Alex
Williamson,
VP
&
General
Manager,
Distribu4on
Segment
• Joined
Myers
as
VP
&
General
Manager,
Distribu4on
Segment
in
June
2014
• Previously
Co-­‐President
of
Seaman
Corpora4on
• Held
senior
leadership
posi4ons
at
Noveon
Inc.
(now
Lubrizol)
• Over
24
years
of
experience
in
business
management
and
an
extensive
background
in
marke4ng,
sales,
chemistry,
and
product
engineering

23. Market
Indicators
Material Handling
Sources: U.S. Census Business and Industry - August 2014
MHI MHEM Forecast – July 2014
23
Sources: RVIA Forecasts, August 2014; FRB G17 Release, July 2014

24. Market
Indicators
Distribution
24
Source: JP Morgan, RMA, Energy Information Administration, August 2014

25. Reconcilia4on
of
Non-­‐GAAP
Measures
25
RECONCILIATION OF NON-­‐GAAP FINANCIAL MEASURES
COMBINED STATEMENTS OF INCOME (UNAUDITED)
Year Ended
December 31
2013
SCEPTER CORPORATION GROUP
(Dollars in thousands)
Net Income $
11,754
Add:
interest
expense
671
Add:
income
tax
expense
4,309
EBIT* $
16,734
Add:
depreciation
4,170
Add:
depreciation
of
administrative
assets
521
Add:
amortization
of
intangible
assets
482
EBITDA* $
21,907
*EBIT and EBITDA are not defined terms under U.S. generally accepted accounting principles (non-­‐
GAAP measures). Non-­‐GAAP measures should not be considered in isolation or as a substitute for net
income, cash flow or total debt figures prepared in accordance with GAAP and may not be
comparable
to
similarly
titled
measures
calculated
by
other
companies.

26. Reconcilia4on
of
Non-­‐GAAP
Measures
26
MYERS INDUSTRIES, INC.
RECONCILIATION OF NON-­‐GAAP FINANCIAL MEASURES
INCOME (LOSS) BEFORE TAXES BY SEGMENT (UNAUDITED)
(Dollars in thousands, except per share data)
Three Months Ended Three Months Ended Three Months Ended Three Months Ended Six Months Ended Nine Months Ended Year Ended
March 31 June 30 September 30 December 31 June 30 September 30 December 31
2013 2013 2013 2013 2013 2013 2013
Material Handling
Income
before
income
taxes
as
reported $
11,482 $
13,358 $
12,085 $
10,503 $
24,840 $
36,925 $
47,428
Restructuring
expenses
and
other
adjustments
209
16
-­‐
-­‐
225
225
225
Income
before
income
taxes
as
adjusted
11,691
13,374
12,085
10,503
25,065
37,150
47,653
Distribution
Income
before
income
taxes
as
reported
5,287
6,043
6,287
4,110
11,330
17,617
21,727
Restructuring
and
other
adjustments
74
18
25
76
92
117
193
Income
before
income
taxes
as
adjusted
5,361
6,061
6,312
4,186
11,422
17,734
21,920
Corporate and interest expense
(Loss)
before
income
taxes
as
reported
(7,734)
(7,899)
(7,220)
(6,517)
(15,633)
(22,853)
(29,370)
Other
adjustments
17
-­‐
-­‐
-­‐
17
17
17
(Loss)
before
income
taxes
as
adjusted
(7,717)
(7,899)
(7,220)
(6,517)
(15,616)
(22,836)
(29,353)
Continuing operations
Income
from
continuing
operations
before
income
taxes
as
reported
9,035
11,502
11,152
8,096
20,537
31,689
39,784
Restructuring
expenses
and
other
adjustments
300
34
25
76
334
359
435
Income
from
continuing
operations
before
income
taxes
as
adjusted
9,335
11,536
11,177
8,172
20,871
32,048
40,219
Income
tax
expense
3,454
4,268
4,136
2,942
7,722
11,858
14,479
Income
from
continuing
operations
as
adjusted
5,881
7,268
7,042
5,230
13,149
20,190
25,740
Discontinued operations
Income
(loss)
from
discontinued
operations
before
income
taxes
as
reported
3,118
500
(188)
(3,824)
3,618
3,430
(394)
Restructuring
expenses
and
other
adjustments
406
736
1,141
9,315
1,142
2,283
11,598
Loss
on
disposal
of
assets
616
616
616
616
Depreciation
recapture
-­‐
-­‐
1,264
-­‐
-­‐
1,264
1,264
Income
from
discontinued
operations
before
income
taxes
as
adjusted
3,524
1,852
2,217
5,491
5,376
7,593
13,084
Income
tax
expense
1,304
685
820
1,977
1,989
2,809
4,710
Income
from
discontinued
operations
as
adjusted
2,220
1,167
1,397
3,515
3,387
4,783
8,374
Consolidated
Net
income
as
adjusted $
8,101 $
8,435 $
8,439 $
8,744 $
16,536 $
24,974 $
34,114
Adjusted
earnings
per
diluted
share
from
continuing
operations $
0.17 $
0.21 $
0.21 $
0.15 $
0.39 $
0.59 $
0.75
Adjusted
earnings
per
diluted
share
from
discontinued
operations
0.07
0.04
0.04
0.10
0.10
0.14
0.25
Adjusted
earnings
per
diluted
share $
0.24 $
0.25 $
0.25 $
0.26 $
0.49 $
0.73 $
1.00
Note:
His torical
information
has
been
adjus ted
to
reflect
dis continued
operations
presentation
and
the
segment
realignment
completed
in
June
2014.
Note on Reconciliation of Income and Earnings Data: Income (los s ) excluding the items mentioned in this reconciliation chart is a non-­‐GAAP financial measure that Myers Indus tries , Inc. calculates according to the schedule above, using GAAP amounts from the unaudited Condensed
Consolidated Financial Statements . The Company believes that the excluded items are not primarily related to core operational activities . The Company believes that income (los s ) excluding items that are not primarily related to core operating activities is generally viewed as
providing useful information regarding a company's operating performance. Management uses income (los s ) excluding these items as well as other financial measures in connection with its decision-­‐making activities . Income (los s ) excluding these items should not be cons idered
in isolation or as a subs titute for net income (los s ), income (los s ) before taxes or other consolidated income data prepared in accordance with GAAP. The Company's method for calculating income (los s ) excluding these items may not be comparable to methods used by other
companies .

27. Reconcilia4on
of
Non-­‐GAAP
Measures
27
MYERS INDUSTRIES, INC.
RECONCILIATION OF NON-­‐GAAP FINANCIAL MEASURES
INCOME (LOSS) BEFORE TAXES BY SEGMENT (UNAUDITED)
(Dollars in thousands, except per share data)
Three Months Ended Three Months Ended Three Months Ended Three Months Ended Six Months Ended Nine Months Ended Year Ended
March 31 June 30 September 30 December 31 June 30 September 30 December 31
201 2 201 2 201 2 201 2 201 2 201 2 201 2
Material Handling
Income
before
income
taxes
as
reported $
14,395 $
10,480 $
13,633 $
12,788 $
24,875 $
38,508 $
51,296
Restructuring
expenses
and
other
adjustments
-­‐
-­‐
-­‐
168
-­‐
-­‐
168
Income
before
income
taxes
as
adjusted
14,395
10,480
13,633
12,956
24,875
38,508
51,464
Distribution
Income
before
income
taxes
as
reported
5,011
6,274
5,755
5,542
11,285
17,040
22,582
Gain
on
sale
of
buildings
(310)
(70)
(460)
(310)
(380)
(840)
Restructuring
and
other
adjustments
430
54
235
10
484
719
729
Income
before
income
taxes
as
adjusted
5,441
6,018
5,920
5,092
11,459
17,379
22,471
Corporate and interest expense
(Loss)
before
income
taxes
as
reported
(6,264)
(7,130)
(10,096)
(8,192)
(13,394)
(23,490)
(31,682)
Other
adjustments
-­‐
-­‐
1,486
318
-­‐
1,486
1,804
(Loss)
before
income
taxes
as
adjusted
(6,264)
(7,130)
(8,610)
(7,874)
(13,394)
(22,004)
(29,878)
Continuing operations
Income
from
continuing
operations
before
income
taxes
as
reported
13,142
9,625
9,292
10,138
22,766
32,058
42,196
Gain
on
sale
of
building
-­‐
(310)
(70)
(460)
(310)
(380)
(840)
Restructuring
expenses
and
other
adjustments
430
54
1,721
496
484
2,205
2,701
Income
from
continuing
operations
before
income
taxes
as
adjusted
13,572
9,369
10,943
10,174
22,940
33,883
44,057
Income
tax
expense
5,293
3,560
4,158
3,764
8,717
12,876
16,301
Income
from
continuing
operations
as
adjusted
8,279
5,809
6,785
6,409
14,223
21,008
27,756
Discontinued operations
Income
(loss)
from
discontinued
operations
before
income
taxes
as
reported
2,894
(686)
(713)
3,650
2,207
1,494
5,144
Restructuring
expenses
and
other
adjustments
126
517
868
301
643
1,511
1,812
Income
(loss)
from
discontinued
operations
before
income
taxes
as
adjusted
3,020
(169)
155
3,951
2,850
3,005
6,956
Income
tax
expense
(benefit)
1,178
(64)
59
1,462
1,083
1,142
2,574
Income
(loss)
from
discontinued
operations
as
adjusted
1,842
(105)
96
2,489
1,767
1,863
4,382
Consolidated
Net
income
as
adjusted $
10,121 $
5,704 $
6,881 $
8,898 $
15,990 $
22,871 $
32,138
Adjusted
earnings
per
diluted
share
from
continuing
operations $
0.25 $
0.17 $
0.20 $
0.19 $
0.42 $
0.62 $
0.81
Adjusted
earnings
per
diluted
share
from
discontinued
operations
0.05
(0.00)
0.00
0.07
0.05
0.05
0.13
Adjusted
earnings
per
diluted
share $
0.30 $
0.17 $
0.20 $
0.26 $
0.47 $
0.67 $
0.94
Note:
His torical
information
has
been
adjus ted
to
reflect
dis continued
operations
presentation
and
the
segment
realignment
completed
in
June
2014.
Note on Reconciliation of Income and Earnings Data: Income (los s ) excluding the items mentioned in this reconciliation chart is a non-­‐GAAP financial measure that Myers Indus tries , Inc. calculates according to the schedule above, using GAAP amounts from the unaudited Condensed
Consolidated Financial Statements . The Company believes that the excluded items are not primarily related to core operational activities . The Company believes that income (los s ) excluding items that are not primarily related to core operating activities is generally viewed as
providing useful information regarding a company's operating performance. Management uses income (los s ) excluding these items as well as other financial measures in connection with its decision-­‐making activities . Income (los s ) excluding these items should not be
cons idered in isolation or as a subs titute for net income (los s ), income (los s ) before taxes or other consolidated income data prepared in accordance with GAAP. The Company's method for calculating income (los s ) excluding these items may not be comparable to methods used
by
other
companies .