TORRANCE, Calif., Oct. 19 /PRNewswire-FirstCall/ -- Summa
Industries (NASDAQ:SUMX) reports unaudited earnings of $164,000, or
$.04 per common share, on sales of $28,001,000 for the three months
ended August 31, 2005, versus earnings of $698,000, or $.17 per
common share, on sales of $27,883,000 for the three months ended
August 31, 2004. Three months ended August 31 Years ended August 31
2005 2004 2005 2004 Sales $28,001,000 $27,883,000 $108,983,000
$104,453,000 Income from continuing operations $525,000 $845,000
$2,960,000 $3,495,000 Net (loss) from discontinued $(361,000)
$(147,000) $(1,402,000) $(124,000) operations Net income $164,000
$698,000 $1,558,000 $3,371,000 Diluted earnings per share:
Continuing operations $0.13 $0.21 $0.73 $0.71 Discontinued
operations $(0.09) $(0.04) $(0.34) $(0.03) Net income $0.04 $0.17
$0.39 $0.68 As reported in September 2005, the Company sold certain
assets of its subsidiary, Plastron Industries, Inc., at their book
value and agreed to lease certain retained fixed assets of Plastron
to the buyer. The business comprised Summa's entire Electrical
Components segment, which is now reported as a discontinued
operation. A conference call to discuss the results will be held at
9:00 a.m., Pacific Time, Wednesday, October 19, 2005. The call-in
number is (800) 334-0872. The conference call will also be
simulcast and archived by http://www.vcall.com/. Summa Industries
manufactures proprietary plastic components for industrial and
commercial markets. For further information, contact James R.
Swartwout, (310) 792-7024; Fax (310) 792-7079; or visit
http://www.summaindustries.com/. Summa Industries CONDENSED
CONSOLIDATED BALANCE SHEETS (unaudited) August 31, 2004 August 31,
2005 ASSETS Current assets: Cash and cash equivalents $1,248,000
$1,233,000 Accounts receivable 18,227,000 16,919,000 Inventories
14,749,000 12,665,000 Prepaid expenses and other 3,782,000
3,471,000 Assets held for sale -- 6,099,000 Total current assets
38,006,000 40,387,000 Property, plant and equipment, net 31,053,000
29,213,000 Other assets 1,804,000 1,454,000 Goodwill and other
intangibles, net 9,254,000 8,981,000 Total assets $80,117,000
$80,035,000 LIABILITIES AND STOCKHOLDERS' EQUITY Current
liabilities: Accounts payable $9,088,000 $8,731,000 Accrued
liabilities 7,429,000 5,773,000 Current maturities of long-term
debt 2,195,000 3,069,000 Liabilities held for sale -- 1,280,000
Total current liabilities 18,712,000 18,853,000 Long-term debt, net
of current maturities 28,663,000 27,520,000 Other long-term
liabilities 2,508,000 2,441,000 Total long-term liabilities
31,171,000 29,961,000 Minority interest in subsidiary 205,000
133,000 Total stockholders' equity 30,029,000 31,088,000 Total
liabilities and stockholders' equity $80,117,000 $80,035,000 Summa
Industries CONDENSED CONSOLIDATED INCOME STATEMENTS (unaudited)
Three months ended August 31 Years ended August 31 2004 2005 2004
2005 Net sales $27,883,000 $28,001,000 $104,453,000 $108,983,000
Cost of sales 20,937,000 22,084,000 77,841,000 84,052,000 Gross
profit 6,946,000 5,917,000 26,612,000 24,931,000 Selling, general,
administrative and other expenses 5,156,000 4,719,000 19,660,000
18,919,000 Operating income 1,790,000 1,198,000 6,952,000 6,012,000
Interest expense 330,000 424,000 1,477,000 1,548,000 Income from
continuing operations before income taxes and minority interest
1,460,000 774,000 5,475,000 4,464,000 Provision for income taxes
615,000 272,000 1,980,000 1,577,000 Income from continuing
operations before minority interest 845,000 502,000 3,495,000
2,887,000 Minority interest in net loss of subsidiary -- 23,000 --
73,000 Income from continuing operations 845,000 525,000 3,495,000
2,960,000 Net (loss) from discontinued operations (147,000)
(361,000) (124,000) (1,402,000) Net income $698,000 $164,000
$3,371,000 $1,558,000 Preferred stock accretion -- -- $450,000 --
Net income available to common stockholders $698,000 $164,000
$2,921,000 $1,558,000 Earnings (loss) per common share Basic
Continuing operations $0.21 $0.13 $0.72 $0.74 Discontinued
operations ($0.03) ($0.09) ($0.03) ($0.35) Net income $0.18 $0.04
$0.69 $0.39 Diluted Continuing operations $0.21 $0.13 $0.71 $0.73
Discontinued operations ($0.04) ($0.09) ($0.03) ($0.34) Net income
$0.17 $0.04 $0.68 $0.39 Weighted average common shares outstanding:
Basic 3,971,000 3,947,000 4,215,000 3,979,000 Diluted 4,075,000
3,982,000 4,297,000 4,041,000 DATASOURCE: Summa Industries CONTACT:
James R. Swartwout of Summa Industries, +1-310-792-7024, or fax,
+1-310-792-7079, Web site: http://www.vcall.com/ Web site:
http://www.summaindustries.com/
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