TORRANCE, Calif., March 23 /PRNewswire-FirstCall/ -- Summa
Industries (NASDAQ:SUMX) reports net income from continuing
operations of $716,000, or $.18 per common share, on sales of
$27,510,000 for the three months ended February 28, 2006, versus
$650,000, or $.16 per common share, on sales of $26,686,000 for the
three months ended February 28, 2005. Three months ended Six months
ended February 28 February 28 2006 2005 2006 2005 Sales $27,510,000
$26,686,000 $55,250,000 $52,174,000 Income from continuing
operations $716,000 $650,000 $1,754,000 $1,552,000 Net (loss) from
discontinued operations $(18,000) $(374,000) $(405,000) $(666,000)
Net income $698,000 $276,000 $1,349,000 $886,000 Diluted earnings
per share: Continuing operations $0.18 $0.16 $0.44 $0.38
Discontinued operations --- $(0.09) $(0.10) $(0.16) Net income
$0.18 $0.07 $0.34 $0.22 A conference call to discuss the results
will be held at 9:00 a.m., Pacific Time, Thursday, March 23, 2006.
The call-in number is 877-407-0782 (Toll Free) or 201-689-8567. The
conference call will also be simulcast and archived by
http://www.vcall.com/IC/CEPage.asp?ID=102564. 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)
February 28, August 31, February 28, ASSETS 2005 2005 2006 Current
assets: Cash and cash equivalents $930,000 $1,233,000 $1,105,000
Accounts receivable 19,251,000 16,919,000 17,633,000 Inventories
15,213,000 12,665,000 16,398,000 Prepaid expenses and other
4,188,000 3,471,000 3,874,000 Assets held for sale --- 3,641,000
--- Total current assets 39,582,000 37,929,000 39,010,000 Property,
plant and equipment, net 32,845,000 29,213,000 25,162,000 Goodwill
and other assets, net 10,969,000 10,435,000 10,325,000 Assets held
for sale --- 2,458,000 1,967,000 Total assets $83,396,000
$80,035,000 $76,464,000 LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities: Accounts payable $8,793,000 $8,731,000
$8,958,000 Accrued liabilities 5,450,000 5,774,000 6,153,000
Current maturities of long-term debt 4,955,000 3,069,000 2,940,000
Liabilities held for sale --- 1,280,000 --- Total current
liabilities 19,198,000 18,854,000 18,051,000 Long-term debt, net of
current maturities 30,603,000 27,520,000 23,857,000 Other long-term
liabilities 2,492,000 2,441,000 3,048,000 Minority interest in
subsidiary 172,000 132,000 95,000 Total stockholders' equity
30,931,000 31,088,000 31,413,000 Total liabilities and
stockholders' equity $83,396,000 $80,035,000 $76,464,000 Summa
Industries CONDENSED CONSOLIDATED INCOME STATEMENTS (unaudited)
Three months ended Six months ended February 28 February 28 2005
2006 2005 2006 Net sales $26,686,000 $27,510,000 $52,174,000
$55,250,000 Cost of sales 20,746,000 20,955,000 39,790,000
41,911,000 Gross profit 5,940,000 6,555,000 12,384,000 13,339,000
Selling, general, administrative and other expenses 4,574,000
4,919,000 9,355,000 9,892,000 (Gain) on sale of real estate --- ---
(43,000) (205,000) Operating income 1,366,000 1,636,000 3,072,000
3,652,000 Interest expense 408,000 524,000 717,000 972,000 Income
from continuing operations before income taxes and minority
interest 958,000 1,112,000 2,355,000 2,680,000 Provision for income
taxes 341,000 402,000 836,000 963,000 Income from continuing
operations before minority interest 617,000 710,000 1,519,000
1,717,000 Minority interest in net loss of subsidiary 33,000 6,000
33,000 37,000 Income from continuing operations 650,000 716,000
1,552,000 1,754,000 (Loss) from discontinued operations, net of tax
benefit of $197,000, $9,000, $341,000 and $208,000 (374,000)
(18,000) (666,000) (405,000) Net income $276,000 $698,000 $886,000
$1,349,000 Earnings (loss) per common share Basic Continuing
operations $0.16 $0.18 $0.39 $0.45 Discontinued operations $(0.09)
--- $(0.17) $(0.10) Net income $0.07 $0.18 $0.22 $0.35 Diluted
Continuing operations $0.16 $0.18 $0.38 $0.44 Discontinued
operations $(0.09) --- $(0.16) $(0.10) Net Income $0.07 $0.18 $0.22
$0.34 Weighted average common shares outstanding: Basic 4,002,000
3,893,000 3,993,000 3,910,000 Diluted 4,079,000 3,926,000 4,071,000
3,943,000 DATASOURCE: Summa Industries CONTACT: James R. Swartwout
of Summa Industries, +1-310-792-7024, or fax, +1-310-792-7079, Web
site: http://www.summaindustries.com/
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