Summa Industries Announces Preliminary 4th Quarter and Year-End
Results TORRANCE, Calif., Oct. 8 /PRNewswire-FirstCall/ -- Summa
Industries (NASDAQ:SUMX) reports preliminary unaudited earnings of
$698,000, or $.17 per common share, on sales of $30,773,000 for the
three months ended August 31, 2004, versus earnings of $948,000, or
$.18 per common share, on sales of $26,688,000 for the three months
ended August 31, 2003. Three months ended August 31 Years ended
August 31 2004 2003 2004 2003 Sales $30,773,000 $26,688,000
$116,404,000 $111,140,000 Income before cumulative effect of a
change in accounting principle $698,000 $948,000 $3,371,000
$3,558,000 Diluted EPS before cumulative effect of a change in
accounting principle $.17 $.18 $.68 $.63 The fiscal 2004 income tax
provision as reflected in the preliminary earnings is under
continuing review. A conference call to discuss the results will be
held at 9:00 a.m., Pacific Time, Friday, October 8, 2004. The
call-in number is (800) 310-1961 and the passcode is 954077. 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/.
Statements in this news release which relate to future plans,
financial results or projections, events or performance are
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended, and fall under the
safe harbor. These forward-looking statements include, but are not
limited to, statements regarding the adequacy of the Company's
provision for taxes currently under audit, anticipated audited
financial results for the Company, completion of the audit for
fiscal 2004 and the results and timing thereof. Actual results
could differ materially from those anticipated in the
forward-looking statements as a result of a number of factors,
including, but not limited to additional unforeseen adjustments to
the Company's provisions for taxes, preliminary earnings and/or
balance sheet based on the audit, continued delay in completion of
the audit, and other risks and uncertainties described in detail
under "Risk Factors" in Summa's Annual Report on Form 10-K for the
fiscal year ended August 31, 2003. Summa Industries CONDENSED
CONSOLIDATED BALANCE SHEETS (unaudited) ASSETS August 31, 2003
August 31, 2004 Current assets: Cash and cash equivalents $380,000
$1,248,000 Accounts receivable 15,729,000 18,227,000 Inventories
11,645,000 14,749,000 Prepaid expenses and other 2,710,000
3,802,000 Total current assets 30,464,000 38,026,000 Property,
plant and equipment, net 26,112,000 31,053,000 Other assets
2,518,000 1,090,000 Goodwill and other intangibles, net 9,422,000
9,254,000 Total assets $68,516,000 $79,423,000 LIABILITIES AND
STOCKHOLDERS' EQUITY Current liabilities: Accounts payable
$5,302,000 $9,088,000 Accrued liabilities 5,015,000 6,735,000
Current maturities of long-term debt 3,896,000 2,195,000 Total
current liabilities 14,213,000 18,018,000 Long-term debt, net of
current maturities 16,219,000 28,663,000 Other long-term
liabilities 2,601,000 2,508,000 Total long-term liabilities
18,820,000 31,171,000 Mandatorily redeemable convertible preferred
stock 6,103,000 -- Minority interest in subsidiary -- 205,000 Total
stockholders' equity 29,380,000 30,029,000 Total liabilities and
stockholders' equity $68,516,000 $79,423,000 Summa Industries
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) Three
months ended August 31 Years ended August 31 2003 2004 2003 2004
Net sales $26,688,000 $30,773,000 $111,140,000 $116,404,000 Cost of
sales 20,270,000 23,615,000 83,336,000 88,522,000 Gross profit
6,418,000 7,158,000 27,804,000 27,882,000 Selling, general,
administrative and other expenses 4,681,000 5,560,000 21,005,000
21,027,000 Operating income 1,737,000 1,598,000 6,799,000 6,855,000
Interest expense 314,000 375,000 1,481,000 1,585,000 Income before
income taxes and cumulative effect of a change in accounting
principle 1,423,000 1,223,000 5,318,000 5,270,000 Provision for
income taxes 475,000 525,000 1,760,000 1,899,000 Income before
cumulative effect of a change in accounting principle 948,000
698,000 3,558,000 3,371,000 Cumulative effect of a change in
accounting principle -- -- (22,343,000) -- Net income (loss)
$948,000 $698,000 $(18,785,000) $3,371,000 Preferred stock
accretion $184,000 $-- $737,000 $450,000 Net income available to
common stockholders: before cumulative effect of a change in
accounting principle $764,000 $698,000 $2,821,000 $2,921,000 after
cumulative effect of a change in accounting principle $764,000
$698,000 $(19,522,000) $2,921,000 Earnings per common share before
cumulative effect of a change in accounting principle Basic $.18
$.18 $.65 $.69 Diluted $.18 $.17 $.63 $.68 Earnings (loss) per
common share after cumulative effect of a change in accounting
principle Basic $.18 $.18 $(4.48) $.69 Diluted $.18 $.17 $(4.48)
$.68 Weighted average common shares outstanding Basic 4,426,000
3,971,000 4,359,000 4,215,000 Diluted 4,308,000 4,074,000 4,449,000
4,297,000 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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