Summa Reports 1st Quarter Earnings TORRANCE, Calif., Dec. 23
/PRNewswire-FirstCall/ -- Summa Industries (NASDAQ:SUMX) reports
net income of $610,000, or $.15 per share, on sales of $28,238,000
for the three months ended November 30, 2004, versus net income of
$830,000, or $.15 per share, on sales of $25,926,000 for the three
months ended November 30, 2003. Three months ended November 30 2004
2003 Sales $28,238,000 $25,926,000 Net income $610,000 $830,000
Diluted earnings per share $.15 $.15 A conference call to discuss
the results will be held at 9:00 a.m., Pacific Time, Thursday,
December 23, 2004. The call-in number is (800) 967-7185. The
conference call will also be simulcast and archived by
http://www.vcall.com/. Summa Industries manufactures proprietary
engineered plastic products for a broad spectrum of industrial and
commercial markets. The Company has manufacturing facilities across
North America. Products, many of which are unique or patented, are
shipped to customers worldwide. For further information, contact
Jim Swartwout, (310) 792-7024; Fax (310) 792-7079;
http://www.summaindustries.com/; or . Summa Industries CONDENSED
CONSOLIDATED BALANCE SHEETS ASSETS November 30, August 31, November
30, 2003 2004 2004 Current assets: Cash $297,000 $1,248,000
$832,000 Accounts receivable 15,681,000 18,227,000 16,371,000
Inventories 13,198,000 14,749,000 15,118,000 Prepaid expenses and
other 3,060,000 3,782,000 4,512,000 Total current assets 32,236,000
38,006,000 36,833,000 Property, plant and equipment, net 25,624,000
31,053,000 33,086,000 Goodwill and other assets, net 11,879,000
11,058,000 11,026,000 Total assets $69,739,000 $80,117,000
$80,945,000 LIABILITIES AND STOCKHOLDERS' EQUITY Current
liabilities: Accounts payable $6,149,000 $9,088,000 $6,543,000
Accrued liabilities 4,504,000 7,429,000 6,744,000 Current
maturities of long-term debt 3,448,000 2,195,000 2,702,000 Total
current liabilities 14,101,000 18,712,000 15,989,000 Long-term
debt, net of current maturities 16,247,000 28,663,000 31,591,000
Other long-term liabilities 2,594,000 2,508,000 2,500,000
Manditorily redeemable preferred stock 6,287,000 --- --- Minority
interest in subsidiary --- 205,000 205,000 Total stockholders'
equity 30,510,000 30,029,000 30,660,000 Total $69,739,000
$80,117,000 $80,945,000 Summa Industries CONDENSED CONSOLIDATED
INCOME STATEMENTS Three months ended November 30 2003 2004 Net
sales $25,926,000 $28,238,000 Cost of sales 19,555,000 21,793,000
Gross profit 6,371,000 6,445,000 Selling, general, administrative
and other expenses 4,820,000 5,118,000 Operating income 1,551,000
1,327,000 Interest expense 305,000 367,000 Income before income
taxes 1,246,000 960,000 Provision for income taxes 416,000 350,000
Net income $830,000 $610,000 Preferred stock accretion $184,000
$--- Net income available to stockholders: $646,000 $610,000
Earnings per common share Basic $.15 $.15 Diluted $.15 $.15
Weighted average common shares outstanding Basic 4,287,000
3,984,000 Diluted 4,355,000 4,064,000 DATASOURCE: Summa Industries
CONTACT: Jim 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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