Summa Industries Announces 2nd Quarter Results

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, [phone]; Fax [phone];  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, [phone], or

fax, [phone], 



Web site:  http://www.summaindustries.com/ 

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