Summa Industries Announces 3rd Quarter Earnings

TORRANCE, Calif., June 23  /PRNewswire-FirstCall/ -- Summa Industries (NASDAQ:SUMX) reports net income from continuing operations of $927,000, or $.23 per common share, on sales of $30,407,000 for the three months ended May 31, 2006, versus $883,000, or $.22 per common share, on sales of $28,808,000 for the three months ended May 31, 2005.

                      Three months ended May 31    Nine months ended May 31
                         2006         2005           2006           2005

  Sales               $30,407,000  $28,808,000    $85,657,000   $80,982,000
  Income from
   continuing
   operations            $927,000     $883,000     $2,681,000    $2,435,000
  Net (loss) from
   discontinued
   operations                 ---    $(375,000)     $(405,000)  $(1,041,000)
  Net income             $927,000     $508,000     $2,276,000    $1,394,000

  Diluted earnings per
   share:
    Continuing operations   $0.23        $0.22          $0.68         $0.60
    Discontinued operations   ---       $(0.09)        $(0.10)       $(0.26)
    Net income              $0.23        $0.13          $0.58         $0.34





A conference call to discuss the results will be held at 9:00 a.m., Pacific Time, Friday, June 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 at http://www.vcall.com/IC/CEPage.asp?ID=105579.

For further information, contact James R. Swartwout, [phone]; Fax [phone];  or visit http://www.summaindustries.com/.

                             Summa Industries
                  CONDENSED CONSOLIDATED BALANCE SHEETS
                               (unaudited)


  ASSETS                                 May 31,     August 31,     May 31,
                                          2005          2005         2006
  Current assets:
  Cash and cash equivalents            $1,027,000    $1,233,000   $1,680,000
  Accounts receivable                  18,761,000    16,919,000   18,736,000
  Inventories                          15,638,000    12,665,000   16,029,000
  Prepaid expenses and other            3,895,000     3,471,000    3,350,000
  Assets held for sale                        ---     3,641,000          ---
  Total current assets                 39,321,000    37,929,000   39,795,000
  Property, plant and equipment, net   32,227,000    29,213,000   24,920,000
  Goodwill and other assets, net       10,894,000    10,435,000   10,800,000
  Assets held for sale                        ---     2,458,000    1,961,000
  Total assets                        $82,442,000   $80,035,000  $77,476,000
  LIABILITIES AND STOCKHOLDERS'
   EQUITY
  Current liabilities
  Accounts payable                     $9,909,000    $8,731,000   $9,928,000
  Accrued liabilities                   5,429,000     5,774,000    7,362,000
  Current maturities of long-term debt  4,178,000     3,069,000    2,783,000
  Bank line of credit                         ---           ---   12,282,000
  Liabilities held for sale                   ---     1,280,000          ---
  Total current liabilities            19,516,000    18,854,000   32,355,000
  Long-term debt, net of current
   maturities                          29,157,000    27,520,000    9,902,000
  Other long-term liabilities           2,448,000     2,441,000    3,128,000
  Minority interest in subsidiary         155,000       132,000       91,000
  Total stockholders' equity           31,166,000    31,088,000   32,000,000
  Total liabilities and stockholders'
   equity                             $82,442,000   $80,035,000  $77,476,000



                             Summa Industries
                 CONDENSED CONSOLIDATED INCOME STATEMENTS
                               (unaudited)


                        Three months ended May 31   Nine months ended May 31
                           2005          2006         2005         2006

  Net sales             $28,808,000  $30,407,000  $80,982,000  $85,657,000
  Cost of sales          22,178,000   23,217,000   61,968,000   65,128,000
  Gross profit            6,630,000    7,190,000   19,014,000   20,529,000
  Selling, general,
   administrative and
   other expenses         4,888,000    5,200,000   14,243,000   15,092,000
  (Gain) on sale of
    real estate                 ---          ---      (43,000)    (205,000)

  Operating income        1,742,000    1,990,000    4,814,000    5,642,000
  Interest expense          407,000      534,000    1,124,000    1,506,000
  Income from continuing
   operations before
   income taxes and
   minority interest      1,335,000    1,456,000    3,690,000    4,136,000
  Provision for income
   taxes                    469,000      533,000    1,305,000    1,496,000
  Income from continuing
   operations before
   minority interest        866,000      923,000    2,385,000    2,640,000
  Minority interest in
   net loss of subsidiary    17,000        4,000       50,000       41,000
  Income from continuing
   operations               883,000      927,000    2,435,000    2,681,000
  (Loss) from discontinued
    operations, net of tax
    benefit of $191,000,
    $---, $532,000 and
    $208,000               (375,000)         ---   (1,041,000)    (405,000)

  Net income               $508,000     $927,000   $1,394,000   $2,276,000
  Earnings (loss) per
   common share:
  Basic
    Continuing operations     $0.22        $0.24        $0.61        $0.68
    Discontinued operations  ($0.09)         ---       ($0.26)      ($0.10)
    Net income                $0.13        $0.24        $0.35        $0.58
  Diluted
    Continuing operations     $0.22        $0.23        $0.60        $0.68
    Discontinued operations  $(0.09)         ---       $(0.26)      $(0.10)
    Net income                $0.13        $0.23        $0.34        $0.58
  Weighted average common
   shares outstanding:
    Basic                 3,984,000    3,895,000    3,990,000    3,905,000
    Diluted               4,038,000    3,963,000    4,060,000    3,950,000


DATASOURCE: Summa Industries



CONTACT:  James R. Swartwout of Summa Industries, [phone], or

fax, [phone], 

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