Summa Industries Announces 4th Quarter and Year-end Results

TORRANCE, Calif., Oct. 19  /PRNewswire-FirstCall/ -- Summa Industries (NASDAQ:SUMX) reports unaudited earnings of $164,000, or $.04 per common share, on sales of $28,001,000 for the three months ended August 31, 2005, versus earnings of $698,000, or $.17 per common share, on sales of $27,883,000 for the three months ended August 31, 2004.

                 Three months ended August 31     Years ended August 31
                     2005           2004          2005           2004
   Sales         $28,001,000    $27,883,000   $108,983,000  $104,453,000
   Income
    from
    continuing
    operations      $525,000       $845,000     $2,960,000    $3,495,000
   Net (loss)
    from
    discontinued   $(361,000)     $(147,000)   $(1,402,000)    $(124,000)
    operations
   Net income       $164,000       $698,000     $1,558,000    $3,371,000
   Diluted
    earnings
    per share:
     Continuing
      operations       $0.13          $0.21          $0.73         $0.71
     Discontinued
      operations      $(0.09)        $(0.04)        $(0.34)       $(0.03)
     Net income        $0.04          $0.17          $0.39         $0.68





As reported in September 2005, the Company sold certain assets of its subsidiary, Plastron Industries, Inc., at their book value and agreed to lease certain retained fixed assets of Plastron to the buyer.  The business comprised Summa's entire Electrical Components segment, which is now reported as a discontinued operation.

A conference call to discuss the results will be held at 9:00 a.m., Pacific Time, Wednesday, October 19, 2005.  The call-in number is [phone].  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, [phone]; Fax [phone];  or visit http://www.summaindustries.com/.

                             Summa Industries
                  CONDENSED CONSOLIDATED BALANCE SHEETS
                               (unaudited)

                                      August 31, 2004      August 31, 2005
   ASSETS
   Current assets:
   Cash and cash equivalents                $1,248,000           $1,233,000
   Accounts receivable                      18,227,000           16,919,000
   Inventories                              14,749,000           12,665,000
   Prepaid expenses and other                3,782,000            3,471,000
   Assets held for sale                             --            6,099,000
   Total current assets                     38,006,000           40,387,000
   Property, plant and equipment, net       31,053,000           29,213,000
   Other assets                              1,804,000            1,454,000
   Goodwill and other intangibles, net       9,254,000            8,981,000
   Total assets                            $80,117,000          $80,035,000

   LIABILITIES AND STOCKHOLDERS' EQUITY
   Current liabilities:
   Accounts payable                         $9,088,000           $8,731,000
   Accrued liabilities                       7,429,000            5,773,000
   Current maturities of long-term debt      2,195,000            3,069,000
   Liabilities held for sale                        --            1,280,000
   Total current liabilities                18,712,000           18,853,000
   Long-term debt, net of current
    maturities                              28,663,000           27,520,000
   Other long-term liabilities               2,508,000            2,441,000
   Total long-term liabilities              31,171,000           29,961,000
   Minority interest in subsidiary             205,000              133,000
   Total stockholders' equity               30,029,000           31,088,000
   Total liabilities and
    stockholders' equity                   $80,117,000          $80,035,000



                             Summa Industries
                 CONDENSED CONSOLIDATED INCOME STATEMENTS
                               (unaudited)

                   Three months ended August 31    Years ended August 31
                        2004          2005          2004          2005
   Net sales         $27,883,000  $28,001,000  $104,453,000  $108,983,000
   Cost of sales      20,937,000   22,084,000    77,841,000    84,052,000
   Gross profit        6,946,000    5,917,000    26,612,000    24,931,000
   Selling, general,
    administrative
    and other
    expenses           5,156,000    4,719,000    19,660,000    18,919,000
   Operating income    1,790,000    1,198,000     6,952,000     6,012,000
   Interest expense      330,000      424,000     1,477,000     1,548,000
   Income from
    continuing
    operations before
    income taxes and
    minority interest  1,460,000      774,000     5,475,000     4,464,000
   Provision for
    income taxes         615,000      272,000     1,980,000     1,577,000
   Income from
    continuing
    operations before
    minority interest    845,000      502,000     3,495,000     2,887,000
   Minority interest
    in net loss of
    subsidiary                --       23,000            --        73,000
   Income from
    continuing
    operations           845,000      525,000     3,495,000     2,960,000
   Net (loss) from
    discontinued
    operations          (147,000)    (361,000)     (124,000)   (1,402,000)
   Net income           $698,000     $164,000    $3,371,000    $1,558,000
   Preferred stock
    accretion                 --           --      $450,000            --
   Net income
    available to
    common
    stockholders        $698,000     $164,000    $2,921,000    $1,558,000
   Earnings (loss)
    per common share
   Basic
     Continuing
      operations           $0.21        $0.13         $0.72         $0.74
     Discontinued
      operations          ($0.03)      ($0.09)       ($0.03)       ($0.35)
      Net income           $0.18        $0.04         $0.69         $0.39
   Diluted
     Continuing
      operations           $0.21        $0.13         $0.71         $0.73
     Discontinued
      operations          ($0.04)      ($0.09)       ($0.03)       ($0.34)
     Net income            $0.17        $0.04         $0.68         $0.39
   Weighted average
    common shares
    outstanding:
     Basic             3,971,000    3,947,000     4,215,000     3,979,000
     Diluted           4,075,000    3,982,000     4,297,000     4,041,000


DATASOURCE: Summa Industries



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

fax, [phone], 



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

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

Copyright