Summa Industries Confirms Previously Reported Year-end Results

Summa Industries Confirms Previously Reported Year-end Results



TORRANCE, Calif., Oct. 26  /PRNewswire-FirstCall/ -- Summa Industries
(NASDAQ:SUMX) confirms the financial results for fiscal 2004, previously
reported as preliminary on October 8, 2004, after completing the review of its
income tax provision.

Summa Industries manufactures proprietary plastic components for industrial and
commercial markets.

For further information, contact James R. Swartwout, [phone]; Fax (310)
792-7079;  or visit http://www.summaindustries.com/.

                               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)

                                   2002            2003           2004
  Net sales                    $116,241,000    $111,140,000   $116,404,000
  Cost of sales                  85,765,000      83,336,000     88,522,000

  Gross profit                   30,476,000      27,804,000     27,882,000
  Selling, general,
   administrative and
   other expenses                21,911,000      21,005,000     21,027,000

  Operating income                8,565,000       6,799,000      6,855,000
  Interest expense                2,500,000       1,481,000      1,585,000

  Income before income taxes
   and cumulative effect of
   a change in accounting
   principle                      6,065,000       5,318,000      5,270,000
  Provision for income taxes      2,136,000       1,760,000      1,899,000

  Income before cumulative
   effect of a change in
   accounting principle           3,929,000       3,558,000      3,371,000
  Cumulative effect of a change
   in accounting principle               --     (22,343,000)            --

  Net income (loss)              $3,929,000    $(18,785,000)    $3,371,000

  Preferred stock accretion        $491,000        $737,000       $450,000

  Net income available to
   common stockholders:
     before cumulative effect
      of a change in accounting
      principle                  $3,438,000      $2,821,000     $2,921,000
     after cumulative effect
      of a change in accounting
      principle                  $3,438,000    $(19,522,000)    $2,921,000

  Earnings per common share
   before cumulative effect
   of a change in accounting
   principle
     Basic                             $.78            $.65           $.69
     Diluted                           $.76            $.63           $.68

  Earnings (loss) per common
   share after cumulative
   effect of a change in
   accounting principle
     Basic                             $.78          $(4.48)          $.69
     Diluted                           $.76          $(4.48)          $.68

  Weighted average common
   shares outstanding
     Basic                        4,398,000       4,359,000      4,215,000
     Diluted                      4,512,000       4,449,000      4,297,000


DATASOURCE: Summa Industries



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

fax [phone], 



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

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