Summa Reports 3rd Quarter Earnings TORRANCE, Calif., June 28
/PRNewswire-FirstCall/ -- Summa Industries (NASDAQ:SUMX) reports
net income of $508,000, or $.13 per share, on sales of $31,541,000
for the three months ended May 31, 2005, versus net income of
$1,390,000, or $.30 per share, on sales of $33,160,000 for the
three months ended May 31, 2004. Three months ended May 31, 2005
May 31, 2004 Sales $31,541,000 $33,160,000 Net income $508,000
$1,390,000 Diluted earnings per share $.13 $.30 Sales and earnings
were adversely impacted primarily by weakness in the Optical
Components Segment, which resulted from softness in demand for
high-bay, high intensity discharge lighting products and other
issues. Additionally, earnings have been substantially impacted by
facility relocation costs. The effects of the relocation expenses
and the pro forma earnings, calculated as though the relocation
expenses had not been incurred, are as follows: Three months ended
Nine months ended May 31 May 31 2005 2004 2005 2004 Operating
income $1,245,000 $2,455,000 $3,430,000 $5,257,000 Relocation
expense, net $497,000 187,000 1,393,000 626,000 Pro forma operating
income 1,742,000 $2,642,000 $4,823,000 $5,883,000 Net income
$508,000 1,390,000 1,394,000 $2,673,000 Tax-effected relocation
expense 318,000 120,000 891,000 401,000 Pro forma net income
$826,000 $1,510,000 $2,285,000 $3,074,000 Diluted EPS $0.13 $0.30
$0.34 $0.51 Pro forma diluted EPS $0.20 $0.33 $0.56 $0.60 Note that
"pro forma" has no defined meaning under Generally Accepted
Accounting Principles. The information presented above is for the
purpose of drawing attention to a critical component of current
performance. By providing this information, the Company does not
assume the responsibility to provide such supplemental information
in future releases of earnings. There are other components of
current performance which are not highlighted in the above
presentation. Investors are urged to read the Management's
Discussion and Analysis section of the Company's Quarterly Report
on Form 10-Q for the period ended May 31, 2005, which is expected
to be filed before July 15, 2005. A conference call to discuss the
results will be held at 9:00 a.m., Pacific Time, Tuesday, June 28,
2005. The call-in number is (800) 289-0496 and the international
call-in number is (913) 981-5519. The conference call will also be
simulcast and archived by http://www.vcall.com/. Statements in this
news release which relate to future plans, financial results,
projections, events or performance, including without limitation
expectations and beliefs regarding future events, are
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended, and fall under the
safe harbor. These forward-looking statements include, but are not
limited to, statements regarding the Company's expectations
regarding the timing of completion of the ongoing Pharr relocation,
and expectations that aggregate relocation costs will diminish
steadily throughout the remainder of the fiscal year. Actual
results may differ materially from those anticipated because of a
number of factors, including, but not limited to, delays and/or
cost overruns in the ongoing Pharr relocation, implementation of
additional relocation projects not currently in process, and other
risks and uncertainties described in detail under "Risk Factors" in
Summa's Annual Report on Form 10-K for the fiscal year ended August
31, 2004. 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 (unaudited) ASSETS May 31, 2004 August
31, 2004 May 31, 2005 Current assets: Cash and cash equivalents
$680,000 $1,248,000 $1,027,000 Accounts receivable 19,895,000
18,227,000 18,761,000 Inventories 13,306,000 14,749,000 15,638,000
Prepaid expenses and other 3,098,000 3,782,000 3,895,000 Total
current assets 36,979,000 38,006,000 39,321,000 Property, plant and
equipment, net 28,474,000 31,053,000 32,227,000 Goodwill and other
assets, net 11,818,000 11,058,000 10,894,000 Total assets
$77,271,000 $80,117,000 $82,442,000 LIABILITIES AND STOCKHOLDERS'
EQUITY Current liabilities: Accounts payable $7,365,000 $9,088,000
$9,909,000 Accrued liabilities 5,769,000 7,429,000 5,429,000
Current maturities of long-term debt 1,957,000 2,195,000 4,178,000
Total current liabilities 15,091,000 18,712,000 19,516,000
Long-term debt, net of current maturities 30,337,000 28,663,000
29,157,000 Other long-term liabilities 2,577,000 2,508,000
2,448,000 Minority interest in subsidiary 205,000 205,000 155,000
Total stockholders' equity 29,061,000 30,029,000 31,166,000 Total
$77,271,000 $80,117,000 $82,442,000 Summa Industries CONDENSED
CONSOLIDATED INCOME STATEMENTS (unaudited) Three months ended May
31 Nine months ended May 31 2004 2005 2004 2005 Net sales
$33,160,000 $31,541,000 $85,631,000 $88,976,000 Cost of sales
25,096,000 24,980,000 64,907,000 70,183,000 Gross profit 8,064,000
6,561,000 20,724,000 18,793,000 Selling, general, administrative
and other expenses 5,609,000 5,316,000 15,467,000 15,363,000
Operating income 2,455,000 1,245,000 5,257,000 3,430,000 Interest
expense 321,000 476,000 1,210,000 1,314,000 Income before income
taxes and minority interest 2,134,000 769,000 4,047,000 2,116,000
Provision for income taxes 744,000 278,000 1,374,000 772,000 Income
before minority interest 1,390,000 491,000 2,673,000 1,344,000
Minority interest in net (loss) of subsidiary -- (17,000) --
(50,000) Net income $1,390,000 $508,000 $2,673,000 $1,394,000
Preferred stock accretion $81,000 -- $450,000 -- Net income
available to common stockholders $1,309,000 $508,000 $2,223,000
$1,394,000 Earnings per common share Basic $.31 $.13 $.52 $.35
Diluted $.30 $.13 $.51 $.34 Weighted average common shares
outstanding: Basic 4,234,000 3,984,000 4,297,000 3,990,000 Diluted
4,310,000 4,038,000 4,372,000 4,060,000 DATASOURCE: Summa
Industries CONTACT: Jim Swartwout of Summa Industries,
+1-310-792-7024, or fax, +1-310-792-7079, Web site:
http://www.summaindustries.com/
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