TORRANCE, Calif., Dec. 22 /PRNewswire-FirstCall/ -- Summa
Industries (NASDAQ:SUMX) reports net income of $651,000, or $.16
per common share, on sales of $27,740,000 for the three months
ended November 30, 2005, versus net income of $610,000, or $.15 per
common share, on sales of $25,488,000 for the three months ended
November 30, 2004. Three months ended Nov 30 2005 2004 Sales
$27,740,000 $25,488,000 Income from continuing operations
$1,038,000 $902,000 Net (loss) from discontinued operations
$(387,000) $(292,000) Net income $651,000 $610,000 Diluted earnings
per share: Continuing operations $0.26 $0.22 Discontinued
operations $(0.10) $(0.07) Net income $0.16 $0.15 Earnings from
continuing operations for the quarter ended November 30, 2005
benefited from a pre-tax gain on the sale of real estate of
$205,000, or approximately $.03 per share, versus $43,000, or
approximately $.01 per share, in the quarter ended November 30,
2004. The previously announced prospective sale of an Orange
County, California parcel for approximately $5 million has been
delayed until February 2006 and could be delayed further or
cancelled. As previously announced, the Company ceased operations
in the former Electrical Components segment during the quarter
ended November 30, 2005, after the Company divested its bobbin
manufacturing business. The results of that operation have been
reported as discontinued operations. A conference call to discuss
the results will be held at 9:00 a.m., Pacific Time, Thursday,
December 22, 2005. The call-in number is 800-967-7141 or
719-457-2630. 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 or projections,
events or performance 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 plans of
the Company to sell excess real estate and expected values to be
realized from such sales. Actual results could differ materially
from those anticipated in the forward-looking statements as a
result of a number of factors, including, but not limited to the
inability of the Company to divest real estate, the discovery of
unanticipated contingencies, unforeseen changes in financial
markets or real estate markets 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, 2005. For further
information, contact James R. Swartwout, (310) 792-7024; Fax (310)
792-7079; or visit http://www.summaindustries.com/. Summa
Industries CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) ASSETS
November 30, August 31, November 30, 2004 2005 2005 Current assets:
Cash and cash equivalents $832,000 $1,233,000 $712,000 Accounts
receivable 16,371,000 16,919,000 17,566,000 Inventories 15,118,000
12,665,000 15,210,000 Prepaid expenses and other 4,512,000
3,471,000 3,582,000 Assets held for sale -- 3,641,000 -- Total
current assets 36,833,000 37,929,000 37,070,000 Property, plant and
equipment, net 33,086,000 29,213,000 29,061,000 Goodwill and other
assets, net 11,026,000 10,435,000 12,660,000 Assets held for sale
-- 2,458,000 1,994,000 Total assets $80,945,000 $80,035,000
$80,785,000 LIABILITIES AND STOCKHOLDERS' EQUITY Current
liabilities: Accounts payable $6,543,000 $8,731,000 $10,873,000
Accrued liabilities 6,744,000 5,774,000 6,050,000 Current
maturities of long-term debt 2,702,000 3,069,000 2,504,000
Liabilities held for sale -- 1,280,000 -- Total current liabilities
15,989,000 18,854,000 19,427,000 Long-term debt, net of current
maturities 31,591,000 27,520,000 27,088,000 Other long-term
liabilities 2,500,000 2,441,000 3,035,000 Minority interest in
subsidiary 205,000 132,000 101,000 Total stockholders' equity
30,660,000 31,088,000 31,134,000 Total liabilities and
stockholders' equity $80,945,000 $80,035,000 $80,785,000 Summa
Industries CONDENSED CONSOLIDATED INCOME STATEMENTS (unaudited)
Three months ended November 30 2004 2005 Net sales $25,488,000
$27,740,000 Cost of sales 19,044,000 20,956,000 Gross profit
6,444,000 6,784,000 Selling, general, administrative and other
expenses 4,781,000 4,973,000 (Gain) on sale of real estate (43,000)
(205,000) Operating income 1,706,000 2,016,000 Interest expense
309,000 448,000 Income from continuing operations before income
taxes and minority interest 1,397,000 1,568,000 Provision for
income taxes 495,000 561,000 Income from continuing operations
before minority interest 902,000 1,007,000 Minority interest in net
loss of subsidiary -- 31,000 Income from continuing operations
902,000 1,038,000 Net (loss) from discontinued operations (292,000)
(387,000) Net income $610,000 $651,000 Earnings (loss) per common
share Basic Continuing operations $.22 $.26 Discontinued operations
$(.07) $(.10) Net income $.15 $.16 Diluted Continuing operations
$.22 $.26 Discontinued operations $(.07) $(.10) Net income $.15
$.16 Weighted average common shares outstanding: Basic 3,984,000
3,927,000 Diluted 4,064,000 3,961,000 DATASOURCE: Summa Industries
CONTACT: James R. Swartwout of Summa Industries, +1-310-792-7024,
or fax, +1-310-792-7079, Web site: http://www.summaindustries.com/
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