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, (310) 792-7024; 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, +1-310-792-7024, fax +1-310-792-7079, Web site:
http://www.summaindustries.com/
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