SUMX Summa Industries

TORRANCE, Calif., June 23 /PRNewswire-FirstCall/ -- Summa Industries (NASDAQ:SUMX) reports net income from continuing operations of $927,000, or $.23 per common share, on sales of $30,407,000 for the three months ended May 31, 2006, versus $883,000, or $.22 per common share, on sales of $28,808,000 for the three months ended May 31, 2005. Three months ended May 31 Nine months ended May 31 2006 2005 2006 2005 Sales $30,407,000 $28,808,000 $85,657,000 $80,982,000 Income from continuing operations $927,000 $883,000 $2,681,000 $2,435,000 Net (loss) from discontinued operations --- $(375,000) $(405,000) $(1,041,000) Net income $927,000 $508,000 $2,276,000 $1,394,000 Diluted earnings per share: Continuing operations $0.23 $0.22 $0.68 $0.60 Discontinued operations --- $(0.09) $(0.10) $(0.26) Net income $0.23 $0.13 $0.58 $0.34 A conference call to discuss the results will be held at 9:00 a.m., Pacific Time, Friday, June 23, 2006. The call-in number is 877-407-0782 (Toll Free) or 201-689-8567. The conference call will also be simulcast and archived at http://www.vcall.com/IC/CEPage.asp?ID=105579. 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 May 31, August 31, May 31, 2005 2005 2006 Current assets: Cash and cash equivalents $1,027,000 $1,233,000 $1,680,000 Accounts receivable 18,761,000 16,919,000 18,736,000 Inventories 15,638,000 12,665,000 16,029,000 Prepaid expenses and other 3,895,000 3,471,000 3,350,000 Assets held for sale --- 3,641,000 --- Total current assets 39,321,000 37,929,000 39,795,000 Property, plant and equipment, net 32,227,000 29,213,000 24,920,000 Goodwill and other assets, net 10,894,000 10,435,000 10,800,000 Assets held for sale --- 2,458,000 1,961,000 Total assets $82,442,000 $80,035,000 $77,476,000 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Accounts payable $9,909,000 $8,731,000 $9,928,000 Accrued liabilities 5,429,000 5,774,000 7,362,000 Current maturities of long-term debt 4,178,000 3,069,000 2,783,000 Bank line of credit --- --- 12,282,000 Liabilities held for sale --- 1,280,000 --- Total current liabilities 19,516,000 18,854,000 32,355,000 Long-term debt, net of current maturities 29,157,000 27,520,000 9,902,000 Other long-term liabilities 2,448,000 2,441,000 3,128,000 Minority interest in subsidiary 155,000 132,000 91,000 Total stockholders' equity 31,166,000 31,088,000 32,000,000 Total liabilities and stockholders' equity $82,442,000 $80,035,000 $77,476,000 Summa Industries CONDENSED CONSOLIDATED INCOME STATEMENTS (unaudited) Three months ended May 31 Nine months ended May 31 2005 2006 2005 2006 Net sales $28,808,000 $30,407,000 $80,982,000 $85,657,000 Cost of sales 22,178,000 23,217,000 61,968,000 65,128,000 Gross profit 6,630,000 7,190,000 19,014,000 20,529,000 Selling, general, administrative and other expenses 4,888,000 5,200,000 14,243,000 15,092,000 (Gain) on sale of real estate --- --- (43,000) (205,000) Operating income 1,742,000 1,990,000 4,814,000 5,642,000 Interest expense 407,000 534,000 1,124,000 1,506,000 Income from continuing operations before income taxes and minority interest 1,335,000 1,456,000 3,690,000 4,136,000 Provision for income taxes 469,000 533,000 1,305,000 1,496,000 Income from continuing operations before minority interest 866,000 923,000 2,385,000 2,640,000 Minority interest in net loss of subsidiary 17,000 4,000 50,000 41,000 Income from continuing operations 883,000 927,000 2,435,000 2,681,000 (Loss) from discontinued operations, net of tax benefit of $191,000, $---, $532,000 and $208,000 (375,000) --- (1,041,000) (405,000) Net income $508,000 $927,000 $1,394,000 $2,276,000 Earnings (loss) per common share: Basic Continuing operations $0.22 $0.24 $0.61 $0.68 Discontinued operations ($0.09) --- ($0.26) ($0.10) Net income $0.13 $0.24 $0.35 $0.58 Diluted Continuing operations $0.22 $0.23 $0.60 $0.68 Discontinued operations $(0.09) --- $(0.26) $(0.10) Net income $0.13 $0.23 $0.34 $0.58 Weighted average common shares outstanding: Basic 3,984,000 3,895,000 3,990,000 3,905,000 Diluted 4,038,000 3,963,000 4,060,000 3,950,000 DATASOURCE: Summa Industries CONTACT: James R. Swartwout of Summa Industries, +1-310-792-7024, or fax, +1-310-792-7079,

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