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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