SUMX Summa Industries

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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