Summa Reports 2nd Quarter Earnings TORRANCE, Calif., March 23
/PRNewswire-FirstCall/ -- Summa Industries (NASDAQ:SUMX) reports
net income of $276,000, or $.07 per share, on sales of $29,197,000
for the three months ended February 28, 2005, versus net income of
$453,000, or $.06 per share, on sales of $26,545,000 for the three
months ended February 29, 2004. Three months ended Feb 28, 2005 Feb
29, 2004 Sales $29,197,000 $26,545,000 Net income $276,000 $453,000
Diluted earnings per share $.07 $.06 Earnings have been
substantially impacted by costs directly related to two major
relocation initiatives; the consolidation of three plants to a new
facility in Reading, PA, which was substantially completed during
the second quarter, and an ongoing relocation from Bensenville, IL
to Pharr, TX. The Pharr relocation is expected to be completed in
the fourth quarter of fiscal 2005. The relocation costs are
expected to continue through the third quarter and decline sharply
thereafter. For comparison, it is noted that earnings in the second
quarter of fiscal 2004 were adversely impacted by a non-recurring
charge to interest expense of $266,000 for term loan breakup fees
and the write-off of unamortized bank fees in connection with a
change in banks. The effects of the relocation expenses and
financing expenses and the pro forma earnings, calculated as though
the relocation expenses and financing expenses had not been
incurred, are as follows: Three months ended Six months ended Feb
28, Feb 29, Feb 28, Feb 29, 2005 2004 2005 2004 Operating income
$891,000 $1,251,000 $2,218,000 $2,802,000 Relocation expense
$497,000 $77,000 $896,000 $129,000 Pro forma operating income
$1,388,000 $1,328,000 $3,114,000 $2,931,000 Net income $276,000
$453,000 $886,000 $1,283,000 Tax-effected financing expenses --
$170,000 -- $170,000 Tax-effected relocation expense $318,000
$49,000 $573,000 $83,000 Pro forma net income $594,000 $672,000
$1,459,000 $1,536,000 Diluted EPS $0.07 $0.06 $0.22 $0.21 Pro forma
diluted EPS $0.15 $0.11 $0.36 $0.27 Note that "pro forma" has no
defined meaning under Generally Accepted Accounting Principles. The
information presented above is for the purpose of drawing attention
to two critical components of current performance. By providing
this information, the Company does not assume the responsibility to
provide such supplemental information in future releases of
earnings. There are other components of current performance which
are not highlighted in the above presentation. Investors are urged
to read the Management's Discussion and Analysis section of the
Company's Quarterly Report on Form 10-Q for the period ended
February 28, 2005, which is expected to be filed by April 15, 2005.
A conference call to discuss the results will be held at 9:00 a.m.,
Pacific Time, Wednesday, March 23, 2005. The call-in number is
(800) 776-0816 and the international call-in number is (913)
981-5505. 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, projections, events or
performance, including without limitation expectations and beliefs
regarding future events, 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 Company's
expectations regarding the timing of completion of the ongoing
Pharr relocation, and expectations that aggregate relocation costs
will diminish steadily throughout the remainder of the fiscal year.
Actual results may differ materially from those anticipated because
of a number of factors, including, but not limited to, delays
and/or cost overruns in the ongoing Pharr relocation,
implementation of additional relocation projects not currently in
process, 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, 2004. Summa Industries manufactures
proprietary engineered plastic products for a broad spectrum of
industrial and commercial markets. The Company has manufacturing
facilities across North America. Products, many of which are unique
or patented, are shipped to customers worldwide. For further
information, contact Jim Swartwout, (310) 792-7024; Fax (310)
792-7079; http://www.summaindustries.com/; or . Summa Industries
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) February 29,
August 31, February 28, ASSETS 2004 2004 2005 Current assets: Cash
and cash equivalents $147,000 $1,248,000 $930,000 Accounts
receivable 17,669,000 18,227,000 19,251,000 Inventories 13,828,000
14,749,000 15,213,000 Prepaid expenses and other 3,108,000
3,782,000 4,188,000 Total current assets 34,752,000 38,006,000
39,582,000 Property, plant and equipment, net 27,967,000 31,053,000
32,845,000 Goodwill and other assets, net 11,896,000 11,058,000
10,969,000 Total assets $74,615,000 $80,117,000 $83,396,000
LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts
payable $5,871,000 $9,088,000 $8,793,000 Accrued liabilities
4,211,000 7,429,000 5,450,000 Current maturities of long-term debt
2,110,000 2,195,000 4,955,000 Total current liabilities 12,192,000
18,712,000 19,198,000 Long-term debt, net of current maturities
21,818,000 28,663,000 30,603,000 Other long-term liabilities
2,585,000 2,508,000 2,492,000 Manditorily redeemable convertible
preferred stock 6,472,000 -- -- Minority interest in subsidiary
205,000 205,000 172,000 Total stockholders' equity 31,343,000
30,029,00 30,931,000 Total $74,615,000 $80,117,000 $83,396,000
Summa Industries CONDENSED CONSOLIDATED INCOME STATEMENTS
(unaudited) Three months ended Six months ended February 29
February 28 February 29 February 28 2004 2005 2004 2005 Net sales
$26,545,000 $29,197,000 $52,471,000 $57,435,000 Cost of sales
20,256,000 23,410,000 39,811,000 45,203,000 Gross profit 6,289,000
5,787,000 12,660,000 12,232,000 Selling, general, administrative
and other expenses 5,038,000 4,896,000 9,858,000 10,014,000
Operating income 1,251,000 891,000 2,802,000 2,218,000 Interest
expense 584,000 471,000 889,000 838,000 Income before income taxes
667,000 420,000 1,913,000 1,380,000 Provision for income taxes
214,000 144,000 630,000 494,000 Net income $453,000 $276,000
$1,283,000 $886,000 Preferred stock accretion $185,000 -- $369,000
-- Net income available to common stockholders $268,000 $276,000
$914,000 $886,000 Earnings per common share Basic $.06 $.07 $.21
$.22 Diluted $.06 $.07 $.21 $.22 Weighted average common shares
outstanding: Basic 4,370,000 4,002,000 4,328,000 3,993,000 Diluted
4,456,000 4,079,000 4,403,000 4,071,000 DATASOURCE: Summa
Industries CONTACT: Jim Swartwout of Summa Industries,
+1-310-792-7024, fax, +1-310-792-7079, Web site:
http://www.summaindustries.com/
Copyright
Summa (NASDAQ:SUMX)
Graphique Historique de l'Action
De Mai 2024 à Juin 2024
Summa (NASDAQ:SUMX)
Graphique Historique de l'Action
De Juin 2023 à Juin 2024