Summa Industries: The Fullerton company reported net...

Summa Industries: The Fullerton company reported net income of $91,000, or 6 cents a share, for the first fiscal quarter, down 40% from $152,000, or 10 cents a share, a year ago. Sales for the quarter ended Nov. 30 rose 23% to $4.9 million from $4 million.

The company attributed the profit decline primarily to losses on several large contracts at Morehouse-Cowles Inc., the company’s process-equipment subsidiary. The company said it eliminated 14 jobs at the 93-employee subsidiary in the fall.