Profit Dips, Sales Rise at Summa Industries

Summa Industries, a manufacturer of industrial equipment and engineered products, reported lower profit in the fiscal third quarter while sales rose 11%.

Net income for the quarter ended May 31 totaled $193,000, or 12 cents a share, which included a loss of $14,000 from Summa’s Morehouse-Cowles Inc. subsidiary, which was sold May 31. Summa had net income of $202,000, or 13 cents a share, for the like period last year. Sales rose to $3.1 million from $2.8 million.

For the 9-month period, net income totaled $306,000, or 20 cents a share, which included a net loss of $235,000 from discontinued operations. That was 32% lower than the $453,000, or 29 cents a share, posted for the corresponding period a year ago. Sales were up 17% to $8.9 million from $7.6 million.