Rise and fall.In the days after plastics manufacturer Summa sum·ma n. pl. sum·mas or sum·mae A comprehensive treatise, especially in philosophy or theology. [Medieval Latin, from Latin, the whole; see sum1.] Industries released strong third quarter earnings late last month, the Torrance-based company's stock shot up 44 percent on heavy volume to as high as $14.34 a share on July July: see month. 6. But days later, the stock had given back most of its gains. Last week, Summa shares were trading at about $11, $1 above where they were before the company's June June: see month. 23 earnings announcement. "I don't have an explanation as to why it went as high as it did and carne back down," said Summa Industries Chairman, Chief Executive and Chief Financial Officer James Swartwout. Summa manufactures thousands of products for diverse industrial and commercial uses, including plastic coils used in switches, plastic lighting components and parts for conveyor belts conveyor belt One of various devices that provide mechanized movement of material, as in a factory. Conveyor belts are used in industrial applications and also on large farms, in warehousing and freight-handling, and in movement of raw materials. used in food processing Food processing is the set of methods and techniques used to transform raw ingredients into food for consumption by humans or animals. The food processing industry utilises these processes. . Summa Industries reported an 81 percent jump in net income to $1.4 million for the third quarter ended May 31, versus $768,000 in theyear-ago period. Third-quarter sales rose 17 percent to $33.2 million, from $28.3 million in the year-ago period. |
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