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Revision History For: SUMMA INDUSTRIES (SUMX) PLASTIC! The Future?

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Does anyone follow this stock? It appears to have a lot of merit and from "The Graduate" we know that the future is in plastics.

SUMX is growing at a fast clip by acquiring companies in this fragmented industry(plastic). Revenues have grown from $3.6M in 1991 to over $43M in 1997. Revenues for 1998 are projected to be over $90M.

1) Calnetics--produces ceiling panels and tubing for building industry.
2) LexaLite International--makes products for lighting fixtures.
3) GST Industries--makes products for industrial firefighting and aircraft industry.
4) KVP Systems and Falcon Belting--produce plastic conveyor belts for the food industry.

Currently trading at $11.25 with PE of 13. Projected earnings for 1998 are .94 cents. 1999 projected at $1.11. Last quarter earnings beat projections by nearly 20%.

The one negative I see is the debt load for the acquisitions. On the positive side, cash flow is excellent and should allow for them to pay down debt in an orderly manner.

Any comments will be appreciated. Good Luck!