Calnetics Corp

Calnetics Corp., a Chatsworth maker of plastic components used in agricultural equipment, said is has signed a letter of intent with Torrance-based Summa Industries to merge with a Summa subsidiary. Summa is a maker of plastic components for the lighting industry. For the fiscal year that ended June 30, Calnetics had a profit of $1.7 million on sales of $35.2 million. For the fiscal year that ended Aug. 31, Summa had a profit of $803,000 on sales of $13 million.

Shareholders at Calnetics Corp. have overwhelmingly approved the sale of the company for $7.35 a share to Summa Industries based in Torrance. Calnetics, which was headquartered in Chatsworth, is a maker of various plastic fittings and components used in the building materials and agricultural industries. Calnetics said that 99% of the shares voted were in favor of the deal.

Calnetics Corp. saw its net income jump 36% in its first quarter despite a 4% decline in sales. The Chatsworth-based company posted a profit of $404,000 in the period that ended Sept. 30, compared to a $296,000 profit a year ago. Sales in the latest quarter fell to $8.45 million, compared to $8.77 million a year earlier. The company is a maker of various components used in the building materials and plastics industry.

Calnetics Corp. posted flat earnings for the quarter that ended Sept. 30 on a 2% increase in sales. For the quarter, Calnetics posted a profit of $400,000 compared with a $404,000 profit a year earlier. Sales in the latest quarter rose to $8.59 million, compared with $8.45 million in the same period a year earlier. The Chatsworth-based company is a maker of various components and filters used in the building materials and agricultural irrigation industries.

Calnetics Corp., a Chatsworth-based manufacturer of plastic tubing and components, reported a sharp rise in earnings for the company's second fiscal quarter that ended Dec. 31. Calnetics reported a profit of $181,000 in the December quarter, up 46% from $124,000 a year earlier. Sales rose to $6.27 million, up 72% from $3.66 million a year earlier. For its six-month period, the company reported a profit of $350,000 on sales of $12.

Calnetics Corp.'s net income jumped 52% on a 3% increase in sales for the first quarter that ended Sept. 30, 1993. The Chatsworth company posted net income of $108,000, up from $71,000 for the same period in 1992. Sales in the latest quarter were $3.94 million, up from $3.82 million for the same period a year earlier. Calnetics is a manufacturer of molded-plastic components and plastic sheeting that serves the industrial-plastics and the building-materials industry.

Calnetics Corp., a Chatsworth plastics concern, said its fiscal second-quarter profit more than doubled from a year earlier on a 32% sales gain. In the quarter that ended Dec. 31, Calnetics' net income rose to $115,000 from $42,000 a year earlier, and its sales climbed to $4.16 million from $3.15 million. Improved business conditions and a plant consolidation contributed to the gains, Calnetics said.

Calnetics Corp., a Chatsworth manufacturer of plastic bobbins, said its profit for the fiscal second quarter that ended Dec. 31 was up 32% to $359,000 from $271,000 in the corresponding period last year. Revenue for the quarter was $8.6 million, up 13% from $7.6 million last year. For the first six months of the fiscal year, the company earned $763,000, up 35% from $567,000 last year. Revenue was $17 million for the six-month period, up 4% from $16.4 million last year.

The president of LRJ Enterprises, a Chatsworth management-services firm, raised his stake in Calnetics Corp. to 17.1%, or 473,574 shares, from 2.5%. In a filing with the U. S. Securities and Exchange Commission, Larry D. Sacks said his Calnetics holdings increased following Calnetics' purchase of Chatsworth-based Manchester Plastics Co. on Sept. 18. Sacks held stock in both companies before the merger.

Calnetics Corp., a Chatsworth manufacturer of molded plastic industrial components, reported a 71% increase in its fiscal fourth-quarter earnings, to $251,000. A year earlier, Calnetics earned $147,000. Its sales in the quarter ended June 30 totaled $6.3 million, up 42% from $4.43 million in sales a year before. Calnetics' fiscal 1994 profit was $617,000, a 23% gain from $502,000 in net income in the prior year. Sales grew 9%, to $18 million from $16.6 million.

Calnetics Corp. posted a net income of $400,000 for its first quarter compared to a net income of $404,000 a year earlier. The Chatsworth-based company's revenues for the three months ended Sept. 30 were $8.6 million, up 2% from $8.4 million a year ago. Calnetics manufactures components and fittings used in industrial plastics and building materials.

Calnetics Corp. posted net income of $727,000 for its fourth quarter, up 10% from $661,000 a year earlier. The Chatsworth-based company's revenues for the period ended June 30 were $10.3 million, a 6% increase over $9.7 million in 1996. For the fiscal year, Calnetics Corp. posted an 18% jump in net income on a 4% rise in sales. Calnetics reported $2 million in income compared with $1.7-million income a year ago. Revenue for the year was $36.6 million, up from $35.2 million a year earlier.

Calnetics Corp. of Chatsworth, a plastic components company, and Summa Industries of Torrance have reached an agreement to merge Calnetics into a Summa subsidiary for cash. Under the terms of the agreement, each outstanding share of Calnetics common stock would be converted into the right to receive $7.35 in cash.

Calnetics Corp., a Chatsworth manufacturer of plastic bobbins, said its profit for the fiscal second quarter that ended Dec. 31 was up 32% to $359,000 from $271,000 in the corresponding period last year. Revenue for the quarter was $8.6 million, up 13% from $7.6 million last year. For the first six months of the fiscal year, the company earned $763,000, up 35% from $567,000 last year. Revenue was $17 million for the six-month period, up 4% from $16.4 million last year.

Calnetics Corp. saw its net income jump 36% in its first quarter despite a 4% decline in sales. The Chatsworth-based company posted a profit of $404,000 in the period that ended Sept. 30, compared to a $296,000 profit a year ago. Sales in the latest quarter fell to $8.45 million, compared to $8.77 million a year earlier. The company is a maker of various components used in the building materials and plastics industry.