PORTLAND, Ore., July 13, 2010 (GLOBE NEWSWIRE) -- Schmitt Industries, Inc. (Nasdaq:SMIT) today announced its operating results for the fourth quarter and fiscal year ended May 31, 2010. Sales for the three months ended May 31, 2010 increased $561,546, or 36.1%, to $2,118,341 compared to $1,556,795 for the same period last year. Net loss for the fourth quarter ended May 31, 2010 was $469,119, or $.16 per fully diluted share, compared to net loss of $1,812,530, or $.63 per fully diluted share, for the same period last year. For the fiscal year ended May 31, 2010, sales decreased $2,695,460, or 28.4%, to $6,805,748 compared to $9,501,208 for the prior year. Net loss for the fiscal year ended May 31, 2010 was $1,711,013, or $.59 per fully diluted share, compared to net loss of $2,153,524, or $.75 per fully diluted share, for the prior year.
Schmitt Industries Announces Fourth Quarter And Fiscal Year 2010 Operating Results
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