PORTLAND, Ore., Jan. 11, 2011 (GLOBE NEWSWIRE) -- Schmitt Industries, Inc. (Nasdaq:SMIT) today announced its operating results for the second quarter and the first half of Fiscal 2011. Sales for the three months ended November 30, 2010 increased 51.6% to $2,914,447 compared to $1,921,861 for the same period last year. Net income for the second quarter ended November 30, 2010 was $40,892, or $.01 per fully diluted share, compared to net loss of $223,646, or $.08 per fully diluted share, for the same period last year. For the first six months of Fiscal 2011 ended November 30, 2010, sales increased 69.1% to $5,318,914 from $3,145,095 for the six months ended November 30, 2009. The net loss decreased $726,910 to a net loss of $71,733 for the six months ended November 30, 2010 from a net loss of $798,643 for the six months ended November 30, 2009.
Schmitt Industries Announces Second Quarter Fiscal 2011 Operating Results; Company Achieves Revenue Growth And Profitability
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