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Schmitt Industries Announces Second Quarter Fiscal 2011 Operating Results; Company Achieves Revenue Growth And Profitability

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.

Sales in the SBS Balancer segment increased 42.8% to $1,972,050 in the second quarter of Fiscal 2011 compared to $1,380,693 in the second quarter of Fiscal 2010. Sales in the SMS Measurement segment also increased 74.1% to $942,397 for the three months ended November 30, 2010 compared to $541,168 for the same period last year. For the six months ended November 30, 2010, sales in the SBS Balancer segment increased 54.7% to $3,499,467 from $2,262,815 for the same period in the prior year. Sales in the SMS Measurement segment increased 106.2% to $1,819,447 for the six months ended November 30, 2010 from $882,280 for the six months ended November 30, 2009. Sales of the Company's balancer and laser-based measurement products increased from prior periods due to higher volumes of shipments resulting from improvements in the worldwide manufacturing, industrial and commercial markets for our products.

Gross margins for the second quarter of Fiscal 2011 remained relatively flat at 49.0% as compared to 49.1% for the same period last year. Gross margins for the six months ended November 30, 2010 increased slightly to 47.5% from 47.4% for the six months ended November 30, 2009. This increase is primarily due to changes in the product sales mix shifting towards higher margin products and higher production volumes resulting in improved absorption of labor and overhead. Operating expenses increased 19.8% to $1,389,528 during the three months ended November 30, 2010 as compared to $1,159,777 for the same period in the prior year. Operating expenses increased 13.6% to $2,605,676 for the six months ended November 30, 2010 from $2,293,528 for the six months ended November 30, 2009. This increase is primarily due to higher commissions related to the increase in sales and higher expenses associated with an international trade show that occurs every two years. 

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