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Schmitt Industries Announces First Quarter Fiscal 2013 Operating Results

PORTLAND, Ore., Oct. 5, 2012 (GLOBE NEWSWIRE) -- Schmitt Industries, Inc. (Nasdaq:SMIT) today announced its operating results for the first quarter ended August 31, 2012. Sales for the three months ended August 31, 2012 increased $209,180, or 6.0%, to $3,680,665 compared to $3,471,485 for the same period last year. Net income for the first quarter ended August 31, 2012 was $120,148, or $.04 per diluted share, compared to net income of $137,028, or $.05 per diluted share, for the same period last year. 

For the first quarter ended August 31, 2012, sales in the SBS Balancer segment decreased $257,516, or 10.2%, to $2,263,023 from $2,520,539 in the first quarter of Fiscal 2012. Sales in the Measurement segment increased $466,696, or 49.1%, to $1,417,642 in the first quarter of Fiscal 2013 from $950,946 in the first quarter of the prior year. Measurement segment sales increased from the prior period due primarily to higher volumes of shipments of laser-based distance measurement and dimensional sizing products and remote tank monitoring products. Sales of the Company's balancer products decreased primarily due to lower volumes of shipments in Asia and North America.

Gross margin for the first quarter increased to 50.9% as compared to 49.2% in the first quarter of the prior year primarily due to a shift in the sales mix towards higher margin products and as a result of the Company's efforts to reduce the material or component costs from certain key suppliers. Operating expenses increased $174,383, or 11.1%, to $1,748,124 for the three months ended August 31, 2012 as compared to $1,573,741 for the three months ended August 31, 2011 primarily due to higher commissions related to the increased sales, higher sales and marketing expenses and higher research and development expenses.

"We are pleased with the increase in revenues this quarter, particularly from our Acuity® laser sensor and our Xact® tank measurement system product lines," commented Wayne A. Case, CEO of Schmitt Industries. "Going forward, we continue to expect Xact® to make an increasingly significant contribution to our revenue growth," Case concluded.

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