This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Schmitt Industries Announces First Quarter Fiscal 2013 Operating Results

Stocks in this article: SMIT

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.

1 of 3

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,778.15 +421.28 2.43%
S&P 500 2,061.23 +48.34 2.40%
NASDAQ 4,748.3960 +104.0840 2.24%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs