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Schmitt Industries Announces Third Quarter Fiscal 2013 Operating Results

PORTLAND, Ore., April 9, 2013 (GLOBE NEWSWIRE) -- Schmitt Industries, Inc. (Nasdaq:SMIT) today announced its operating results for the three and nine months ended February 28, 2013. Sales for the three months ended February 28, 2013 decreased $360,068, or 11.4%, to $2,796,429 as compared to $3,156,497 for the same period last year. Sales for the nine months ended February 28, 2013 decreased $924,854, or 9.2%, to $9,179,353 as compared to $10,104,207 for the same period last year. Net loss for the third quarter ended February 28, 2013 was $191,104, or $.06 per diluted share, as compared to net income of $12,621, or $.00 per diluted share, for the same period last year. Net loss for the nine months ended February 28, 2013 was $175,560, or $.06 per diluted share, as compared to net income of $71,473, or $.02 per diluted share, for the same period in the prior year.

For the third quarter ended February 28, 2013, sales in the SBS Balancer segment decreased $420,664, or 18.9%, to $1,809,919 from $2,230,583 in the third quarter of Fiscal 2012. For the nine months ended February 28, 2013, sales in the SBS Balancer segment decreased $1,179,804, or 16.6%, to $5,934,603 from $7,114,407 in the same period of Fiscal 2012. Sales of the Company's balancer products decreased due to lower volumes of shipments primarily into Asia and also to a lesser extent into North America.

Sales in the Measurement segment increased $60,596, or 6.5%, to $986,510 in the third quarter of Fiscal 2013 from $925,914 in the third quarter of the prior year. Measurement segment sales increased from the prior period due primarily to higher volumes of shipments of remote tank monitoring products offset in part by lower volumes of shipments of laser-based distance measurement and dimensional sizing products . Sales in the Measurement segment increased $254,950, or 8.5%, to $3,244,750 in the first nine months of Fiscal 2013 from $2,989,800 in the same period last year. Measurement segment sales increased from the prior period due primarily to higher volumes of shipments of remote tank monitoring products and laser-based distance measurement and dimensional sizing products offset in part by lower volumes of light-scatter laser-based surface measurement products. 

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