Schmitt Industries Announces Second Quarter And Year To Date Fiscal 2013 Operating Results

PORTLAND, Ore., Jan. 9, 2013 (GLOBE NEWSWIRE) -- Schmitt Industries, Inc. (Nasdaq:SMIT) today announced its operating results for the three and six months ended November 30, 2012. Sales for the three months ended November 30, 2012 decreased $773,966, or 22.3%, to $2,702,259 compared to $3,476,225 for the same period last year. Sales for the six months ended November 30, 2012 decreased $564,786, or 8.1%, to $6,382,924 compared to $6,947,710 for the same period last year. Net loss for the second quarter ended November 30, 2012 was $104,604, or $.03 per diluted share, compared to net loss of $78,176, or $.03 per diluted share, for the same period last year. Net income for the six months ended November 30, 2012 was $15,544, or $.01 per diluted share, compared to net income of $58,852, or $.02 per diluted share, for the same period in the prior year.

For the second quarter ended November 30, 2012, sales in the SBS Balancer segment decreased $501,624, or 21.2%, to $1,861,661 from $2,363,285 in the second quarter of Fiscal 2012. For the six months ended November 30, 2012, sales in the SBS Balancer segment decreased $759,140, or 15.5%, to $4,124,684 from $4,883,824 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 decreased $272,342, or 24.5%, to $840,598 in the second quarter of Fiscal 2013 from $1,112,940 in the second quarter of the prior year. Measurement segment sales decreased from the prior period due primarily to lower volumes of shipments of laser-based distance measurement and dimensional sizing products and light-scatter laser-based surface measurement products offset by higher volumes of remote tank monitoring products. Sales in the Measurement segment increased $194,354, or 9.4%, to $2,258,240 in the first six months of Fiscal 2013 from $2,063,886 in the same period of the prior 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 by lower volumes of light-scatter laser-based surface measurement products.

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