Schmitt Industries (SMIT) Reports Q4 Loss of $0.16/Share

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Go back to Schmitt Industries (SMIT) Reports Q4 Loss of $0.16/Share

Schmitt Industries Announces Fourth Quarter and Fiscal 2016 Operating Results

July 15, 2016 4:10 PM EDT

PORTLAND, Ore., July 15, 2016 (GLOBE NEWSWIRE) -- Schmitt Industries, Inc. (NASDAQ: SMIT) today announced its operating results for the fourth quarter and fiscal year ended May 31, 2016.  For the three months ended May 31, 2016, total sales decreased $878,946, or 22.8%, to $2,978,735 from $3,857,681 in the three months ended May 31, 2015.  Net loss was $465,434, or $(0.16) per fully diluted share, for the three months ended May 31, 2016 as compared to net income of $92,759, or $0.03 per fully diluted share, for the three months ended May 31, 2015.

For the fiscal year ended May 31, 2016, total sales decreased $1,383,738, or 10.6%, to $11,685,353 from $13,069,091 in the fiscal year... More