Exhibit 99.1

 

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IMMEDIATE NEWS RELEASE

Schmitt Industries Announces Second Quarter Fiscal 2019 Operating Results

 

January 10, 2019    NASDAQ: SMIT

Portland, Oregon – Schmitt Industries, Inc. (NASDAQ: SMIT) today announced its operating results for the second quarter of Fiscal 2019.

Highlights of the three and six months ended November 30, 2018:

 

   

Balancer segment sales increased $114,634, or 5.1%, to $2,345,480 for the three months ended November 30, 2018 as compared to $2,230,846 for the three months ended November 30, 2017. Balancer segment sales increased $238,569, or 5.5%, to $4,539,812 for the six months ended November 30, 2018 as compared to $4,301,243 for the six months ended November 30, 2017.

 

   

Measurement segment sales decreased $382,036, or 24.8%, to $1,157,998 for the three months ended November 30, 2018 as compared to $1,540,034 for the three months ended November 30, 2017. Measurement segment sales decreased $149,166, or 5.8%, to $2,404,119 for the six months ended November 30, 2018 from $2,553,285 for the six months ended November 30, 2017.

 

   

Within the Measurement segment, Xact monitoring revenues continued to grow, increasing 19.0% for the three months ended November 30, 2018 compared to the three months ended November 30, 2017. Xact monitoring revenues increased 17.0% for the six months ended November 30, 2018 as compared to the same period in the prior year.

 

   

Operating expenses decreased $37,784, or 2.3%, to $1,587,419 for the three months November 30, 2018 from $1,625,203 for the three months ended November 30, 2017, and decreased $128,985, or 4.1%, to $3,041,019 for the six months ended November 30, 2018 compared to $3,170,004 for the six months ended November 30, 2017. These results include non-recurring 2018 proxy and reorganization expenses of $125,280 and $257,330 incurred during the three-month and six-month periods ended November 30, 2018, respectively, that were not incurred during the same periods in the prior year.

Summary data for the three months ended November 30, 2018 and 2017:

 

     Three Months Ended November 30,               
     2018     2017     Change ($)      Change (%)  

Total net sales

   $ 3,503,478     $ 3,770,880     $ (267,402      (7.1 %) 

Balancer segment

     2,345,480       2,230,846       114,634        5.1

Measurement segment

     1,157,998       1,540,034       (382,036      (24.8 %) 

Gross margin

     38.9     45.8     

Operating expenses

   $ 1,587,419     $ 1,625,203       (37,784      (2.3 %) 

Net income (loss)

   $ (255,270   $ 103,248       (358,518   

Net income (loss) per fully diluted share

   $ (0.06   $ 0.03       

 

CORPORATE OFFICE: 2765 NW NICOLAI ST. • PORTLAND, OREGON 97210 • 503/227-7908 • FAX 503/223-1258


The following information was filed by Schmitt Industries Inc (SMIT) on Thursday, January 10, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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