Schmitt Industries Inc. (SMIT)

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Schmitt Industries 4Q EPS 6c >SMIT
4:10 pm ET July 18, 2018 (Dow Jones) Print
(MORE TO FOLLOW) Dow Jones Newswires (212-416-2800)

July 18, 2018 16:10 ET (20:10 GMT)

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Schmitt Industries Announces Fourth Quarter and Fiscal 2018 Operating Results

PORTLAND, Ore., July 18, 2018 (GLOBE NEWSWIRE) -- Schmitt Industries, Inc. (NASDAQ:SMIT) today announced its operating results for the fourth quarter and fiscal year ended May 31, 2018. Results for the quarter and fiscal year ended May 31, 2018 reflect the Company's on-going initiatives to (1) focus on the Company's core products and businesses and (2) grow each of those businesses while evaluating the best strategy for each of the product lines.

Fourth Quarter and Fiscal 2018 Highlights:

-- Net income was $225,936 for the quarter ended May 31, 2018 and $210,639

for Fiscal 2018;

-- Fully diluted EPS was $0.06 for both the quarter and fiscal year ended

May 31, 2018;

-- Gross margin increased to 42.6% for the fourth quarter and 43.7% for

Fiscal 2018;

-- Balancer segment sales were in excess of $2 million for the fifth

consecutive quarter;