Schmitt Industries Announces Fourth Quarter and Fiscal 2018 Operating Results
Schmitt Industries, Inc. (SMIT)
US:NASDAQ Investor Relations:
investor.schmitt-ind.com/investor-relations
Company Research
Source: GlobeNewswire
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;Record monitoring revenues in our Xact product line were achieved for both the fourth quarter and Fiscal 2018, and;Rights Offering was successfully completed in
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