Schmitt Industries Announces Third Quarter Fiscal 2019 Operating Results
Schmitt Industries, Inc. (SMIT)
US:NASDAQ Investor Relations:
investor.schmitt-ind.com/investor-relations
Company Research
Source: GlobeNewswire
PORTLAND, Ore., April 10, 2019 (GLOBE NEWSWIRE) -- Schmitt Industries, Inc. (NASDAQ: SMIT) (the “Company” or “Schmitt”) today announced its operating results for the third quarter of Fiscal 2019. Highlights of the three and nine months ended February 28, 2019: Total net sales for the Company decreased 4.8% and 0.7% for the three and nine months ended February 28, 2019, respectively, as compared to the three and nine months ended February 28, 2018.Gross margin was reduced from 46.1% to 32.8% for the third quarter of fiscal 2019 due to an inventory reserve adjustment of $407,558. This adjustment was the outcome of reorganization efforts to evaluate the types and levels of inventory maintained across the Company’s three product lines.Operating expenses increased 12.1% and 0.8% for the three and nine months ended February 28, 2019, respectively, as compared to the three and nine months ended February 28, 2018. These results include non-recurring reorganization, legal and other pro
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