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Schmitt Industries Inc. Reports Operating Results for Fiscal Quarter Ended on 2008-11-30
Posted by: gurufocus (IP Logged)
Date: January 13, 2009 07:08PM
Schmitt Industries Inc. (SMIT) filed Quarterly Report for the period ended 2008-11-30.
Highlight of Business Operations:
The Company markets and sells its products worldwide and international sales have accounted for and are expected to continue to account for a significant portion of future revenue. The Company operates a subsidiary in the United Kingdom and acquires certain materials and services from vendors transacted in foreign currencies. Therefore, the Companys business and financial condition is sensitive to currency exchange rates or any other restrictions imposed on their currencies. For the three months ended November 30, 2008 and 2007, results of operations included losses on foreign currency translation of $29,000 and $7,000, respectively. For the six months ended November 30, 2008 and 2007, results of operations included losses on foreign currency translation of $39,000 and $0, respectively.