Schmitt Industries (Schmitt Industries) Effective Interest Rate on Debt % : 0.33% (As of May. 2022)

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What is Schmitt Industries Effective Interest Rate on Debt %?

Effective Interest Rate on Debt % is the usage rate that a borrower actually pays on a debt. It is calculated as the positive value of Interest Expense divided by its average total debt. Total debt equals to Long-Term Debt & Capital Lease Obligation plus Short-Term Debt & Capital Lease Obligation. Schmitt Industries's annualized positive value of Interest Expense for the quarter that ended in May. 2022 was $0.04 Mil. Schmitt Industries's average total debt for the quarter that ended in May. 2022 was $10.90 Mil. Therefore, Schmitt Industries's annualized Effective Interest Rate on Debt % for the quarter that ended in May. 2022 was 0.33%.

Schmitt Industries Effective Interest Rate on Debt % Historical Data

The historical data trend for Schmitt Industries's Effective Interest Rate on Debt % can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

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Schmitt Industries Effective Interest Rate on Debt % Chart

Schmitt Industries Annual Data

Trend

May13

May14

May15

May16

May17

May18

May19

May20

May21

May22

Effective Interest Rate on Debt %

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0.13

0.28

Schmitt Industries Quarterly Data
	Aug17	Nov17	Feb18	May18	Aug18	Nov18	Feb19	May19	Aug19	Nov19	Feb20	May20	Aug20	Nov20	Feb21	May21	Aug21	Nov21	Feb22	May22
Effective Interest Rate on Debt %	Get a 7-Day Free Trial															0.27	0.46	0.71	0.33	0.33

Competitive Comparison of Schmitt Industries's Effective Interest Rate on Debt %

For the Scientific & Technical Instruments subindustry, Schmitt Industries's Effective Interest Rate on Debt %, along with its competitors' market caps and Effective Interest Rate on Debt % data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

Schmitt Industries's Effective Interest Rate on Debt % Distribution in the Hardware Industry

For the Hardware industry and Technology sector, Schmitt Industries's Effective Interest Rate on Debt % distribution charts can be found below:

* The bar in red indicates where Schmitt Industries's Effective Interest Rate on Debt % falls into.

Schmitt Industries Effective Interest Rate on Debt % Calculation

Schmitt Industries's annualized Effective Interest Rate on Debt % for the fiscal year that ended in May. 2022 is calculated as

	Effective Interest Rate on Debt %
=	-1 * Interest Expense	/	( (Total Debt (A: May. 2021 )	+	Total Debt (A: May. 2022 ))	/ count )
=	-1 * -0.047	/	( (14.979	+	18.384)	/ 2 )
=	-1 * -0.047	/	16.6815
=	0.28 %

where

	Total Debt (A: May. 2021 )
=	Long-Term Debt & Capital Lease Obligation	+	Short-Term Debt & Capital Lease Obligation
=	13.395	+	1.584
=	14.979

	Total Debt (A: May. 2022 )
=	Long-Term Debt & Capital Lease Obligation	+	Short-Term Debt & Capital Lease Obligation
=	16.406	+	1.978
=	18.384

Schmitt Industries's annualized Effective Interest Rate on Debt % for the quarter that ended in May. 2022 is calculated as

	Effective Interest Rate on Debt %
=	-1 * Interest Expense	/	( (Total Debt (Q: Feb. 2022 )	+	Total Debt (Q: May. 2022 ))	/ count )
=	-1 * -0.036	/	( (3.418	+	18.384)	/ 2 )
=	-1 * -0.036	/	10.901
=	0.33 %

where

	Total Debt (Q: Feb. 2022 )
=	Long-Term Debt & Capital Lease Obligation	+	Short-Term Debt & Capital Lease Obligation
=	1.528	+	1.89
=	3.418

	Total Debt (Q: May. 2022 )
=	Long-Term Debt & Capital Lease Obligation	+	Short-Term Debt & Capital Lease Obligation
=	16.406	+	1.978
=	18.384

In the calculation of annual Effective Interest Rate on Debt %, the Interest Expense of the last fiscal year and the average total debt over the fiscal year are used. In calculating the quarterly data, the Interest Expense data used here is four times the quarterly (May. 2022) interest expense data. Effective Interest Rate on Debt % is displayed in the 30-year financial page.

Schmitt Industries (OTCPK:SMIT) Effective Interest Rate on Debt % Explanation

Effective Interest Rate on Debt % measures the usage rate that a borrower actually pays on a debt.

Schmitt Industries Effective Interest Rate on Debt % Related Terms

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Schmitt Industries (Schmitt Industries) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Technology » Hardware » Schmitt Industries Inc (OTCPK:SMIT) » Definitions » Effective Interest Rate on Debt %

Comparable Companies

Traded in Other Exchanges

N/A

Address

2765 North West Nicolai Street, Portland, OR, USA, 97210

Website

https://www.schmittindustries.com

Schmitt Industries Inc is engaged in propane tank monitoring solutions, precision measurement solutions, and ice cream production and distribution. The Company operates as two reportable segments: the Measurement Segment and the Ice Cream Segment. Xact product line includes satellite-focused remote tank monitoring products and related monitoring services for markets in the IoT environment. The Company also manufactures, wholesales, and retails ice cream and related products.

Executives

Dustin Henderson	other: Shareholder	11125 N PARK BLVD, STE 106, SEMINOLE FL 33772
Kristi Michelle Smaha	director	C/O SCHMITT INDUSTRIES, INC., 2765 N.W. NICOLAI STREET, PORTLAND OR 97210-1818
Alexandre Zyngier	director	5700 W. PLANO PARKWAY, SUITE 3600, PLANO TX 75093
Philip Bosco	officer: Chief Financial Officer	2765 NW NICOLAI STREET, PORTLAND OR 97210
Lillian Tung	director	45 WEST 67TH STREET, 10D, NEW YORK NY 10023
Michael R. Zapata	officer: Chief Executive Officer	2765 NW NICOLAI STREET, PORTLAND OR 97210
Andrews P Hines	director
Steven Strom	director	2765 NW NICOLAI STREET, PORTLAND OR 97210
Charles Davidson	director	C/O SCHMITT INDUSTRIES, INC., 2765 N.W. NICOLAI STREET, PORTLAND OR 97210
Jamie Michael Schmidt	officer: Chief Financial Officer	2765 NW NICOLAI STREET, PORTLAND OR 97210
Walter Brown Pistor	10 percent owner	2415 KALAMA RIVER ROAD, KALAMA WA 98625
Regina Walker	officer: Chief Financial Officer	2765 NW NICOLAI STREET, PORTLAND OR 97210
Michael Ellsworth	director	SCHMITT INDUSTRIES, INC., 2765 NW NICOLAI, PORTLAND OR 97210
David Hudson	director	SCHMITT INDUSTRIES, INC., 2765 NW NICOLAI, PORTLAND OR 97210
Maynard E Brown	director	1595 - 19TH STREET, WEST VANCOUVER A1 V7V 3X5