Schmitt Industries Inc. (SMIT, Financial) filed Quarterly Report for the period ended 2009-11-30.
Schmitt Industries Inc. has a market cap of $9.8 million; its shares were traded at around $3.3805 with and P/S ratio of 1. Schmitt Industries Inc. had an annual average earning growth of 14.6% over the past 5 years.
In response to the significant decreases in revenues during the past year, the Company has been reducing its expenses across the entire Company. Operating expenses have decreased $511,000, or 30.6%, to $1.2 million for the three months ended November 30, 2009 from $1.7 million for the three months ended November 30, 2008. Operating expenses have decreased $948,000, or 29.2%, to $2.3 million for the six months ended November 30, 2009 from $3.2 million for the six months ended November 30, 2008. General, administration and sales expenses have decreased $388,000, or 27.3%, to $1.0 million for the three months ended November 30, 2009 from $1.4 million for the same period in the prior year. Research and development expenses have decreased $123,000, or 49.2%, to $127,000 for the
three months ended November 30, 2009 from $251,000 for the three months ended November 30, 2008. Research and development expenses have decreased $198,000, or 39.7%, to $301,000 for the six months ended November 30, 2009 from $498,000 for the six months ended November 30, 2008. Net loss was $224,000, or $0.08 per fully diluted share, for the three months ended November 30, 2009 as compared to net loss of $114,000, or $0.04 per fully diluted share, for the three months ended November 30, 2008. Net loss was $799,000, or $0.28 per fully diluted share, for the six months ended November 30, 2009 as compared to net loss of $80,000, or $0.03 per fully diluted share, for the six months ended November 30, 2008.
Other income Other income consists of interest income, foreign currency exchange gain (loss) and other income (expense). Interest income was $3,000 and $27,000 for the three months ended November 30, 2009 and 2008, respectively. Interest income was $8,000 and $57,000 for the six months ended November 30, 2009 and 2008, respectively. Interest income decreased due to lower interest rates and decreased cash and investment balances. Foreign currency exchange gains (losses) were $3,000 and $(29,000) for the three months ended November 30, 2009 and 2008, respectively. Foreign currency exchange gains (losses) were $6,000 and $(39,000) for the six months ended November 30, 2009 and 2008, respectively. The increase in the gains is primarily due to the strengthening of foreign currencies against the US dollar during the current period.
Net income Net loss increased $110,000 to a net loss of $224,000, or $0.08 per diluted share, for the three months ended November 30, 2009 as compared to a net loss of $114,000, or $0.04 per diluted share, for the three months ended November 30, 2008. Net loss increased $719,000 to a net loss of $799,000, or $0.28 per diluted share, for the six months ended November 30, 2009 as compared to a net loss of $80,000, or $0.03 per diluted share, for the six months ended November 30, 2008. Net income decreased due primarily to lower sales and related gross profit offset by lower general, administrative and selling expenses, lower research and development expenses and a lower effective tax rate during the three and six months ended November 30, 2009 and 2008.
The Companys working capital decreased $655,000 to $8.1 million as of November 30, 2009 compared to $8.7 million as of May 31, 2009. Cash, cash equivalents and short-term investments totaled $3.7 million and $4.2 million as of November 30, 2009 and May 31, 2009, respectively. As of November 30, 2009, the Company had $3.2 million in cash and cash equivalents on hand compared to $4.2 million at May 31, 2009. The Company had $500,000 and $0 in short-term investments as of November 30, 2009 and May 31, 2009, respectively. The Company invested in $500,000 of certificates of deposit during the first quarter of Fiscal 2010.
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Schmitt Industries Inc. has a market cap of $9.8 million; its shares were traded at around $3.3805 with and P/S ratio of 1. Schmitt Industries Inc. had an annual average earning growth of 14.6% over the past 5 years.
Highlight of Business Operations:
For the three months ended November 30, 2009, total sales decreased $1.1 million, or 35.7%, to $1.9 million from $3.0 million in the three months ended November 30, 2008. For the six months ended November 30, 2009, total sales decreased $3.0 million, or 49.1%, to $3.1 million from $6.2 million in the six months ended November 30, 2008. Balancer segment sales primarily come from end-users, rebuilders and original equipment manufacturers of grinding machines within the target geographic markets of North America, Asia and Europe. Balancer segment sales decreased $894,000, or 39.3%, to $1.4 million for the three months ended November 30, 2009 compared to $2.4 million for the three months ended November 30, 2008. Balancer segment sales decreased $2.3 million, or 50.6%, to $2.3 million for the six months ended November 30, 2009 compared to $4.6 million for the six months ended November 30, 2008. The Measurement segment product line consists of both laser-based light-scatter and distance measurement and dimensional sizing products. Total Measurement segment sales decreased $173,000, or 24.2%, to $541,000 for the three months ended November 30, 2009 compared to $714,000 for the three months ended November 30, 2008. Total Measurement segment sales decreased $723,000, or 45.1%, to $882,000 for the six months ended November 30, 2009 compared to $1.6 million for the six months ended November 30, 2008.In response to the significant decreases in revenues during the past year, the Company has been reducing its expenses across the entire Company. Operating expenses have decreased $511,000, or 30.6%, to $1.2 million for the three months ended November 30, 2009 from $1.7 million for the three months ended November 30, 2008. Operating expenses have decreased $948,000, or 29.2%, to $2.3 million for the six months ended November 30, 2009 from $3.2 million for the six months ended November 30, 2008. General, administration and sales expenses have decreased $388,000, or 27.3%, to $1.0 million for the three months ended November 30, 2009 from $1.4 million for the same period in the prior year. Research and development expenses have decreased $123,000, or 49.2%, to $127,000 for the
three months ended November 30, 2009 from $251,000 for the three months ended November 30, 2008. Research and development expenses have decreased $198,000, or 39.7%, to $301,000 for the six months ended November 30, 2009 from $498,000 for the six months ended November 30, 2008. Net loss was $224,000, or $0.08 per fully diluted share, for the three months ended November 30, 2009 as compared to net loss of $114,000, or $0.04 per fully diluted share, for the three months ended November 30, 2008. Net loss was $799,000, or $0.28 per fully diluted share, for the six months ended November 30, 2009 as compared to net loss of $80,000, or $0.03 per fully diluted share, for the six months ended November 30, 2008.
Other income Other income consists of interest income, foreign currency exchange gain (loss) and other income (expense). Interest income was $3,000 and $27,000 for the three months ended November 30, 2009 and 2008, respectively. Interest income was $8,000 and $57,000 for the six months ended November 30, 2009 and 2008, respectively. Interest income decreased due to lower interest rates and decreased cash and investment balances. Foreign currency exchange gains (losses) were $3,000 and $(29,000) for the three months ended November 30, 2009 and 2008, respectively. Foreign currency exchange gains (losses) were $6,000 and $(39,000) for the six months ended November 30, 2009 and 2008, respectively. The increase in the gains is primarily due to the strengthening of foreign currencies against the US dollar during the current period.
Net income Net loss increased $110,000 to a net loss of $224,000, or $0.08 per diluted share, for the three months ended November 30, 2009 as compared to a net loss of $114,000, or $0.04 per diluted share, for the three months ended November 30, 2008. Net loss increased $719,000 to a net loss of $799,000, or $0.28 per diluted share, for the six months ended November 30, 2009 as compared to a net loss of $80,000, or $0.03 per diluted share, for the six months ended November 30, 2008. Net income decreased due primarily to lower sales and related gross profit offset by lower general, administrative and selling expenses, lower research and development expenses and a lower effective tax rate during the three and six months ended November 30, 2009 and 2008.
The Companys working capital decreased $655,000 to $8.1 million as of November 30, 2009 compared to $8.7 million as of May 31, 2009. Cash, cash equivalents and short-term investments totaled $3.7 million and $4.2 million as of November 30, 2009 and May 31, 2009, respectively. As of November 30, 2009, the Company had $3.2 million in cash and cash equivalents on hand compared to $4.2 million at May 31, 2009. The Company had $500,000 and $0 in short-term investments as of November 30, 2009 and May 31, 2009, respectively. The Company invested in $500,000 of certificates of deposit during the first quarter of Fiscal 2010.
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