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Schmitt Industries, Inc. (Nasdaq:SMIT) recently announced its operating results for the first quarter ended August 31, 2011. Sales for the three months ended August 31, 2011 increased $1,067,018, or 44.4%, to $3,471,485 compared to $2,404,467 for the same period last year.
Net income for the first quarter ended August 31, 2011 was $137,028, or $.05 per diluted share, compared to a net loss of $112,625, or $.04 per diluted share, for the same period last year.
For the first quarter ended August 31, 2011, sales in the SBS Balancer segment increased $993,122, or 65.0%, to $2,520,539 from $1,527,417 in the first quarter of Fiscal 2011. Sales in the Measurement segment increased $73,896, or 8.4%, to $950,946 in the first quarter of Fiscal 2012 from $877,050 in the first quarter of the prior year. Sales of the Company’s balancer and laser-based measurement products increased from the prior period due primarily to higher volumes of shipments as the worldwide automotive and manufacturing industries continued to recover from the global economic downturn.
Schmitt Industries, Inc. designs, manufactures and markets computer-controlled vibration detection and balancing equipment (the Balancer segment) primarily to the machine tool industry. Through its wholly owned subsidiary, Schmitt Measurement Systems, Inc., the Company designs, manufactures and markets precision laser-based surface measurement products for a wide variety of commercial applications in addition to the disk drive, silicon wafer and optics industries; laser-based distance measurement products for a wide variety of industrial applications; and ultrasonic measurement products that accurately measure the fill levels of large liquefied propane tanks and transmit that data via satellite to a secure web site (the Measurement segment). The Company also sells and markets its products in Europe through its wholly owned subsidiary, Schmitt Europe Ltd. located in the United Kingdom.
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