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As of 2:03 AM 09/18/14 All times are local (Market data is delayed by at least 15 minutes).

schmitt industries inc (SI1A) Snapshot

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08/28/14 - €2.28
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12/16/13 - €1.80
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schmitt industries inc (SI1A) Details

Schmitt Industries, Inc. designs, manufactures, and sells computer-controlled vibration detection, and balancing and process control systems primarily to the machine tool industry worldwide. Its Balancer segment offers Schmitt Dynamic Balance System, which consists of a computer control unit, vibration sensor, spindle-mounting adapter, and balance head; an optional acoustical emission monitoring system to monitor the frequency signals generated on the grinding machine; and the ExactDress process control card to monitor and control the grinding wheel dressing process. This segment provides its products to end user operators, as well as manufacturers of grinding machines for various industries, including automotive, industrial, aerospace, and medical industries through independent manufacturers’ representatives and distributors. The company’s Measurement segment designs, manufactures, and sells laser and white light sensors for distance, dimensional, and area measurement for various commercial applications; laser-based microroughness measurement products for the semiconductor wafer, hard disk drive, and other industrial applications; laser-based surface analysis and measurement products for various scientific applications; and ultrasonic measurement products that measure the liquid levels of propane tanks and transmit that data via satellite to a secure Web site for display. Its products include surface roughness measurement products, such as TMS-2000-RC, a non-contact texture measurement system (TMS); and TMS2000W-RC and TMS3000W-RC for manufacturers of silicon wafers, device quality semiconductors, and memory devices. This segment also offers AccuRange distance measurement sensors and AccuProfile laser line scanners; Lasercheck, a line of surface roughness measurement gauges; complete angle scatter instrument scatterometers; and remote tank monitoring products. Schmitt Industries, Inc. was founded in 1984 and is headquartered in Portland, Oregon.

44 Employees
Last Reported Date: 08/8/14
Founded in 1984

schmitt industries inc (SI1A) Top Compensated Officers

Chief Executive Officer, President and Direct...
Total Annual Compensation: $200.0K
Chief Financial Officer, Principal Accounting...
Total Annual Compensation: $160.0K
Vice President of Operations
Total Annual Compensation: $166.2K
Compensation as of Fiscal Year 2014.

schmitt industries inc (SI1A) Key Developments

Schmitt Industries Introduces SBS ExactControl Process Control Card

Schmitt Industries, Inc. announced that it has added a new advanced multi-functional process control capability to its line of SBS balancing and process monitoring products for the grinding industry. The SBS ExactControl(TM) process control card will offer up to seven strategies for precision monitoring and control of the grinding process. The various control strategies offered by the SBS ExactControl(TM) card can help customers optimize the grinding process, thereby improving part quality and reducing costs. The full range of SBS products, including the ExactControl(TM) card, will be showcased at the IMTS 2014 show.

Schmitt Industries, Inc. Announces Consolidated Unaudited Earnings Results for the Fourth Quarter and Full Year Ended May 31, 2014

Schmitt Industries, Inc. announced consolidated unaudited earnings results for the fourth quarter and full year ended May 31, 2014. For the quarter, the company reported operating loss was $132,132 compared with $401,359 for the same period a year ago. Loss before income taxes was $155,423 compared with $393,333 for the same period a year ago. Net loss was $157,757 or $0.05 per basic and diluted share compared with $364,322 or $0.12 per basic and diluted share for the same period a year ago. For the three months ended May 31, 2014, total sales decreased $247,055, or 7.5%, to $3,025,844 from $3,272,899 in the three months ended May 31, 2013. For the full year, the company reported operating loss was $512,405 compared with $562,272 for the same period a year ago. Loss before income taxes was $530,292 compared with $548,166 for the same period a year ago. Net loss was $539,624 or $0.18 per basic and diluted share compared with $539,882 or $0.18 per basic and diluted share for the same period a year ago. For the fiscal year ended May 31, 2014, total sales decreased $317,746, or 2.6%, to $12,134,506 from $12,452,252 in the year ended May 31, 2013.

Schmitt Industries, Inc. Enters into First Amended and Restated Loan Agreement with Bank of America

Effective April 7, 2014, Schmitt Industries, Inc. entered into First Amended and Restated Loan Agreement with Bank of America, N.A. The Loan Agreement provides for the following terms: a revolving line of credit for borrowing up to $2,000,000; expiration of the Loan Agreement to occur on September 1, 2014; an interest rate on any borrowings equal to the Bank's Prime Rate (as defined in the Loan Agreement) or an optional rate defined as the LIBOR Rate plus two percentage points (2.0%); an annual unused commitment fee multiplier of 0.50% (payable on the difference between the amount available for borrowing and the amount of credit actually used, determined on an average daily basis); regular interest payments to be made on the first day of each month; and the securitization of certain collateral, including the company's inventory, receivables and deposit account. The terms governing and describing the collateral are further set forth in the previously existing Security Agreement (Multiple Use) with the Bank (the Existing Security Agreement) and a new Security Agreement (Deposit Account - Specific) with the Bank (the New Security Agreement). Upon the occurrence of any default under the Loan Agreement, all amounts outstanding under the Loan Agreement (including any unpaid, interest, fees or costs) will, at the option of the Bank, bear interest at a rate which is 6% higher than the interest rate that is otherwise in effect under the Loan Agreement. The Loan Agreement contains customary representations and warranties, affirmative and negative covenants and customary events of default that permit the Bank to accelerate the Bank's outstanding obligations under the Loan Agreement.


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