Last $2.95 USD
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As of 8:10 PM 04/14/14 All times are local (Market data is delayed by at least 15 minutes).

schmitt industries inc (SMIT) Snapshot

Open
$2.75
Previous Close
$2.95
Day High
$2.95
Day Low
$2.75
52 Week High
03/26/14 - $3.31
52 Week Low
09/13/13 - $2.40
Market Cap
8.8M
Average Volume 10 Days
1.1K
EPS TTM
$-0.24
Shares Outstanding
3.0M
EX-Date
--
P/E TM
--
Dividend
--
Dividend Yield
--
Current Stock Chart for SCHMITT INDUSTRIES INC (SMIT)

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schmitt industries inc (SMIT) Details

Schmitt Industries, Inc. designs, manufactures, and sells computer-controlled vibration detection, and balancing and process control systems primarily to the machine tool industry in North America, Europe, and Asia. It operates in two segments, Balancer and Measurement. The Balancer segment offers Schmitt Dynamic Balance System, which consists of a computer control unit, vibration sensor, spindle-mounting adapter, and balance head, as well as an optional acoustical emission monitoring system to monitor the frequency signals generated on the grinding machine. This segment provides its products to manufacturers and operators of grinding machines covering various industries, such as automotive, aerospace, medical, and machine tools through independent manufacturers’ representatives and distributors. The Measurement segment designs, manufactures, and sells laser and white light sensors for distance, dimensional, and area measurement in 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; and TMS-2000W-RC and TMS-3000W-RC for manufacturers of silicon wafers, device quality semiconductors, and memory devices. This segment also offers AccuRange sensors and scanners; Lasercheck, a line of surface roughness measurement gauges; Complete Angle Scatter Instrument Scatterometers; and Remote Tank Monitoring Products, including Xact Tank Monitoring Systems. The company was founded in 1984 and is headquartered in Portland, Oregon.

50 Employees
Last Reported Date: 08/14/13
Founded in 1984

schmitt industries inc (SMIT) Top Compensated Officers

Chief Executive Officer, President and Direct...
Total Annual Compensation: $191.0K
Chief Financial Officer, Principal Accounting...
Total Annual Compensation: $22.2K
Vice President of Operations
Total Annual Compensation: $161.2K
Compensation as of Fiscal Year 2013.

schmitt industries inc (SMIT) Key Developments

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.

Schmitt Industries, Inc. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended February 28, 2014

Schmitt Industries, Inc. reported unaudited consolidated earnings results for the third quarter and nine months ended February 28, 2014. For the quarter, the company reported net loss of $72,107 or $0.02 per share as compared to a net loss of $191,104 or $0.06 per share, during the same quarter last year. Net sales were $3,066,163 compared to $2,796,429 for the same period a year ago. Operating loss was $81,655 compared to $173,682 a year ago. Loss before income taxes were $70,158 compared to $176,029 a year ago. For the nine months, the company reported net sales of $9,108,662 compared to $9,179,353 a year ago. Operating loss was $380,273 compared to $160,913 a year ago. Loss before income taxes was $374,869 compared to $154,833 a year ago. Net loss was $381,867 compared to $175,560 a year ago. Basic and diluted net loss per share was $0.13 compared to $0.06 a year ago.

Schmitt Industries, Inc. Reports Consolidated and Unaudited Earnings Results for the Second Quarter and Six Months Ended November 30, 2013

Schmitt Industries, Inc. reported consolidated and unaudited earnings results for the second quarter and six months ended November 30, 2013. For the quarter, the company reported net sales were $3,143,052 compared to $2,702,259 for the same period last year. Net loss was $163,201 or $0.05 per basic and diluted share compared to net loss of $104,604 or $0.03 per basic and diluted share for the same period last year. Operating loss was $151,274 against $113,055 a year ago. Loss before income taxes was $160,820 against $105,410 a year ago. For the six months, the company reported net sales were $6,042,499 compared to $6,382,924 for the same period last year. Net loss was $309,760 or $0.10 per basic and diluted share compared to net income of $15,544 or $0.01 per basic and diluted share for the same period in the prior year. Operating loss was $298,618 against income of $12,769 a year ago. Loss before income taxes was $304,711 against income of $21,196 a year ago.

 

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