SCHMITT INDUSTRIES INC - SMIT STOCK NEWS

Communications Systems, Inc. (Nasdaq: JCS) announced key developments following its merger with Pineapple Energy LLC. Post-merger, the company will be renamed Pineapple Holdings, Inc. and will focus on the home solar industry. The board will now include independent directors Marilyn Adler and Tom Holland, bringing over 60 years of combined experience in finance and residential solar. A special shareholder meeting is set for March 16, 2022, to vote on the merger. The newly formed Pineapple Holdings aims to become a leading player in rooftop solar and storage solutions.

Schmitt Industries' Acuity Laser has launched the 8-inch Touch Panel Display, enhancing its previous 7-inch model with upgraded 2.0 software and communication capabilities for up to 6 Acuity sensors. This display serves as a stand-alone industrial PC interface, facilitating sophisticated measurement applications such as thickness and plane analysis.

Key applications include cut-to-length measurements, log length measurements, and dimensional assessments. The new display equips operators with real-time production control, allowing extensive monitoring of material thickness trends.

Schmitt Industries (NASDAQ: SMIT) reported strong financial results for the fiscal quarter ended November 30, 2021. Consolidated revenues surged by 45.9% to $2.96 million, and net income reached $2.19 million ($0.57 per share), reversing a loss of $2.37 million in the same period last year. The Ice Cream Segment saw significant growth, with revenues climbing 70.8% to $1.98 million. The gross margin improved to 54.2%. However, operating expenses increased by 34%, primarily due to the acquisition of Ample Hills. The company ended the quarter with $4.57 million in cash.

Schmitt Industries (NASDAQ: SMIT) has launched the XR-C, a new cellular tank monitoring device from its Xact™ Tank Monitoring Solutions line. This device supports multiple sensor options and operates on 4G LTE networks with a single SIM. Key features include durability in extreme temperatures, various power accessories for extended battery life, and multiple mounting options. The XR-C aims to enhance monitoring across industries handling bulk liquids. For more product details, visit the Xact website.

Schmitt Industries (NASDAQ: SMIT) has announced its 2021 annual meeting set for December 10, 2021, at 10:30 a.m. ET in Brooklyn, NY. Shareholders can attend in-person or virtually via Zoom. Proof of COVID-19 vaccination will be required for in-person attendance. Shareholders are encouraged to vote and submit proxies in advance. The meeting will include a management update on the company’s operations. Founded in 1987, Schmitt specializes in high precision test and measurement products through its Acuity and Xact product lines.

Schmitt Industries, Inc. (NASDAQ: SMIT) announced the successful sale of its 28^th Street building for $5.1 million, generating net proceeds of $4.7 million. The transaction closed on November 10, 2021, after a 21-day review. CEO Michael Zapata stated that this sale aligns with the company's strategic goals and enhances funding flexibility for business development, particularly for its Ample Hills segment. Schmitt is evaluating alternatives for its remaining Nicolai Street buildings in Portland.

Schmitt Industries (NASDAQ: SMIT) has launched the AR2700 High-Speed Long-Range Sensor, the fastest in its lineup, capable of measuring distances up to 70 meters for natural targets and 270 meters for retroreflective targets. This compact, eye-safe sensor utilizes a rapidly pulsing laser beam and is tailored for high-speed industrial applications. Key features include a sampling rate of up to 40 kHz and an accuracy of ± 60 mm. Designed for various industrial uses such as bridge crane monitoring and trolley positioning, the AR2700 is built to withstand harsh environments with NEMA-4 and IP67 ratings.

On October 22, 2021, Schmitt Industries appointed Alex Zyngier as a new independent director, enhancing the Board's compliance with NASDAQ requirements. Zyngier, founder of Batuta Capital Advisors, brings over 25 years of corporate management experience, focusing on restructuring and turnaround situations. His appointment results in a majority of independent directors on the Board. Steven Strom also resigned from the Board on the same day, without disagreements cited. Chairman Michael R. Zapata expressed optimism regarding Zyngier’s expertise benefiting shareholders.

Schmitt Industries, Inc. (NASDAQ: SMIT) reported a significant increase in consolidated revenues for the fiscal quarter ended August 31, 2021, with a rise of 149.4% to $3.76 million, compared to $1.51 million in the previous year. The Ice Cream Segment revenue surged by 489.5% to $2.96 million, attributed to the Ample Hills acquisition and a new retail location. However, the Measurement Segment revenue declined by 20.1% to $803,420. The company faced an operating loss of $1.05 million, resulting in a net loss of ($0.28) per share. Operating expenses climbed by 85.7% to $4.14 million, influenced by the Ample Hills acquisition.