Welcome to our dedicated page for SCHMITT INDUSTRIES news (Ticker: SMIT), a resource for investors and traders seeking the latest updates and insights on SCHMITT INDUSTRIES stock.
Our selection of high-quality news articles is accompanied by an expert summary from Rhea-AI, detailing the impact and sentiment surrounding the news at the time of release, providing a deeper understanding of how each news could potentially affect SCHMITT INDUSTRIES's stock performance. The page also features a concise end-of-day stock performance summary, highlighting the actual market reaction to each news event. The list of tags makes it easy to classify and navigate through different types of news, whether you're interested in earnings reports, stock offerings, stock splits, clinical trials, fda approvals, dividends or buybacks.
Designed with both novice traders and seasoned investors in mind, our page aims to simplify the complex world of stock market news. By combining real-time updates, Rhea-AI's analytical insights, and historical stock performance data, we provide a holistic view of SCHMITT INDUSTRIES's position in the market.
Schmitt Industries, Inc. (NASDAQ: SMIT) reported a significant 87.7% revenue increase to $7,864,350 for Fiscal 2021, attributed largely to its newly acquired Ice Cream Segment. However, gross margins fell from 46.6% to 41.6% due to rising material costs and lower profitability in the Ice Cream Segment. Operating expenses surged to $13,156,893, primarily driven by the acquisition costs. The company faced a net loss from continuing operations of $8,089,672, a steep increase from the prior year's loss of $1,842,304. Cash reserves decreased to $4,032,690 from $10,146,531.
Schmitt Industries (NASDAQ: SMIT) has launched the AS2100 Accurate Distance Sensor, a high-performance replacement for the retired AR2000. The AS2100 boasts superior accuracy, measuring natural targets up to 100m and Acuity reflective targets up to 500m with an accuracy of +/- 1 mm. It features a Class 2 laser diode, with a measurement frequency of 250Hz, making it ideal for various applications in metal production, transportation, and process control. The launch enhances product offerings for new and existing customers.
Schmitt Industries (NASDAQ: SMIT) reported a 52.4% increase in consolidated revenues for Q3 2021, reaching $1,668,444, and a 61.5% increase for the nine months ended February 28, 2021, totaling $5,205,641. The newly formed Ice Cream Segment generated $621,730 in Q3. However, the Measurement Segment saw a 4.4% decline, primarily due to drops in Acuity and Xact product revenues. Operating expenses surged by 222.2% to $3,335,650, resulting in a net loss of ($2,419,797) in Q3. The company ended the quarter with $4,166,364 in cash.
Schmitt Industries (SMIT) reported a revenue increase of 96.5% to $2,029,712 for Q2 2020, largely driven by the acquisition of Ample Hills Creamery. Total revenue for the six months ended November 30, 2020, rose 66.2% to $3,537,197. However, the Measurement Segment saw a 15.7% decline in revenue. Operating expenses surged 211.4% with a net loss of $2,366,469 in Q2 2020, compared to a loss of $599,058 in Q2 2019. Gross margin improved to 47.4%. The company finished the quarter with $7.3 million in cash.
Schmitt Industries (NASDAQ: SMIT) will hold its 2020 Annual Meeting on December 10, 2020, at 8:30 a.m. PT in Portland, Oregon. A virtual video conference will follow at 9:30 a.m. PT, where management will update shareholders on business operations. Shareholders must adhere to COVID-19 protocols for in-person attendance and are encouraged to vote via proxy ahead of the meeting. Founded in 1987, Schmitt designs high precision test and measurement products under its Acuity and Xact brands, and also operates Ample Hills Creamery.
Schmitt Industries, Inc. (NASDAQ: SMIT) announced the appointment of Philip Bosco as Chief Financial Officer, effective December 1, 2020. Bosco brings over 25 years of financial experience, previously serving as CFO for Intega Group Limited, where he oversaw a division generating $200M in revenue. CEO Michael Zapata expressed excitement about Bosco's strategic mindset and financial expertise. The company thanked Jamie Schmidt for his interim CFO role during a crucial transition period and noted his continued contributions in corporate development.
On November 2, 2020, Schmitt Industries (NASDAQ: SMIT) announced compliance with Nasdaq listing requirements following their Form 10-Q filing for the period ending August 31, 2020. The report highlighted the company's operations in high precision test and measurement products through its Acuity® and Xact® lines, which cater to industries reliant on precise measurement technologies. Additionally, Schmitt owns Ample Hills Creamery, an ice cream manufacturer in Brooklyn, NY. The company also included a safe harbor statement regarding forward-looking risks and uncertainties affecting its business.
Schmitt Industries, Inc. (NASDAQ: SMIT) reported a 37.7% revenue increase to $1,507,485 for Q1 FY 2021, largely attributed to the acquisition of Ample Hills Creamery. The acquisition contributed $501,420 in revenue, although the measurement segment saw an 8.1% decline in revenue. Gross margin fell to 40.3%, while operating expenses surged 215.2% due to Ample Hills' integration costs. Net income improved to $150,659 from a loss of $(206,154) in the prior year. However, non-GAAP EPS was $(0.23), indicating ongoing financial challenges following the acquisition.
Schmitt Industries, Inc. (NASDAQ: SMIT) has appointed Lillian Tung to its Board of Directors as of October 27, 2020. Tung, a co-founder and CMO of Fur, brings over a decade of experience in marketing, particularly in digital acquisition and brand development. She previously worked at L'Oréal USA and JPMorgan Chase, holding significant roles in marketing and finance. Chairman Michael R. Zapata expressed enthusiasm about Tung's expertise benefiting the company's growth and strategic direction. Schmitt Industries specializes in high-precision measurement products and operates Ample Hills Creamery.
On October 19, 2020, Schmitt Industries (NASDAQ: SMIT) received a notice from Nasdaq for not filing its Quarterly Report on Form 10-Q for the quarter ending August 31, 2020, by the October 16 deadline. The company has a 60-day period until December 18, 2020, to submit a compliance plan. If accepted, Schmitt has until April 13, 2021, to regain compliance. Despite this, its stock will continue to trade on Nasdaq during this grace period. Schmitt aims to file the overdue Form 10-Q by October 30, 2020, to rectify the situation.
FAQ
What is the market cap of SCHMITT INDUSTRIES (SMIT)?
