SCHMITT INDUSTRIES PROVIDES AMPLE HILLS AND CORPORATE UPDATES
Schmitt Industries (NASDAQ: SMIT) reports strong growth in Ample Hills ice cream sales, with May same-store sales up 34% to $615,000, and year-to-date sales up 15%. The company has expanded its lease portfolio in Manhattan, adding five locations to meet increasing demand. However, the Board has terminated the letter of intent with Xact to explore more strategic options for shareholder value. The sale of the Nicolai Street property is pending, with closure expected by July 15, but success is not guaranteed. The company focuses on high-precision measurement solutions and operates Ample Hills.
- May same-store sales for Ample Hills increased by 34% to $615,000.
- Year-to-date same-store sales are up 15% compared to the previous year.
- Expansion with a new lease in Manhattan, bringing total locations to five.
- Termination of the letter of intent with Xact to pursue other strategic options.
- Pending sale of Nicolai Street property is not guaranteed to close.
PORTLAND, Ore., June 16, 2022 /PRNewswire/ -- Schmitt Industries, Inc. (NASDAQ: SMIT) (the "Company" or "Schmitt") today provided an update on Ample Hills and strategic transactions.
Ample Hills ice cream sales have experienced a strong start to the summer, with May same-store-sales up
Ample Hills also announced a new lease in Manhattan's historic Greenwich Village. This lease brings the new lease total to five, including the recently announced Upper West Side location that is expected to open in July, as well as a Long Island City location and Pasadena and Beverly Hills locations in Los Angeles.
"We are excited to see the pent-up ice cream demand as our country and communities begin to normalize in a new-COVID environment. We are positioned well with attractive locations to continue to bring Ample Hills scoop shops to support new communities and serve them with unique and top of class ice cream," commented Michael Zapata, CEO and Chairman.
Schmitt Transactions
In reference to the Xact letter of intent announced on May 17, 2022 (the "LOI"), the Board of the Company did not approve the transaction and has formally terminated the LOI to pursue more strategic options that are expected to further increase value to shareholders.
In reference to the pending sale agreement for the Nicolai Street property, subject to the due diligence review, it is expected that the sale will close on or before July 15, 2022. There is no guarantee that a transaction will be completed. Accordingly, there can be no assurance that the Company's efforts to consummate the transaction contemplated by the agreement will be successful.
About Schmitt Industries
Schmitt Industries, Inc., founded in 1987, designs, manufactures and sells high precision test and measurement products, solutions and services through its Acuity® and Xact® product lines. Acuity provides laser and white light sensor distance measurement and dimensional sizing products, and our Xact line provides ultrasonic-based remote tank monitoring products and related monitoring revenues for markets in the Internet of Things environment. The Company also owns and operates Ample Hills Creamery, a beloved ice cream manufacturer and retailer based in Brooklyn, NY.
Safe Harbor Statement
This document may contain forward-looking statements made pursuant to the Private Securities Litigation Reform Act of 1995. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict. Actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements due to numerous factors. A complete discussion of the risks and uncertainties that may affect Schmitt's business, including the business of its subsidiary, is included in "Risk Factors" in the Company's most recent Annual Report on Form 10-K as filed by the Company with the Securities and Exchange Commission.
For more information contact: | Michael R. Zapata, President and CEO Phillip Bosco, CFO and Treasurer (503) 227-7908 |
View original content:https://www.prnewswire.com/news-releases/schmitt-industries-provides-ample-hills-and-corporate-updates-301569054.html
SOURCE Schmitt Industries, Inc.
FAQ
What was the sales growth for Ample Hills reported by Schmitt Industries?
How many new locations has Ample Hills opened in Manhattan?
When is the expected closure date for the Nicolai Street property sale?
What strategic decision did Schmitt Industries make regarding Xact?
