LOOK HERE !!
Schmitt Announces Second-Quarter Sales and Earnings
--------------------------------------------------------------------------------
PORTLAND, ORE. (Jan. 5) BUSINESS WIRE -Jan. 5, 1998--Schmitt
Industries' (NASDAQ:SMIT) operations improved during the second quarter
of fiscal-year 1998, ended Nov. 30, 1997, as evidenced by increases in
sales and profit levels.
Sales for the second quarter were from the SBS Balancer and SMS
Measurement products and set a new record of $3,220,475 for the
quarter, an 18 percent increase over the same period last year. Net
income for the second quarter increased 15 percent totaling $695,449
vs. $607,344 for the same period last year. These record results were
achieved despite minor operating losses in Europe.
Sales for the six-month period were from both SBS Balancer products and
SMS Measurement products and totaled $5,887,416 for the period, a 30
percent increase over the same period last year. Gross profits
increased 19 percent over last year with net earnings up 40 percent for
the six-month period.
Net earnings per share for the six-month period increased 40 percent to
$0.14 vs. $0.10 in fiscal-year 1997.
SIX-MONTH RESULTS -- FY 1997 VS. FY 1998
(Period Ending 11/30/96 and 11/30/97)
SALES GROSS PROFIT NET PROFIT AFTER TAX
FY-97 FY-98 FY-97 FY-98 FY-97 FY-98
$4,532,012 $5,887,416 $2,795,234 $3,338,226 $747,620 $1,050,000
Quarterly 1998 net earnings per share increased to $.09 vs. $.08 in
fiscal-year 1997 due to the increased sales levels of all products for
the quarter.
Sales for the second-quarter FY-98 set a new record of $3,220,475 vs.
$2,738,314 for the same second-quarter period last year. Gross profits
for the second quarter FY-98 were $1,833,637 vs. $1,725,676 for FY-97.
During the second quarter the company successfully introduced its new
DTM-2000 laser texture measurement machine. This product verifies
microroughness at the rate of 1200 computer disks per hour. This
throughput allows the industry to move towards 100 percent inspection.
To the company's knowledge, there is no competitive product offered
similar to the DTM-2000. The company expects to aggressively market
the DTM-2000 in 1998 and beyond.
The company is currently analyzing the impact of the economic turmoil
in Asia, which may or may not decrease product sales. The company
expects minimal impact on its balancing product lines, and impact on
its measurement product lines is unknown at this time.
Schmitt Measurement products are currently being marketed by Veeco
Instruments of Santa Barbara, Calif. This marketing/distribution
arrangement allows Schmitt to concentrate on new product development
and still have its products sold worldwide with an established
metrology sales and service organization. Schmitt expects fiscal 1998
and 1999 will result in added market penetration for its measurement
products, utilizing Veeco's distribution channels.
The information contained in this release includes "forward-looking
statements" within the meaning of Section 27A of the Securities Act of
1933 and Section 21E of the Exchange Act of 1934, and is subject to the
safe harbor created by those sections. The company cautions investors
that any forward-looking statements made by the company are not
guarantees of future performance; actual results may differ materially
from those projected in the forward-looking statements as a result of
various factors including, but not limited to, those set forth in the
company's 8-K filed with the Securities and Exchange Commission on June
6, 1996.
2ND-QUARTER RESULTS -- FY 1997 VS. FY 1998
(Period Ending 11/30/96 and 11/30/97)
SALES GROSS PROFIT NET PROFIT AFTER TAX
FY-97 FY-98 FY-97 FY-98 FY-97 FY-98
$2,738,314 $3,220,475 $1,725,676 $1,833,637 $607,344 $695,449
-0- KS/se*
CONTACT: Schmitt Industries
Linda M. Case, 503/227-7908
KEYWORD: OREGON
INDUSTRY KEYWORD: COMED COMPUTERS/ELECTRONICS EARNINGS Today's News On
The Net - Business Wire's full file on the Internet
with Hyperlinks to your home page.
URL: businesswire.com
|
