Schmitt Industries down on Q4 profit decline
Shares of balance equipment maker Schmitt Industries Inc. (Nasdaq: SMIT) are lower following news of a decline in fourth-quarter profit.
The net income for the three months ended May 31 was $0.36 million, or $0.13 per share, compared with a net income of $0.51 million, or $0.19 per share, a year earlier, the Portland, Ore.-based company reported after Wednesday’s close. Analyst estimates were not available.
Quarterly sales fell 17.5% to $2.91 million, compared with $3.53 million a year earlier. Schmitt Industries sells most of its products to the machine tool industry.
At 11:08 a.m. ET shares were down $2.92, or 26%, to $8.28. The 52-week high of $11.74 was achieved on July 17. The 52-week low of $6.27 was set on Sept. 6, 2006.
