This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.Here is a sample of this item:Schmitt Industries Announces First Quarter of Fiscal 2010 Operating Results 2009-10-02 16:05 ET - News Release 
Company Website:
http://www.schmitt-ind.com
PORTLAND, Ore. -- (Business Wire)
Schmitt Industries, Inc. (NASDAQ:SMIT) today announced its operating
results for the first quarter of Fiscal year 2010, which ends May 31,
2010. Sales for the three months ended August 31, 2009 were $1,223,234
compared to $3,193,385 for the same period last year. Net loss for the
first quarter ended August 31, 2009 was $584,089 or $.20 per fully
diluted share compared to net income of $33,547 or $.01 per fully
diluted share for the same period last year.
In the first quarter, sales in the SBS Balancer segment decreased 61.7%
while sales in the SMS Measurement segment also decreased 61.7% as
compared to the same period last year. Sales of the Company’s balancer
and laser-based measurement products declined from prior periods due to
a sharp drop in demand that began in the second half of Fiscal year 2009
as a result of rapidly deteriorating market conditions in the US auto
industry, a downturn in global manufacturing and the weakening of the US
and global economy generally.
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