Schmitt Industries Inc (PK:SMIT)
Business Focus: Testing & Measuring Equipment
| Sector: Industrials | Industry: Industrial Machinery & Equipment |
| See Regulatory Filings on SEC | |
| Company Contact | |
| Address: | 2765 Nw Nicolai St PORTLAND OR 97210 |
| Tel: | N/A |
| Website: | https://www.schmittindustries.com |
| IR: | See website |
| Key People | ||
| Michael R. Zapata Executive Chairman of the Board, President, Chief Executive Officer | ||
| Business Overview |
| Schmitt Industries Inc. is a holding company, which is engaged in diverse business activities. The Company's operating businesses include propane tank monitoring solutions, precision measurement solutions and ice cream production and sales through the retail, wholesale, and e-commerce channels. The Company operates through two segments: Measurement Segment (SMS) and Ice Cream Segment. Its SMS family of products includes the Acuity and Xact product lines. Acuity products utilize both triangulation and time-of-flight measurement principles and are known for their speed and accuracy. Acuity products are used in a variety of industrial, commercial and research applications. Xact ultrasonic measurement technology monitors the fill levels of propane and other liquid tanks via satellite-connected devices. The Company's Ice Cream Segment is comprised of Ample Hills. Ample Hills primarily sells artisan ice cream directly to customers at its retail locations. |
| Financial Overview |
| For the fiscal year ended 31 May 2022, Schmitt Industries Inc revenues increased 77% to $9.9M. Net loss before extraordinary items decreased 57% to $3.7M. Revenues reflect an increase in demand for the Company's products and services due to favorable market conditions. Lower net loss reflects Gain on sale of property and equipment increase from $24K to $4.6M (income), Forgiveness of PPP loan increase from $0K to $2.1M (income). |
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