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Schmitt Industries fiscal Q3 loss widens YOY

Schmitt Industries Inc. said its normalized net income for the fiscal third quarter ended Feb. 29 was a loss of 9 cents per share, compared with a loss of 3 cents per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $277,760, compared with a loss of $103,800 in the prior-year period.

The normalized profit margin declined to negative 11.0% from negative 3.4% in the year-earlier period.

Total revenue fell 16.0% on an annual basis to $2.5 million from $3.0 million, and total operating expenses fell 7.0% on an annual basis to $2.9 million from $3.2 million.

Reported net income came to a loss of $449,390, or a loss of 15 cents per share, compared to a loss of $179,760, or a loss of 6 cents per share, in the year-earlier period.