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Schmitt Industries fiscal Q2 loss widens YOY

Schmitt Industries Inc. said its normalized net income for the fiscal second quarter ended Nov. 30, 2015, came to a loss of 8 cents per share, compared with a loss of 1 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 $248,010, compared with a loss of $42,170 in the prior-year period.

The normalized profit margin fell to negative 8.1% from negative 1.3% in the year-earlier period.

Total revenue fell year over year to $3.1 million from $3.2 million, and total operating expenses rose 7.1% year over year to $3.5 million from $3.2 million.

Reported net income totaled a loss of $389,470, or a loss of 13 cents per share, compared to a loss of $59,920, or a loss of 2 cents per share, in the year-earlier period.