SCHMITT INDUSTRIES, INC. (NASDAQ:SMIT) Files An 8-K Results of Operations and Financial Condition
Item2.02
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Results of Operations and Financial Condition. |
On April7, 2017, Schmitt Industries, Inc. issued a press release
entitled Schmitt Industries Announces Third Quarter Fiscal 2017
Operating Results. A copy of the press release is furnished as
Exhibit 99.1 to this report.
The information contained in this Current Report shall not be
deemed filed for purposes of Section18 of the Securities Exchange
Act of 1934, as amended (the Exchange Act), or incorporated by
reference in any filing under the Exchange Act or the Securities
Act of 1933, as amended, except as shall be expressly set forth
by specific reference in such a filing.
| Item9.01 | Financial Statements and Exhibits. |
(d) Exhibits
99.1 Press release entitled Schmitt Industries Announces Third
Quarter Fiscal 2017 Operating Results.
Forward Looking Statements
Certain statements in this release, including but not limited to
remarks by David M. Hudson, are forward-looking statements. These
statements are based upon current expectations, estimates and
projections about the Companys business that are based, in part,
on assumptions made by management. These statements are not
guarantees of future performance and involve risks and
uncertainties that are difficult to predict. Actual outcomes and
results may differ materially from what is expressed or
forecasted in such forward-looking statements due to numerous
factors, including, but not limited to, general economic
conditions and global financial concerns, the volatility of the
Companys primary markets, efforts to accelerate growth in sales
of the Xact tank monitoring systems and the ability to satisfy
expected demand, the ability to develop new products to satisfy
changes in consumer demands, the intensity of competition, the
effect on production time and overall costs of products if any of
our primary suppliers are lost or if a primary supplier increases
the prices of raw materials or components, the ability to ramp up
manufacturing to satisfy increasing demand, maintenance of a
significant investment in inventories in anticipation of future
sales, existing cash levels which may not be sufficient to fund
future growth, the ability to obtain financing if needed to fund
operations or growth through commercial loans or capital fund
raising at terms acceptable to the Company and its shareholders,
fluctuations in quarterly and annual operating results,
attracting and retaining key management and qualified technical
and sales personnel, changes in effective tax rates, the ability
to reduce operating costs if sales decline, increased costs due
to changes in securities laws and regulations, protection of
intellectual property rights, and risks from international sales
and currency fluctuations.
For further information regarding risks and uncertainties
associated with the Companys business, please refer to Schmitts
SEC filings, including, but not limited to, its Forms 10-K, 10-Q
and 8-K.
The forward-looking statements in this release speak only as of
the date on which they were made, and the Company does not
undertake any obligation to update any forward-looking statement
to reflect events or circumstances after the date of this
release, or for changes to this document made by wire services or
internet service providers.
About SCHMITT INDUSTRIES, INC. (NASDAQ:SMIT)
Schmitt Industries, Inc. designs, manufactures and sells test and measurement products for two main business segments: the Balancer segment and the Measurement segment. The Company operates through two segments: the design and assembly of dynamic balancing systems and components for the machine tool industry (Balancer), and the design and assembly of laser-based test and measurement systems (Measurement). For the Balancer segment, it designs, manufactures and sells computer-controlled vibration detection, balancing and process control systems for the machine tool industry. Under the Measurement segment, the Company through its subsidiary, Schmitt Measurement Systems, Inc., designs, manufactures and sells laser and white light sensors, laser-based micro roughness measurement products, laser-based surface analysis and measurement products, and ultrasonic measurement products. The Company provides sales and service for Europe and Asia through its subsidiary, Schmitt Europe Limited. SCHMITT INDUSTRIES, INC. (NASDAQ:SMIT) Recent Trading Information
SCHMITT INDUSTRIES, INC. (NASDAQ:SMIT) closed its last trading session up +0.12 at 1.68 with 7,255 shares trading hands.
