Schmitt Industries Announces Q3 EPS of $(0.07)

Schmitt Industries, Inc. SMIT today announced its operating results for the third quarter and the first nine months of its fiscal year 2011. Sales for the three months ended February 28, 2011 increased 89.3% to $2,920,121 compared to $1,542,312 for the same period last year. Net loss for the third quarter ended February 28, 2011 was $191,840, or $.07 per fully diluted share, compared to net loss of $443,252, or $.15 per fully diluted share, for the same period last year. For the first nine months of Fiscal 2011 ended February 28, 2011, sales increased 75.8% to $8,239,035 from $4,687,407 for the nine months ended February 28, 2010. Net loss for the first nine months of Fiscal 2011 decreased $978,321 to a net loss of $263,573 as compared to a net loss of $1,241,894 for the nine months ended February 28, 2010.