Schmitt Posts Drop in Quarterly Earnings

Schmitt Posts Drop in Quarterly Earnings Schmitt Industries Inc. reported Monday that its first-quarter earnings were off from the same quarter a year ago, and the company attributed the report to soft demand for its products used in automobiles and bearings. First-quarter net income was $184,415 or 7 cents a diluted share, compared with $270,592 or 10 cents a diluted share for the same period last year. Schmitt's fiscal year runs from July 1 to June 30. Wayne Case, the company's president and chief executive officer, said, "The economic conditions in the worldwide automotive and bearing industries and their impact on the machine tool industry and the reason" for the reduction in orders. First-quarter sales were $2.3 million, compared with $3 million in the same quarter last year. Headquartered in Northwest Portland, Schmitt develops and markets high-tech equipment such as balancing equipment for machine tools and laser measurement systems.