Schmitt Industries (SMIT) saw its loss narrow to $0.38 million, or $0.13 a share for the quarter ended Nov. 30, 2016. In the previous year period, the company reported a loss of $0.40 million, or $0.13 a share. Revenue during the quarter dropped 13.61 percent to $2.66 million from $3.07 million in the previous year period. Gross margin for the quarter contracted 265 basis points over the previous year period to 38.88 percent. Operating margin for the quarter stood at negative 13.28 percent as compared to a negative 12.29 percent for the previous year period.
Operating loss for the quarter was $0.35 million, compared with an operating loss of $0.38 million in the previous year period.
"In the first six months of FY2017, we have been shifting our focus and resources towards our three largest product lines ��" SBS, Acuity and Xact," commented David M. Hudson, president and chief executive officer of Schmitt Industries. "This focus coincides with a general winding down of our smaller product lines. With this approach, we have reduced our operating expenses, reallocated our engineering resources, and increased our time efficiencies which has allowed us to more effectively utilize our sales and marketing resources," Hudson concluded.
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