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Schmitt Industries (NASDAQ: SMIT) reported a 11.4% decline in revenue for Fiscal 2020, totaling $4,189,924, down from $4,729,442 in Fiscal 2019. Significant drops were noted in sales for Acuity and XACT products, falling 21.4% and 31.5% respectively. Despite this, gross margin improved to 46.6% due to a shift towards higher-margin services. The company incurred a net loss of $(1,842,304), or $(0.47) per share, compared to a loss of $(1,468,432) in 2019. Cash reserves increased to $10,566,531.
Post-acquisition of Ample Hills, the company aims to fortify its market position.
Schmitt Industries (NASDAQ: SMIT) announced the launch of a redesigned website for its Acuity Laser product line. The new site enhances user experience with improved functionality and rich content, aiming to provide better solutions for customers and partners. CEO Michael Zapata emphasized the importance of this launch within the context of ongoing business growth during the COVID environment. The website is designed to support Acuity's mission of improving efficiency and quality control through advanced laser measurement technologies.
On July 13, 2020, Schmitt Industries (NASDAQ: SMIT) announced its decision to remain listed on the NASDAQ market following the acquisition of Ample Hills Creamery. The Board of Directors unanimously passed this resolution, driven by the potential risks of delisting. A tender offer extension to July 20, 2020, has been approved to give shareholders more time to decide. CEO Michael Zapata expressed excitement about the acquisition, highlighting its alignment with the company's goal to create shareholder value. A strategic update on Ample Hills will be provided in the coming months.
Schmitt Industries announced an extension of its cash tender offer to purchase up to $2.5 million of common stock at a price per share between $3.00 and $3.25. The new expiration date for the offer is set for July 20, 2020, extended from the original date of July 10, 2020. As of July 10, 2020, 122,159 shares had been tendered. The completion of the offer is subject to conditions detailed in the tender offer statement filed with the SEC on June 11, 2020.
On July 10, 2020, Schmitt Industries (NASDAQ: SMIT) announced the successful acquisition of Ample Hills Creamery's assets. This strategic move aims to revive nine locations in Brooklyn, New York, and rehire former employees, enhancing community engagement post-COVID-19. CEO Michael Zapata emphasized the investment in operational efficiency and the brand's nostalgic value as pivotal for long-term profitability. A strategic update regarding Ample Hills will follow in the coming months.