Schmitt Industries sales increased 0.3%
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Net loss was $69,840, or $0.02 per fully diluted share, for the three months ended November 30, 2014 as compared to net loss of $163,201, or $0.05 per fully diluted share, for the three months ended November 30, 2013.
Net loss was $69,840, or $0.02 per fully diluted share compared to net loss of $0.05.
Balancer segment sales focus throughout the world on end-users, rebuilders and original equipment manufacturers of grinding machines with the target geographic markets of North America, Asia, Europe and South America.
Balancer segment sales decreased $43,073, or 2.2%, to $1,922,849 for the three months ended November 30, 2014 compared to $1,965,922 for the three months ended November 30, 2013. The decrease is primarily attributed to softer sales in North America, offset in part by increased sales in Asia and Europe for the quarter.
Balancer segment sales decreased $104,719, or 2.7%, to $3,763,019 for the six months ended November 30, 2014 compared to $3,867,738 for the six months ended November 30, 2013. The decrease is primarily attributed to softer sales in North America, offset in part by increased sales in Asia for the first half of the fiscal year.
The Measurement segment product line consists of laser-based light-scatter, distance measurement and dimensional sizing products and ultrasonic-based remote tank monitoring products.
Total Measurement segment sales increased $51,525, or 4.4%, to $1,228,655 for the three months ended November 30, 2014 compared to $1,177,130 for the three months ended November 30, 2013, driven by an increase in revenues associated with the sales of remote tank monitoring products and related monitoring services, offset by decreased sales of light-scatter laser-based surface measurement products.
Xact revenues increased $127,296, or 57.6%, to $348,454 during the second quarter of Fiscal 2015 as compared to $221,158 for the same period in the prior year.
Measurement segment sales increased $263,012, or 12.1%, to $2,437,773 for the six months ended November 30, 2014 compared to $2,174,761 for the six months ended November 30, 2013, driven by the delivery and acceptance of one of our CASI Complete Angle Scatter Instrument Scatterometer products during the first quarter of Fiscal 2015 and an increase in revenues associated with the sales of remote tank monitoring products and related monitoring services.
Xact revenues increased $142,061, or 26.7%, to $673,745 during the first half of Fiscal 2015 as compared to $531,684 during the first half of Fiscal 2014.
Gross margin for the three months ended November 30, 2014 increased to 49.3% as compared to 46.7% for the three months ended November 30, 2013. Gross margin for the six months ended November 30, 2014 increased to 48.7% as compared to 46.3% for the six months ended November 30, 2013.
The overall increase in gross margin in both the three and six month periods ended November 30, 2014 compared to the three and six month periods in the prior fiscal year is primarily influenced by shifts in product sales mix involving our five product lines.
Operating expenses increased $5,837, or 0.4%, to $1,624,979 for the three months ended November 30, 2014 as compared to $1,619,142 for the three months ended November 30, 2013. General, administrative and selling expenses decreased $6,718, or 0.4%, for the three months ended November 30, 2014 as compared to the same period in the prior year due in part to increases in trade show expenses offset by reductions in professional fees and general office and utilities costs.
Research and development expenses increased $12,555, or 11.2%, for the second quarter of Fiscal 2015 as compared to the same period in the prior year based on the several new development projects within our existing product lines occurring during the latter part of the second quarter of Fiscal 2015.
Operating expenses decreased $62,161, or 2.0%, to $3,035,447 for the six months ended November 30, 2014 as compared to $3,097,608 for the six months ended November 30, 2013. General, administrative and selling expenses decreased $20,396, or 0.7%, for the six months ended November 30, 2014 as compared to the same period in the prior year as a result of increases in trade show expenses offset by reductions in professional fees and general office and utilities costs.
Research and development expenses decreased $41,765, or 17.5%, for the first half of Fiscal 2015 as compared to the same period in the prior year due to the completion of development projects within our existing product lines in the first quarter offset by an increase in costs associated with several new development projects occurring during the later part of the second quarter of Fiscal 2015. ■