Schmitt Industries Announces Industry Survey Results
April 30 2019 - 08:23AM
Schmitt Industries, Inc. (NASDAQ: SMIT) today announced results
from a recent survey the Company conducted regarding its Schmitt
Dynamic Balance System® (“SBS”) product line and the Company’s
service in the grinding industry. Of the five main competitors in
the balancer products space across the North American, European,
and Asian markets:
- SBS Ranked #1 in Quality
- SBS Ranked #1 in Service
- SBS Ranked #2 in Value
- SBS Ranked #3 in Product Depth
The grinding industry is evolving in the pursuit of increased
efficiency, higher production, and dependable feedback from
balancer components. These grinding customers require high quality
and dependable support to ensure their machines are operating at
peak performance. Further, customers value responsive service to
reduce down time and to optimize machine performance.
As a partner with many grinding customers, SBS products are sold
to machine tool manufacturers (OEMs), machine tool rebuilders and
grinding machine customers worldwide.
“This survey confirms our understanding of the grinding industry
and their desire for both high quality and superior service. The
SBS Team, under the leadership of Donna Witkowski, continues to do
an incredible job at ensuring our products and service are of the
highest quality,” commented Michael Zapata, Executive Chairman and
President. “Together with our Engineering, Sales, and Operations
departments, led by Kelvin Woltring, Tim Wood and Patrick Handran,
the SBS Team is dedicated to leading the industry to best support
our customers.”
“Additionally, we view the Product Depth ranking as an
opportunity to partner with select high quality manufacturers to
expand our depth and heighten our offerings for continued support
of our customers. We look forward to enhancing these survey
findings with customer checks.”
About Schmitt Industries
Schmitt Industries, Inc. (“Schmitt” or the “Company”) designs,
manufactures and sells high precision test and measurement
products, solutions and services through our SBS®, Acuity® and
Xact® product lines, which are reported in two business segments:
the Balancer segment and the Measurement segment. Through our SBS
product line within the Balancer segment, the Company designs,
manufactures and sells computer-controlled vibration detection,
balancing and process control systems for the worldwide machine
tool industry, particularly for grinding machines. The
Company also provides SBS sales and service for Europe and Asia
through its wholly owned subsidiary, Schmitt Europe Limited
(“SEL”), located in Coventry, England and through its sales
representative office located in Shanghai, China. In the
Measurement segment, the Company has two core product lines:
Acuity, which consists of sales of laser and white light sensor
distance measurement and dimensional sizing products, and Xact,
which includes ultrasonic-based remote tank monitoring products and
related monitoring revenues for markets in the Internet of Things
environment. The Xact products measure the fill levels of tanks
holding propane, diesel and other tank-based liquids and the
related monitoring services, which includes transmission of fill
data from the tanks via satellite to a secure web site for
display.
FORWARD-LOOKING STATEMENTS
This document may contain forward-looking
statements made pursuant to the Private Securities Litigation
Reform Act of 1995. These statements are based upon current
expectations, estimates and projections about the Company’s
business that are based, in part, on assumptions made by
management. These statements are not guarantees of future
performance and involve risks and uncertainties that are difficult
to predict. Actual outcomes and results may differ materially
from what is expressed or forecasted in such forward-looking
statements due to numerous factors, including, but not limited to,
general economic conditions and global financial concerns, the
volatility of the Company’s primary markets, the ability to develop
new products to satisfy changes in consumer demands, the intensity
of competition, increased pricing pressure from both competitors
and customers, the effect on production time and overall costs of
products if any of our primary suppliers are lost or if a primary
supplier increases the prices of raw materials or components, the
ability to ramp up manufacturing to satisfy increasing demand,
maintenance of a significant investment in inventories in
anticipation of future sales, existing cash levels which may not be
sufficient to fund future growth, fluctuations in quarterly and
annual operating results, risks associated with operating a global
business including risks from international sales, reduction in
demand or loss of significant customers, changes in foreign import
tariffs and currency fluctuations including the United Kingdom’s
likely exit from the European Union, ability to reduce operating
costs if sales decline, attracting and retaining key management and
qualified technical and sales personnel, impact resulting from the
actions of activist shareholders, changes in effective tax rates,
protection of intellectual property rights and the increased costs
due to changes in securities laws and regulations.
For further information regarding risks and
uncertainties associated with the Company’s business, please refer
to Schmitt’s SEC filings, including, but not limited to, its Forms
10-K, 10-Q and 8-K.
The forward-looking statements in this release
speak only as of the date on which they were made, and the Company
does not undertake any obligation to update any forward-looking
statement to reflect events or circumstances after the date of this
release, or for changes to this document made by wire services or
internet service providers.
For more information contact: |
Donna
Witkowski, SBS President(503) 227-7908 or visit our web site at
www.schmitt-ind.com |
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