Schmitt Industries, Inc. (SMIT) financial statements (2023 and earlier)

Company profile

Business Address 2765 NW NICOLAI ST
PORTLAND, OR 97210
State of Incorp. OR
Fiscal Year End May 31
SIC 3823 - Industrial Instruments for Measurement, Display, and Control of Process Variables; and Related Products (benchmarking)
More info Complete financial analysis Financial benchmarking

Balance sheet (Statement of financial position) ($ in thousands)

11/30/2021
TTM
5/31/2021
5/31/2020
5/31/2019
5/31/2018
5/31/2017
ASSETS
Current Assets
Cash, cash equivalents, and short-term investments4,573 10,1471,4122,053868
Cash and cash equivalents4,573 10,1471,4122,053868
Restricted cash and investments  4205658 
Receivables1,391 5751,9962,0472,352
Inventory, net of allowances, customer advances and progress billings1,826 1,0595,0195,7114,205
Inventory1,826 1,0595,0195,7114,205
Prepaid expense134 61151149116
Total current assets:7,924 12,2618,63410,0187,540
Noncurrent Assets
Property, plant and equipment2,316 652839771865
Intangible assets, net (including goodwill)274 288392497601
Intangible assets, net (excluding goodwill)274 288392497601
Other undisclosed noncurrent assets12,780     
Total noncurrent assets:15,370 9401,2321,2681,467
TOTAL ASSETS:23,294 13,2019,86511,2869,006
LIABILITIES AND EQUITY
Liabilities
Current Liabilities
Accounts payable and accrued liabilities1,687 6671,1551,7702,029
Accounts payable678 2684961,0241,101
Accrued liabilities395 265418554568
Employee-related liabilities614 86239189360
Taxes payable  4704 
Deferred revenue118 12
Debt876  21  
Contract with customer, liability188
Other undisclosed current liabilities1,677 629   
Total current liabilities:4,358 1,3081,3641,7702,029
Noncurrent Liabilities
Long-term debt and lease obligation2,595  29  
Long-term debt, excluding current maturities2,595  29  
Other undisclosed noncurrent liabilities11,359     
Total noncurrent liabilities:13,954  29  
Total liabilities:18,312 1,3081,3921,7702,029
Stockholders' equity
Stockholders' equity attributable to parent4,982 11,8938,4739,5166,977
Common stock12,293 12,25713,24513,08610,649
Accumulated other comprehensive loss   (528)(536)(428)
Accumulated deficit(7,311) (364)(4,245)(3,034)(3,244)
Total stockholders' equity:4,982 11,8938,4739,5166,977
TOTAL LIABILITIES AND EQUITY:23,294 13,2019,86511,2869,006

Income statement (P&L) ($ in thousands)

11/30/2021
TTM
5/31/2021
5/31/2020
5/31/2019
5/31/2018
5/31/2017
Revenues4,174 4,19013,81013,88812,398
Revenue, net 12,398
Cost of revenue(4,496) (2,239)(8,837)(7,823)(7,512)
Gross profit:4,884 1,9514,9736,0654,886
Operating expenses(12,790) (4,130)(6,081)(5,910)(5,874)
Operating income (loss):(7,906) (2,180)(1,108)155(989)
Nonoperating income (expense)
(Other Nonoperating Income (Expense))
512 323(77)81(57)
Interest and debt expense(30)     
Other undisclosed loss from continuing operations before equity method investments, income taxes(19)     
Income (loss) from continuing operations before equity method investments, income taxes:(7,442) (1,857)(1,185)237(1,045)
Other undisclosed income from continuing operations before income taxes5,138     
Income (loss) from continuing operations before income taxes:(2,304) (1,857)(1,185)237(1,045)
Income tax expense(6)  (26)(26)(28)
Other undisclosed income from continuing operations404     
Income (loss) from continuing operations:(1,907) (1,857)(1,211)211(1,073)
Income from discontinued operations  5,723   
Income (loss) before gain (loss) on sale of properties:(1,907) 3,866(1,211)211(1,073)
Other undisclosed net loss(405)     
Net income (loss):(2,311) 3,866(1,211)211(1,073)
Other undisclosed net income attributable to parent  15   
Net income (loss) attributable to parent:(2,311) 3,881(1,211)211(1,073)
Other undisclosed net loss available to common stockholders, basic  (5,723)   
Net income (loss) available to common stockholders, diluted:(2,311) (1,842)(1,211)211(1,073)

Comprehensive Income ($ in thousands)

11/30/2021
TTM
5/31/2021
5/31/2020
5/31/2019
5/31/2018
5/31/2017
Net income (loss):(2,311) 3,866(1,211)211(1,073)
Other comprehensive income (loss)  5288(109)(33)
Comprehensive income (loss):(2,311) 4,394(1,203)102(1,106)
Other undisclosed comprehensive loss, net of tax, attributable to parent  (513)   
Comprehensive income (loss), net of tax, attributable to parent:(2,311) 3,881(1,203)102(1,106)

Statements sources

The financial statements are based on the company's filings with the The U.S. Securities and Exchange Commission (SEC) through the Electronic Data Gathering, Analysis, and Retrieval system (EDGAR). The information is derived from the 10-K and 10-Q reports submitted to the SEC in XBRL (eXtensible Business Reporting Language) format and presented according to the US GAAP Taxonomy. Please review the original filings for a more detailed information.

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