Schmitt Industries, Inc. reported consolidated and unaudited earnings results for the second quarter and six months ended November 30, 2012. For the quarter, the company reported sales decreased $773,966 or 22.3% to $2,702,259 compared to $3,476,225 for the same period last year. Net loss was $104,604 or $0.03 per diluted share compared to net loss of $78,176 or $0.03 per diluted share for the same period last year. Operating loss was $113,055 against $98,295 a year ago. Loss before income taxes was $105,140 against $81,603 a year ago.

For the six months, the company reported sales decreased $564,786, or 8.1% to $6,382,924 compared to $6,947,710 for the same period last year. Net income was $15,544 or $0.01 per diluted share compared to net income of $58,852 or $0.02 per diluted share for the same period in the prior year. Operating income was $12,769 against $35,868 a year ago. Income before income taxes was $21,196 against $61,998 a year ago.