\nThe L.S. Starrett Company (NYSE: SCX)<\/span> (\u201cStarrett\u201d or \u201cthe Company\u201d) a global innovator, manufacturer and marketer of precision measuring tools, cutting tools and equipment, and high-end metrology solutions for industrial, professional, and consumer markets, today announced operating results for the quarter ended March 31, 2023.<\/p>\n
Financial results include non-U.S. GAAP financial measures. These non-U.S. GAAP measures are more fully described and are reconciled from the respective measures determined under GAAP in the section titled \u201cUse of Non-U.S. GAAP Financial Measures\u201d and the attached tables.<\/i><\/p>\n
Fiscal 2023 Third Quarter Financial Highlights<\/span><\/b><\/p>\n \n\u201cI am pleased with the overall strengthening of our balance sheet made in this quarter. Our teams have delivered significant improvements in cash flow and a reduction of debt despite headwinds in our international markets and broader global economic uncertainty. As post pandemic supply chains have begun to normalize, we have pivoted away from protective inventory strategies which will apply pressure on gross margins over the next several months., Our sales continue to be buoyed by a healthy backlog, and we believe that end user orders based on point of sales data indicates demand for our products in our two largest markets, the United States. and Brazil, are flat against very strong comparative third and fourth quarters of last year fiscal year. Our initiatives on working capital reduction, cash generation, and operational talent have resulted in decrements in gross margins which may continue through the balance of the calendar year. We believe these initiatives to bolster our physical and human capital are necessary to leverage these investments critical to building a sustainable future for our stakeholders.\u201d said Douglas A. Starrett, President and Chief Executive Officer.<\/p>\n Use of Non-U.S. GAAP Financial Measures<\/span><\/i><\/p>\n \nThe Company uses the following non-U.S. GAAP financial measures: \u201ccurrency-neutral sales,\u201d which are sales calculated using actual exchange rates in use during the comparative prior year period to enhance the visibility of the underlying business trends excluding the impact of translation arising from foreign currency exchange rate fluctuations.; \u201cadjusted operating income\u201d and \u201cadjusted net income and earnings per share\u201d.<\/p>\n \nThe Company discusses these non-U.S. GAAP financial measures because management believes they assist investors in comparing the Company\u2019s performance across reporting periods on a consistent basis by eliminating items that the Company does not believe are indicative of its core operating performance. Such non-U.S. GAAP financial measures assist investors in understanding the ongoing operating performance of the Company by presenting financial results between periods on a more comparable basis. Such measures should be considered in addition to, and not in lieu of, the financial measures calculated and presented in accordance with accounting principles generally accepted in the United States of America (\u201cU.S. GAAP\u201d).<\/p>\n \nReferences to currency-neutral sales, adjusted operating income, and adjusted net income and earnings per share should not be considered in isolation or as a substitute for other financial measures calculated and presented in accordance with U.S. GAAP, and may not be comparable to similarly titled non-U.S. GAAP financial measures used by other companies. In evaluating these non-U.S. GAAP financial measures, investors should be aware that in the future the Company may incur expenses or be involved in transactions that are the same as or similar to some of the adjustments in this press release. The Company\u2019s discussion of non-U.S. GAAP financial measures should not be construed to imply that its future results will be unaffected by any such adjustments. Non-U.S. GAAP financial measures have limitations as analytical tools, and investors should not consider them in isolation or as a substitute for analysis of our results as reported under U.S. GAAP.<\/p>\n About The L.S. Starrett Company:<\/span><\/i><\/p>\n \nFounded in 1880 by Laroy S. Starrett and incorporated in 1929, The L.S. Starrett Company is a leading manufacturer of high-end precision tools, cutting equipment, and metrology systems for industrial, professional and consumer markets and is engaged in the business of manufacturing over 5,000 different products for industrial, professional and consumer markets. The Company has a long history of global manufacturing experience and currently operates three major global manufacturing plants. All subsidiaries principally serve the global manufacturing industrial base with concentration in the metalworking, construction, machinery, equipment, aerospace and automotive markets. The Company offers its broad array of measuring and cutting products to the market through multiple channels of distribution throughout the world. Starrett is a brand recognized around the world for precision, quality and innovation. For more information, please visit: https:\/\/www.starrett.com<\/a>.<\/p>\n Forward-Looking Statements:<\/span><\/i><\/p>\n \nThis press release may contain forward-looking statements concerning the Company\u2019s expectations, anticipations, intentions, beliefs or strategies regarding the future. These forward-looking statements are based on its current expectations and beliefs concerning future developments and their potential effects on the Company. There can be no assurance that future developments affecting the Company will be those that it has anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond its control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements, and other risks and uncertainties described in its Annual Report on Form 10-K, which was filed with the Securities and Exchange Commission on August 25, 2022 in the section entitled “Risk Factors,” and in its other filings from time to time with the Securities and Exchange Commission. Should one or more of these risks or uncertainties materialize, or should any of its assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. The Company undertakes no obligation to publicly update or revise any forward-looking statements.<\/p>\n L.S. Starrett Company<\/b><\/p>\n Summary of Operations<\/b><\/p>\n Quarter Ended March 31, 2023<\/b><\/p>\n TABLE 1<\/b><\/p>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n Quarter \n$<\/p>\n<\/td>\n \n61,678<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n60,479<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2.0<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n188,914<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n183,311<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n3.1<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n19,223<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n21,020<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(1,797<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n60,998<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n60,114<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n 31.2<\/i><\/p>\n<\/td>\n %<\/i><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 34.8<\/i><\/p>\n<\/td>\n %<\/i><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 32.3<\/i><\/p>\n<\/td>\n %<\/i><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 32.8<\/i><\/p>\n<\/td>\n %<\/i><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n15,109<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n14,988<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n0.8<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n46,962<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n45,750<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2.6<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n 24.5<\/i><\/p>\n<\/td>\n %<\/i><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 24.8<\/i><\/p>\n<\/td>\n %<\/i><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 24.9<\/i><\/p>\n<\/td>\n %<\/i><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 25.0<\/i><\/p>\n<\/td>\n %<\/i><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n658<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(658<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n-100.0<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n244<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n658<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(414<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n-62.9<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n4,114<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n5,374<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(1,260<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n-23.4<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n13,792<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n13,706<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n0.6<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n 6.7<\/i><\/p>\n<\/td>\n %<\/i><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 8.9<\/i><\/p>\n<\/td>\n %<\/i><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 7.3<\/i><\/p>\n<\/td>\n %<\/i><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 7.5<\/i><\/p>\n<\/td>\n %<\/i><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(602<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n684<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(1,286<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n-188.0<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(2,399<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n249<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(2,648<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n-1063.5<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n3,512<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n6,058<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(2,546<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n-42.0<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n11,393<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n13,955<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(2,562<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n-18.4<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n(3,961<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,774<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(5,735<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n-323.3<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(1,267<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n3,911<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(5,178<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n-132.4<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n<\/tr>\n \n$<\/p>\n<\/td>\n \n7,473<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n4,284<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n74.4<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n12,660<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n10,044<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n26.0<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n<\/tr>\n \n$<\/p>\n<\/td>\n \n1.01<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n0.59<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n0.42<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n71.2<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n1.72<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n1.39<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n0.33<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n23.7<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n<\/tr>\n \n$<\/p>\n<\/td>\n \n0.99<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n0.57<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n0.42<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n73.7<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n1.68<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n1.34<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n0.34<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n25.4<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n<\/tr>\n<\/table>\n L.S. Starrett Company<\/b><\/p>\n Consolidated, Condensed Balance Sheet<\/b><\/p>\n March 31, 2023<\/b><\/p>\n TABLE 2<\/b><\/p>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n$<\/p>\n<\/td>\n \n8,595<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n14,523<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n32,267<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n42,961<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n67,685<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n66,900<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n10,073<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n8,669<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n118,620<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n133,053<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n38,160<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n37,116<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n37,085<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n29,385<\/p>\n<\/td>\n<\/tr>\n \n$<\/p>\n<\/td>\n \n193,865<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n199,554<\/p>\n<\/td>\n<\/tr>\n \n$<\/p>\n<\/td>\n \n5,264<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n6,548<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n15,006<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n14,624<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n17,377<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n20,008<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n37,647<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n41,180<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n6,315<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n7,102<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n9,991<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n24,905<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n22,856<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n23,938<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n76,809<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n97,125<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n117,056<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n102,429<\/p>\n<\/td>\n<\/tr>\n \n$<\/p>\n<\/td>\n \n193,865<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n199,554<\/p>\n<\/td>\n<\/tr>\n<\/table>\n L.S. Starrett Company<\/b><\/p>\n Currency Neutral Net Sales<\/b><\/p>\n March 31, 2023<\/b><\/p>\n TABLE 3<\/b><\/p>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n61,678<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n60,479<\/p>\n<\/td>\n \n1.98<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n188,914<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n183,311<\/p>\n<\/td>\n \n3.1<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n 1.15<\/i><\/p>\n<\/td>\n %<\/i><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n 0.79<\/i><\/p>\n<\/td>\n %<\/i><\/p>\n<\/td>\n<\/tr>\n \n$<\/p>\n<\/td>\n \n62,376<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n60,479<\/p>\n<\/td>\n \n3.14<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n190,361<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n183,311<\/p>\n<\/td>\n \n3.8<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n<\/tr>\n L.S. Starrett Company<\/b><\/p>\n Adjusted Net Income and Earnings Per Share<\/b><\/p>\n March 31, 2023<\/b><\/p>\n TABLE 4<\/b><\/p>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n7,473<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n4,284<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n74.44<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n12,660<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n10,044<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n26.0<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n(5,000)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(5,000)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(5,000)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(5,000)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(361<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(1,085<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n2,629<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n3,923<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(1,294)<\/p>\n<\/td>\n \n-32.98<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n8,119<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n8,959<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(840)<\/p>\n<\/td>\n \n-9.4<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n7,577<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n7,492<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n7,538<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n7,480<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n0.35<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n0.52<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(0.18)<\/p>\n<\/td>\n \n-33.74<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n1.08<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n1.20<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(0.12)<\/p>\n<\/td>\n \n-10.1<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n<\/tr>\n \n$<\/p>\n<\/td>\n \n0.99<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n0.57<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n73.68<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n1.68<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n1.34<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n25.4<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n\u00a0<\/p>\n View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20230508005445\/en\/<\/a><\/span><\/p>\n \nJohn C. Tripp KEYWORDS:<\/b> Massachusetts United States North America<\/p>\n INDUSTRY KEYWORDS:<\/b> Machine Tools, Metalworking & Metallurgy Engineering Manufacturing Other Manufacturing Machinery Steel<\/p>\n\n
\n
\n
\n \n \n \n \n
\n
Ended
\n
3\/31\/2023<\/b><\/p>\n<\/td>\nComparison to Quarter Ended
03\/31\/2022<\/b><\/td>\nFiscal
2023 YTD
3\/31\/2023<\/b><\/td>\nComparison Fiscal 2022 YTD
3\/31\/2022<\/b><\/td>\n<\/tr>\n\n (Amounts in Thousands, except income per share)<\/b><\/td>\n 3\/31\/2022<\/b><\/td>\n $ Change<\/b><\/td>\n % Change<\/b><\/td>\n 3\/31\/2022<\/b><\/td>\n $ Change<\/b><\/td>\n % Change<\/b><\/td>\n<\/tr>\n \n Net Sales<\/td>\n \n \n \n \n \n \n +1,199<\/td>\n \n \n \n \n \n \n \n \n +5,603<\/td>\n \n \n \n Gross Profit<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n +884<\/td>\n \n \n \n as % of Net Sales<\/i><\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n Selling, general, and administrative expenses<\/td>\n \n \n \n \n \n \n +121<\/td>\n \n \n \n \n \n \n \n \n +1,212<\/td>\n \n \n \n as % of Net Sales<\/i><\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n Restructuring Charges<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Operating income<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n +86<\/td>\n \n \n \n as % of Net Sales<\/i><\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n Other income, net<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Income before income taxes<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Income tax expense<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Net Income<\/td>\n \n \n \n \n \n \n +3,189<\/td>\n \n \n \n \n \n \n \n \n +2,616<\/td>\n \n \n \n Basic income per share<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Diluted income per share<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n \n \n ASSETS<\/b><\/td>\n 3\/31\/2023<\/b><\/td>\n 6\/30\/2022<\/b><\/td>\n<\/tr>\n \n Cash<\/td>\n \n \n \n \n \n Accounts receivable<\/td>\n \n \n \n \n \n Inventories, net<\/td>\n \n \n \n \n \n Prepaid expenses and other current assets<\/td>\n \n \n \n \n \n Total current assets<\/td>\n \n \n \n \n \n Property, plant and equipment, net<\/td>\n \n \n \n \n \n Other Long-Term Assets<\/td>\n \n \n \n \n \n Total assets<\/td>\n \n \n \n \n \n LIABILITIES AND STOCKHOLDERS\u2019 EQUITY<\/b><\/td>\n 3\/31\/2023<\/b><\/td>\n 6\/30\/2022<\/b><\/td>\n<\/tr>\n \n Notes payable and current maturities of long-term debt<\/td>\n \n \n \n \n \n Accounts payable<\/td>\n \n \n \n \n \n Other Current Liabilities<\/td>\n \n \n \n \n \n Total current liabilities<\/td>\n \n \n \n \n \n Other Long Term Liabilities<\/td>\n \n \n \n \n \n Long-term debt, net of current portion<\/td>\n \n \n \n \n \n Postretirement benefit and pension obligations<\/td>\n \n \n \n \n \n Total Liabilities<\/td>\n \n \n \n \n \n Stockholders’ Equity<\/td>\n \n \n \n \n \n Total Liabilities and Stockholders’ Equity<\/td>\n \n \n \n \n \n
\n \n \n \n Quarter
Ended
3\/31\/2023<\/b><\/td>\nComparison to Quarter Ended
03\/31\/2022<\/b><\/td>\nFiscal
2023 YTD
3\/31\/2023<\/b><\/td>\nComparison Fiscal 2022 YTD
3\/31\/2022<\/b><\/td>\n<\/tr>\n\n (Amounts in Thousands)<\/b><\/td>\n 3\/31\/2022<\/b><\/td>\n $ Change<\/b><\/td>\n % Change<\/b><\/td>\n 3\/31\/2022<\/b><\/td>\n $ Change<\/b><\/td>\n % Change<\/b><\/td>\n<\/tr>\n \n Net Sales, as reported<\/td>\n \n \n \n \n +1,199<\/td>\n \n \n \n \n \n \n +5,603<\/td>\n \n \n \n *Currency Impact<\/i><\/td>\n +698<\/td>\n \n \n +698<\/td>\n \n \n +1,447<\/td>\n \n \n +1,447<\/td>\n \n \n \n FY23 Currency Neutral Net Sales<\/td>\n \n \n \n \n +1,897<\/td>\n \n \n \n \n \n \n +7,050<\/td>\n \n \n \n *Change when converting FY23 sales in non USD functional currencies at the same exchange rates used in the comparison period<\/i><\/td>\n<\/tr>\n<\/table>\n \n
\n \n \n \n Quarter
Ended
3\/31\/2023<\/b><\/td>\nComparison to Quarter Ended
03\/31\/2022<\/b><\/td>\nFiscal 2023 YTD 3\/31\/2023<\/b><\/td>\n Comparison Fiscal 2022 YTD 3\/31\/2022<\/b><\/td>\n<\/tr>\n \n (Amounts in Thousands)<\/b><\/td>\n 3\/31\/2022<\/b><\/td>\n $ Change<\/b><\/td>\n % Change<\/b><\/td>\n 3\/31\/2022<\/b><\/td>\n $ Change<\/b><\/td>\n % Change<\/b><\/td>\n<\/tr>\n \n Net Income, as reported<\/td>\n \n \n \n \n \n +3,189<\/td>\n \n \n \n \n \n \n \n +2,616<\/td>\n \n \n \n reduce impact of changes to tax provisions<\/i><\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n impact of increase pension and post retirement benefit cost<\/i><\/td>\n +156<\/td>\n \n \n \n +517<\/td>\n \n +459<\/td>\n \n \n \n +1,544<\/td>\n <\/tr>\n \n Net Income, Adjusted for Comparison<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Diluted Shares Outstanding<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n Diluted EPS – adjusted for changes to tax provisions<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Diluted EPS – as reported<\/td>\n \n \n \n \n \n +0.42<\/td>\n \n \n \n \n \n \n \n +0.34<\/td>\n \n \n <\/p>\n
\n
Chief Financial Officer
\n
(978) 249-3551
\n
jtripp@starrett.com<\/a><\/p>\n
![\"Logo\"](\"https:\/\/mms.businesswire.com\/media\/20230508005445\/en\/339213\/3\/Starrett_Logo.jpg\"){kind=logo}
<\/td>\n<\/tr>\n