Schmitt Industries adopts shareholder plan to protect tax benefits from past losses [MarketWatch]
Schmitt Industries, Inc. (SMIT)
US:NASDAQ Investor Relations:
investor.schmitt-ind.com/investor-relations
Company Research
Source: MarketWatch
Schmitt Industries adopts shareholder plan to protect tax benefits from past losses Schmitt Industries Inc. SMIT, +3.11% said Tuesday it is adopting a shareholder rights plan in an effort to protect its net operating loss carryforwards, or NOLs, which offer tax benefits. The company, which makes technology for the machine tool industry and ultrasonic-based remote tank monitoring products, said it had federal and state NOLs of about $4.2 million and $4.7 million at end May, 2018. Those NOLs can be used to offset future taxable income and reduce the company's tax liabilities. If the company were to change ownership, those NOLs would be limited. "The stockholder rights plan is intended to reduce the likelihood of an unintended ownership change occurring through the buying of Schmitt common stock and is not meant to be an anti-takeover measure," the company said in a statement. As part of the plan, the company's board has declared a dividend of one preferred-share-purchase-right for ea
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