Smith-Midland Corporation (OTCBB: SMID) announced the company reported
total revenue of $24.9 million for 2012 as compared to $26.7 million for
2011, a decrease of $1.8 million, or 7%. Pre-tax income for 2012 was
$559,000 compared to a pre-tax loss of $488,000 for 2011, or an increase
of $1,046,000. The Company had net income of $377,000 for 2012, as
compared to a net loss of $352,000 in 2011, an increase of $729,000. The
basic and diluted income per share was $.08 for 2012, while basic and
diluted loss per share were $.07 for 2011.
Rodney Smith, Chairman and CEO stated, “There is a great deal of good
news that is not obvious when looking at just the 2012 numbers.
“During the Great Recession of ’09 through ’12, Smith-Midland recorded
its highest four-year earnings in the company’s fifty-two year history,
this at a time when seven competitors in our market area either
bankrupted, closed their precast factories, or were merged out of
existence because the economy crashed for construction-related
industries.
“How could Smith-Midland accomplish this? We did not deviate from our
plan of diversifying our product lines, were relentless in innovation
through research and development, created new, more efficient versions
of our existing precast products, and created new precast concrete
products for our company and our licensing company, EASI-Set Worldwide.
No other precast concrete products company has the track record for
introducing successful new products that Smith-Midland has.
“In keeping with our objective of running Smith-Midland leaner and
stronger each day to reach our twenty-five year goals, we anticipate
introducing more new products and more improved products over the next
five years than during any other five-year period in the company’s
history. Remember my reference to Warren Buffett’s instructions to Tony
Nicely of GEICO from my third quarter 2011 press release. Mr. Buffett
said, ‘I want you to run GEICO with the goal of where you want the
company to be in 25 years.’”
Smith-Midland develops, manufactures, licenses, rents, and sells a broad
array of precast concrete products for use primarily in the
construction, transportation and utilities industries.
This announcement contains forward-looking statements, which involve
risks and uncertainties. The Company's actual results may differ
significantly from the results discussed in the forward-looking
statements. Factors which might cause such a difference include, but are
not limited to, product demand, the impact of competitive products and
pricing, capacity and supply constraints or difficulties, general
business and economic conditions, the effect of the Company's accounting
policies and other risks detailed in the Company's Annual Report on Form
10-K and other filings with the Securities and Exchange Commission.
For more complete information on Smith-Midland Corporation, visit the
Company’s web site at SMITHDELAWARE.com. The “Investor Relations” area
will include the Company’s Form 10-K.
