Smith-Midland Corporation (OTCBB: SMID) announced total revenue of $6.9
million and pre-tax income of $446,909 for the three months ended
September 30, 2013, as compared to total revenue of $7.5 million and
pre-tax profit of $983,524 for the same period in 2012. The Company had
net income of $271,909 for the three months ended September 30, 2013, as
compared to net income of $688,524 for the same period in 2012. The
fully diluted earnings per share were $.06 for the three months ended
September 30, 2013 and the fully diluted earnings per share were $.14
for the same period in 2012.
The Company reported total revenue of $19.9 million and pre-tax earnings
of $591,065 for the Nine months ended September 30, 2013, as compared to
total revenue of $20.2 million and pre-tax earnings of $1,453,686 for
the same period in 2012. The Company had net income of $358,065 for the
nine months ended September 30, 2013, as compared to net income of
$984,686 for the same period in 2012. The fully diluted earnings per
share were $.07 for the nine months ended September 30, 2013 and the
fully diluted earnings per share were $.20 for the same period in 2012.
Rodney Smith, Chairman and CEO stated, "The financial news for the third
quarter was greatly improved over that of the second quarter as several
new projects began production in the third quarter. The new projects
recently started consist of a $4.0 million Slenderwall™ project in New
Jersey, as well as a large SoftSound™ sound wall project and a large
architectural residential project both in northern Virginia. Our average
monthly production at retail dollars during the first quarter was just
under $900,000, the average for the second quarter was approximately
$850,000 while the average monthly production for the third quarter was
$1,240,000 or a 38% increase over the previous quarter. We expect the
fourth quarter to have an even higher rate of increase than the previous
quarter making the fourth quarter the best of the year.
"The company has increased its advertising and achieved corresponding
increased sales for the products where we have 'Blue Ocean' markets,
outlined in the book, 'Blue Ocean Strategy, How to Create Uncontested
Market Space and Make the Competition Irrelevant.'
"Our research and development teams continue to drive for 'Blue Ocean'
products. Smith-Midland was founded 53 years ago on a 'Blue Ocean'
product, the world’s first commercially available precast concrete
cattleguard and has never deviated from this strategy, i.e., JJ Hooks™
Precast Concrete Barrier, the world’s largest selling precast concrete
highway safety barrier; Easi-Span™ Precast Buildings; and Slenderwall™,
all 'Blue Ocean' products in the marketplace.
"The combination of cash on hand, 'Blue Ocean' products, the SMC Lean
Initiative, and the end (we hope) of the Great Recession will position
Smith-Midland for our most profitable years ever going forward."
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 for the fiscal year December 31,
2012.
Copyright Business Wire 2013