Smith-Midland Corporation (OTCBB: SMID) announced the company reported
total revenue of $27.7 million for 2013 as compared to $24.9 million for
2012, an increase of $2.8 million, or 11%. Pre-tax income for 2013 was
$1,082,502 compared to $559,000 for 2012, or an increase of $524,000.
The Company had net income of $692,000 for 2013, as compared to $368,000
in 2012, an increase of $324,000. The basic and diluted income per share
was $0.14 for 2013, while basic and diluted earnings per share were
$0.08 for 2012.
The Company reported fourth quarter revenues of $7.8 million for 2013 as
compared to $4.7 million for 2012, an increase of $3.1 million, or 66%.
Pre-tax income for the fourth quarter of 2013 was $492,000 as compared
to a pre-tax loss of $895,000 for 2012. The Company had net income for
the fourth quarter of 2013 of $334,000 as compared to a pre-tax loss of
$608,000 for 2012.
“2013 was not only a good year for growth in both revenues and earnings
but it was a successful year for the Company in many other ways,” said
Rodney Smith, Chairman and CEO. “Our secondary production facility
located in North Carolina doubled revenues from the previous year from
$1.8 million in 2012 to $3.6 million in 2013. Our Easi-Set worldwide
licensing company increased revenues by $200,000 and it added over
$500,000 to the bottom line. Concrete Safety Systems, our barrier rental
company added revenues of approximately $2.0 million with a significant
impact to the bottom line. These increases are significant for the
Company as they demonstrate management’s commitment to improve all
aspects of the Company’s operations, including both revenues and cost
controls.
“The Smith-Midland, Virginia production facility President, Ashley
Smith, introduced high return operational improvements and a high
profile management change during the year. The most positive change for
the Company was the addition of our new Vice President of Operations,
Mark Loscudo, an award winning Lean operations manager. Mark was
recruited from a nationwide search by Stiles Associates and, ‘is the
type of leader that will accelerate the SMC lean journey and take us to
the next level in lean operations,’ stated Ashley. In addition to Mark,
significant infrastructure upgrades were undertaken. We have purchased a
new three yard concrete mixer with upgraded electronic controls for our
Main Batch Plant which has lowered our cost of concrete and increased
our manufacturing efficiency over the last two years. SMC has also
increased its advertising budget significantly in 2013 and will continue
to do so in 2014 and 2015. This investment is paying off now in the form
of the most high quality inquiries for our Precast Products that I have
ever seen just as the Great Recession is winding down. This level of
inquiries could propel SMC to high levels of production by the third or
fourth quarter of 2014 and certainly into 2015 and many years beyond.
“Our R&D efforts are and have been at our highest levels during 2012,
2013, and 2014, bringing what may be our best ‘Blue Ocean’ products ever
to market.”
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.
Copyright Business Wire 2014