Smith-Midland Corporation (OTCBB: SMID) (“the Company”) announced total
revenue of $5.6 million and a pre-tax loss of $559,536 for the three
months ended March 31, 2014, compared to total revenue of $6.9 million
and pre-tax profit of $521,071 for the same period in 2013. The Company
had a net loss of $328,536 for the three months ended March 31, 2014,
compared to net income of $309,071 for the same period in 2013. The
fully diluted loss per share was $.07 for the three months ended March
31, 2014, and the fully diluted earnings per share were $.06 for the
same period in 2013.
Rodney Smith, Chairman and CEO stated, “The first quarter of 2014
started with a winter that wouldn’t go away causing missed production
for snow and ice days, delayed starting of projects and delayed
production. With these weather issues, it was difficult for the Company
to meet its production schedule and consequently to make a reasonable
profit for the quarter. April began a little better than the prior
months and we are hoping to make up for the loss in the first quarter.
“We continue to successfully market our proprietary products including
Slenderwall, our high-tech alternative to traditional heavy
architectural precast cladding for buildings from 5 to 50 stories. The
light weight and lower freight costs of Slenderwall has also expanded
our geographical sales reach. We are experiencing increased sales on our
Easi-Set and Easi-Span buildings and restrooms for which we provide a
full-line of products that fit most sizes and types needed. To this end,
Smith-Midland and Easi-Set Worldwide are each investing in a full-time
sales person to take advantage of the increasing demand for
architectural precast exterior cladding as the Great Recession winds
down.
“Research and development continues at the highest pace ever on new
products, as well a continuous improvement on existing products.
“Easi-Set Worldwide continues as the premier multi-product licensor of
precast concrete products with 68 licensed precast companies that
produce Easi-Set products across 23 states in the US, three provinces in
Canada, and in six countries total. (See www.easiset.com)
“Concrete Safety Systems, our J-J Hooks safety barrier rental company,
continues as a steady and profitable company year after year. We are
planning for continued growth by adding four more satellite service
centers in Richmond and Roanoke, Virginia, West Virginia, and New
Jersey, for a total of eight centers. (See www.css-rental.com)
“Smith-Carolina achieved its second most profitable year in 2013.
“Midland Advertising & Design supported all Smith-Midland Corporation
companies with one of the best comprehensive advertising and marketing
programs in the precast industry.
“As always, we at Smith-Midland continue to work diligently to make the
Company the best possible investment for all of our shareholders.”
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 website at SMITHDELAWARE.com.
The “Investor Relations” area will include the Company’s Form 10-K for
the fiscal year December 31, 2013.
Copyright Business Wire 2014