SMC Announces Financial Results for the Quarter Ended September 30, 2012
MIDLAND, Va.--(BUSINESS WIRE)-- Smith-Midland Corporation (OTCBB: SMID) announced total revenue of $7.5 million and pre-tax earnings of $984,000 for the three months ended September 30, 2012, as compared to total revenue of $6.1 million and a pre-tax loss of $631,000 for the same period in 2011. The Company had net income of $689,000 for the three months ended September 30, 2012, as compared to a net loss of $470,000 for the same period in 2011. The fully diluted earnings per share were $.14 for the three months ended September 30, 2012 and the fully diluted loss per share was $.10 for the same period in 2011.
The Company reported total revenue of $20.1 million and pre-tax earnings of $1,454,000 for the nine months ended September 30, 2012, as compared to total revenue of $20.9 million and pre-tax earnings of $60,000 for the same period in 2011. The Company had net income of $985,000 for the nine months ended September 30, 2012, as compared to a net loss of $27,000 for the same period in 2011. The fully diluted earnings per share were $.20 for the nine months ended September 30, 2012 and the fully diluted loss per share was $.01 for the same period in 2011.
Rodney Smith, Chairman and CEO stated, “As we reported in the first two quarters of 2012, to offset potential losses in 2012, the Company enacted layoffs and salary reductions at its main production facility in Midland, VA. In addition, the Company was in a unique position to provide barrier, installation and removal services for three jobs which included the NATO Summit in Chicago and the Republican and Democratic national conventions held in Tampa, FL and Charlotte, NC. There is virtually no other company in the United States that could have provided these services on such extremely short notice and with the expertise and knowledge required by these services.
“At this time, Smith-Midland and Easi-Set Worldwide, your licensing company, are introducing simultaneously to all 50 states and our 37 licensed J-J Hooks producers throughout North America the Precast industries two newest and most important product offerings in the Highway Safety Arena, the ultra-demanding crash tested (MASH TL-3) Bolt Down and the Pinned Down J-J Hooks Precast Concrete barrier. No other Precast companies in North America can offer this patented, crash tested, lowest cost to produce and the lowest cost to install and remove, bolted bridge barrier and pinned down construction cut barrier (where the earth may be cut out two or three feet deep to allow rebuilding of road sub base). When crash tested, these two products deflected less than any other known Bolted or Pinned Precast Barrier. Low deflection is a much sought after and highly desirable feature/benefit for Federal Highway and State Departments of Transportation projects. The market for these two new products will greatly enhance and strengthen the J-J Hooks national and international licensing program, with accompanying increases in licensing revenue.
“These projects are examples of the Smith-Midland commitment to diversification that continues to set it apart from the rest of the Precast Industry.”
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, 2011.
KEYWORDS: United States North America Virginia