SMC Announces Financial Results for the Nine Months Ended September 30, 2014

November 19, 2014 | Investor Relations / Financials

MIDLAND, VA. — Smith-Midland Corporation (OTCBB: SMID) announced total revenue of $6.0 million and pre-tax income of $187,490 for the three months ended September 30, 2014, as compared to total revenue of $6.9 million and pre-tax income of $446,909 for the same period in 2013. The Company had net income of $112,490 for the three months ended September 30, 2014, as compared to net income of $271,909 for the same period in 2013. The fully diluted earnings per share was $.02 for the three months ended September 30, 2014 and the fully diluted earnings per share was $.06 for the same period in 2013.

The Company reported total revenue of $18.0 million and a pre-tax loss of $304,065 for the nine months ended September 30, 2014, as compared to total revenue of $19.9 million and pre-tax earnings of $591,065 for the same period in 2013. The Company had a net loss of $186,065 for the nine months ended September 30, 2014, as compared to net income of $358,065 for the same period in 2013. The fully diluted loss per share was $.04 for the nine months ended September 30, 2014 and the fully diluted earnings per share was $.07 for the same period in 2013.

Rodney Smith, Chairman and CEO stated, “Smith-Midland was able to produce a small profit for the 3rd quarter of 2014, but not enough to turn a profit year to date. While the Company has made significant progress in several areas of our lean production processes, our low production for the year has made it difficult to play catch up. As mentioned in an earlier press release, the extremely hard winter was responsible for delaying several of our larger projects leaving us behind at this point in the year. We continue to believe that 2015 will be the year we break out of the ‘Great Recession’. We base this projection on recent large orders and commitments received from our customers totaling approximately $6.9 million over the past 30 days.”

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.