SMC Announces Financial Results for the Quarter Ended March 31, 2014
March 31, 2014 | Investor Relations / Financials
SMC Announces Financial Results for the Quarter Ended March 31, 2014
Midland, Va. – 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 the 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.