SMC Announces Financial Results for the Quarter Ended September 30, 2013
November 14, 2013 | Investor Relations / Financials
Midland, Va. – Smith-Midland Corporation (OTCBB: SMID) announced total revenue of $6.9 million and pre-tax income of $446,909 for the three months ended September 30, 2013, as compared to total revenue of $7.5 million and pre-tax profit of $983,524 for the same period in 2012. The Company had net income of $271,909 for the three months ended September 30, 2013, as compared to net income of $688,524 for the same period in 2012. The fully diluted loss per share was $.06 for the three months ended September 30, 2013 and the fully diluted earnings per share were $.14 for the same period in 2012.
The Company reported total revenue of $19.9 million and pre-tax earnings of $591,065 for the Nine months ended September 30, 2013, as compared to total revenue of $20.2 million and pre-tax earnings of $1,453,686 for the same period in 2012. The Company had net income of $358,065 for the nine months ended September 30, 2013, as compared to net income of $984,686 for the same period in 2012. The fully diluted earnings per share were $.07 for the nine months ended September 30, 2013 and the fully diluted earnings per share was $.20 for the same period in 2012.
Rodney Smith, Chairman and CEO stated, “The financial news for the third quarter was greatly improved over that of the second quarter as several new projects began production in the third quarter. The new projects recently started consist of a $4.0 million Slenderwall™ project in New Jersey, a large SoftSound™ project in northern Virginia and a large architectural residential project also in northern Virginia. Our average monthly production at retail dollars during the first quarter was just under $900,000, the average for the second quarter was approximately $850,000 while the average monthly production for the third quarter was $1,240,000 or a 38% increase over the previous quarter. We expect the fourth quarter to have an even higher rate of increase than the previous quarter making the fourth quarter the best of the year.
“As stated in previous press releases, the Company has increased its marketing and sales emphasis on its proprietary product, Slenderwall™. As demonstrated in the third and fourth quarters of 2013, we are beginning to show significant increases in Slenderwall™, making it our highest selling product of 2013 with over $3.0 million in sales. We are well pleased with the positioning of Slenderwall™ in the market place and we will continue to press ahead with our marketing efforts.
“As always, we at Smith-Midland are working hard to make the Company an excellent investment for all 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 web site at SMITHDELAWARE.com. The “Investor Relations” area will include the Company’s Form 10-K for the fiscal year December 31, 2012.