SMC Announces Financial Results for the Three Months Ended March 31, 2015
May 17, 2015 | Investor Relations / Financials
MIDLAND, Va.–(BUSINESS WIRE)–Smith-Midland Corporation (OTCBB: SMID) announced that the company reported total revenue of $4.2 million for first three months of 2015 as compared to $5.6 million for the same period in 2014, a decrease of $1.4 million, or 26%. The pre-tax loss for the first quarter of 2015 was $859,369 compared to a pre-tax loss of $559,536 for the same period in 2014, or an increase in the pre-tax loss of $299,833. The Company had a net loss of $524,369 for the first three months of 2015, as compared to a net loss of $328,536 for the same period in 2014, an increase in net loss of $195,833. The basic and diluted loss per share was $0.11 for 2015 while the basic and diluted loss per share was $0.07 for 2014.
Rodney Smith, Chairman and CEO stated, “The negative results of the first quarter of 2015 are behind us now and management’s full attention is on the remainder of the year and producing the large backlog of jobs that we have available for production. For Smith-Midland, finally the Great Recession is officially over.”
“On March 31, 2015, along with our 2014 year-end Financials, I reported that Smith-Midland had received orders totaling $19.2 million since November 18, 2014 and that these orders can take 30 to 90 days or more before actual production can begin. I also stated that the company should begin to show a profit during the second quarter. Our production records indicate that we have been operating at a profitable level since mid-April. In order to overcome our year-to-date loss, the company is beginning a second shift to speed up production of the $19.2 million on order. Additional orders above the $19.2 million reported since March 31 are being closed almost daily.
“Our goal for 2015 is to return the company to overall profitability, to continue to improve operational efficiencies and to decrease cost of goods sold as a percent of sales which, of course, will increase our gross profit. As always, increasing shareholder value is at the forefront of all that we do.”
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.
William A. Kenter, 540-439-3266