Smith-Midland Corporation Declares Special Dividend for January 13, 2017
December 23, 2016 | Investor Relations / Financials
MIDLAND, Va.–The Smith-Midland Corporation (SMID) announced that the Board of Directors declared a special dividend of $0.01 per share to be paid on January 13, 2017 to shareholders of record as of December 30, 2016.
While the special dividend is less than the dividends of the last four years, Smith-Midland Corporation is in the process of evaluating its current requirements for purchasing new machinery, equipment and its need for additional physical facilities. Smith-Midland must be ready to meet the demands of the rapidly expanding need for highway infrastructure precast concrete products, i.e. Sierra soundwall and J-J Hooks concrete safety barrier in its geographical sales areas. Smith-Midland plans to preserve the majority of its cash balances in anticipation of capital purchases over the next 12 to 18 months.
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.
William A. Kenter
Chief Financial Officer