Vision / Mission
The Best Company in Town
Our goal is to be the best company in town – in all of our locations. We strive toward that by focusing on our mission and living out our principles every day.
We develop innovative precast solutions that enhance the infrastructure, quality of life and safety for consumers. Our values include safety, innovation, development of our Associates, a work/life balance, integrity, ownership, community, and learning/teaching/coaching.
Respect for people, lead with humility, Kaizen Spirit – “There must be a better way,” focus on process, seek perfection, assure quality at the source, create consistency of purpose, embrace scientific thinking, think systemically, create value for the CUSTOMER.
CEO’s Annual Letter
Results of Operations for 2020
For over six decades, Smith-Midland has been a leader in innovative precast concrete products. In 2020 the Company continued to execute against our long-term, strategic vision. We achieved exciting milestones in 2020 including: uplisting to the NASDAQ, strengthening our liquidity position, expanding our licensee network and entering new geographical markets all while operating in a historically dynamic macro environment. At Smith-Midland, our team met the unique demands 2020 presented and successfully delivered. This marks the Company’s sixth consecutive year of positive earnings. Earnings per share for 2020 improved 34 percent when compared to 2019. Revenues declined slightly over the prior year while net income increased 37 percent. Our proactive shift to drive the rental business was the primary contributor to strong margins and cost reductions. With regulatory tailwinds at our back, we are well positioned to meet anticipated increases in infrastructure demand moving forward.
Precast Concrete Manufacturing Operations
Precast concrete product revenues were mixed during 2020 over the prior year due to the impacts of the COVID-19 pandemic. The Company saw a significant year-over-year increase in architectural panel sales and saw increased production levels in the fourth quarter as we completed a large project awarded this year. We also worked to fulfill the largest sound wall contract in the Company’s history. Reductions in barrier sales during 2020 was a result of the Company’s strategic shift to higher margin barrier rentals and the Company expects barrier sales to continue to decline as we execute this strategic plan. Some products that experienced pressure include our Easi-Set buildings and utility product sales. We expect these product sales to recover as the world continues to progress toward reopening. Backlog is moving in the right direction and we are seeing improving trends across the business. At Smith-Midland, we are continuously working to advance operational efficiencies through lean manufacturing methodologies.
Easi-Set Worldwide Precast Concrete Licensing
While the prior year was challenging on many fronts, Smith-Midland was able to maintain the number of licensees and the amount of royalty revenues generated in this unprecedented time. Our patented J-J Hooks interlocking barrier system gained approval in several new geographies during 2020, and in early 2021 gained approval in California, which has the second largest highway system in the United States. J-J Hooks self-aligning barriers are now approved in 38 states and provinces and Smith-Midland continues to increase market share with our superior patented barrier system. The Company is also gaining traction with our proprietary, light-weight SlenderWall cladding system. While we did see reduced activity due to the impacts of COVID-19, we are seeing accelerating activity and continue to build out our sales force to meet the influx of infrastructure spend expected in the coming years.
Concrete Safety Systems Barrier Rentals
The Company’s barrier rental revenues grew an impressive 176 percent compared to the prior year. While some of the increase was driven by short-term special barrier projects, which are not expected to reoccur, a strong portion of the rental revenue growth is attributed to the Company’s decisive shift to increase barrier rentals resulting in higher margins. Smith-Midland remains on track to meet our target of expanding the rental fleet to exceed 500,000 linear feet within two years, executing on the strategic shift to barrier rentals.
Smith-Midland’s resilience and adaptability while navigating the historic macro challenges presented in 2020 were remarkable. Our team’s performance, the diversification in our portfolio, and the financial strength of the company makes me even more optimistic about the opportunities in 2021 and beyond. The Company remains keenly focused on our long-term strategic objectives including: growing our rental business, expanding our licensee network to drive royalty revenues, gaining entry to new geographic regions with our patented and proprietary products, and continuously improving to drive efficiencies. The Smith-Midland team looks forward to a year of opportunity with strong regulatory tailwinds. Smith-Midland continues to be aligned with shareholders to drive long-term shareholder value.
Ashley B. Smith, Chief Executive Officer
- Smith-Midland, founded in 1960, serves as the corporate headquarters and flagship manufacturing plant from its base in Midland, Virginia.
- Smith-Carolina, opened in 1979 to cover North Carolina and the surrounding region, has recently constructed a new plant, giving it expanded capacity to meet growing market demand.
- Smith-Columbia, located in Hopkins, South Carolina, continued the company’s expansion, opening a large manufacturing facility in 2016.
Smith-Midland’s manufacturing plants are nationally certified by the Precast/Prestressed Concrete Institute and National Precast Concrete Association. Together, these three manufacturing plants produce a vast suite of precast concrete products, such as:
- Precast Buildings, prefabricated in the plant and transported to the site, including Easi-Set, Easi-Span, HazMat Models and Restroom Buildings.
- Architectural Precast, including our revolutionary SlenderWall modular building panels and traditional architectural precast panel systems.
- Custom Transportation products, such as SoftSound Absorptive Sound Wall , J-J Hooks Barrier, Post and Panel Sound Wall, Retaining Walls, and Parkway Stonewall.
- Utility Products, including a complete line of vaults and manholes for underground infrastructure, junction boxes and pad mounts.
- Erosion Control, protecting the shoreline with Beach Prisms, a proprietary precast concrete breakwater structure.
- Legacy Products, such as the Smith-Cattleguard, and wash racks.
- Easi-Set and Easi-Span Buildings, a suite of all-precast utility buildings, completely fabricated in the plant and transported to the site.
- J-J Hooks Security Barriers, the barrier that revolutionized the industry with its simple, effective connection system that speeds installation and improves safety.
- SlenderWall architectural precast concrete steel stud building panels, a cost-effective exterior cladding system for medium-to-large commercial, institutional and multi-family buildings.
- SoftSound precast concrete sound walls, featuring sound absorptive technology with nearly unlimited aesthetic possibilities through the use of color and intricately textured form liners.
- Beach Prisms, a permeable precast concrete wave attenuation structure for shoreline protection and renewal.
- 1960 – David G. Smith built the first concrete cattleguard for his father-in-law because he was tired of having to open and close the gate. The new product development caught on with the neighbors, who placed orders. Smith formed Smith-Cattleguard Co. with his son Rodney. The business started out as supplemental income to the 95-acre family farm, with the Smiths as the only employees. They invested in a cattleguard delivery truck and advertisements in the local farming journals. Twelve cattleguards were sold their first year. Read Article
- 1961 – Business increased to 60 cattleguards sold in a year’s time.
- 1963 – An electrically heated automatic stock waterer was developed to supplement the cattleguard sales. The new product was a success.
- 1964 – The Smith-Cattleguard Co. had so much business that the Smiths hired full time employees. The cattleguards were sold in seven states at this time. Cattleguards were now produced in metal forms instead of wood, which greatly improved production time.
- 1965 – The Virginia Electric Power Co. asked the Smith-Cattleguard Co. to make a concrete utility manhole for them, which was traditionally done using masonry. The concrete manhole caught on and other concrete utility products were added shortly thereafter. The newly developed concrete fence was also added to the existing product lines.
- 1966 – Centerline and fenceline concrete feedbunks were introduced to the farm products lines.
- 1967 – Smith-Cattleguard’s innovations continued with the development of a concrete trash incinerator. Read Article
- 1968 – The array of products had grown so extensive, that the first farm products brochure was published.
- 1980 – Rodney Smith was named “Small business Person of the Year” for Virginia by the US Small Business Administration. Ad Design was formed to oversee the co-op advertising programs created for the network of Easi-Set Industries’ licensed producers. Read Rodney Article, Read Company Article
- 1981 – The Sierra Wall post-and-panel sound wall system was purchased from Sierra Precast and added to Smith-Cattleguard and Easi-Set. The system was later redesigned due to changing state regulations, resulting in a generic sound wall design.
- 1982 – The Liberty Bank in Warrenton, VA was erected using the first architectural precast produced by Smith-Cattleguard Co. The Horizon crop/manure storage system was developed.
- 1985 – Smith-Cattleguard Co. was renamed Smith-Midland Corporation to reflect the diversity of products now offered by the company. Smith-Midland provided tongue-and-groove barrier to their first presidential inauguration.
- 1987 – Ad Design was reformed under the name Ad Ventures.
- 1988 – The Easi-Brick finish was developed for use on the Easi-Set buildings.
- 1989 – Smith-Midland Corp. (VA) earned plant certification from the NPCA. SMC was the one of the first 14 plants to earn certification. Smith-Midland Corp. (VA) produced architectural precast panels for the National Rifle Association headquarters in Northern Virginia. This project was the first large scale building using SMC’s architectural precast. Easi-Set hazardous materials storage buildings were developed. The first Smith-Midland installation of Beach Prisms test sites occurred following the purchase of the existing technology. The orignial design was improved in the early ’90s. SMC provides highway safety barrier rental to the presidential inauguration.
- 2010 – Smith-Midland Celebrates it’s 50th Anniversary. Smith-Midland wins Precast/Prestressed Concrete Institute award for Virginia Tech Basketball facility Architectural Precast project.
- 2011 – Federal Goverment Services Administration approves SMC for Easi-Set Buildings Advantage contract.
- 2012 – Successful invention and test demonstration of Sierra Wall II post-and-panel sound wall system. Concrete Safety Systems provides logistic services for security barrier implementation at the NATO Summit in Chicago. Next generation J-J Hooks MASH level 3 bolt-down, pin-down barrier developed, crash tested and installed on first bridge project. Easi-Set licensed producers surpass the 1,000,000 sq. ft. milestone of SoftSound absorptive sound wall production. CSS contracts for deployment of safety barrier systems at both the RNC and DNC national conventions.
- 2013 – ETS SlenderWall project in Montreal by licensed producer BPDL is first with factory installed windows and insulation, wins prestigious PCI award. Smith-Midland Virginia plant achieves ABC safety award Gold status.
- 2014 – First installation of proprietary H2Out advanced rainscreen caulking system on Johns Hopkins hospital project. SMC receives 1st Place award in annual National Precast Concrete Association CUP competition for the Edgewater, NJ SlenderWall project “The Alexander.” J-J Hooks production for reaches 12,000,000 linear feet milestone worldwide. Enough to reach across the United States from Washington, DC to Los Angeles. Concrete Safety Systems expands its barrier rental service centers to eight locations across the mid-Atlantic. Concrete Safety Systems supplies J-J Hooks barrier for the US/Africa Summit in Washington, D.C.
- 2015 – Smith-Midland completes custom designed retaining wall project for Smithsonian National Zoo in Washington, D.C. Smith-Midland contracts $4 million deal with Dulles Metro Rail expansion. Johns Hopkins SlenderWall project receives American Concrete Institute Award. Smith-Midland Corporation announces stocks move to premier OTCQX Best securities marketplace.
- 2016 – Third precast plant is added in South Carolina, Smith-Columbia. SlenderWall architectural panels chosen for Landmark Tysons Corner project. J-J Hooks freestanding precast concrete safety barrier now MASH TL-3-compliant. 300,000 sq. ft. of SoftSound noise walls to be installed on 2 major Virginia DOT projects. Smith-Midland achieves Gold Status in ABC Safety Award Program. Smith-Midland becomes an OTCQX Best 50 Company.
- 2017 – CSS supplies J-J Hooks security barrier for presidential inauguration in Washington D.C. CSS largest project to date, 39,000 LF of J-J Hooks Barrier will be rented for a $105 million I-81 Corridor MD/WVDOT project. Smith-Midland contracted to produce over 23 Miles of J-J Hooks Safety Barrier for I-395 express lanes in Northern Virginia. SMC President Ashley Smith appointed Chair of National Precast Concrete Association. Smith-Midland wins AGC of DC award for Smithsonian National Zoo wall project. J-J Hooks Freestanding precast concrete safety barrier tested fully MASH TL3-compliant. Smith-Midland announced an OTCQX Best 50 Company for second year.
- 2018 – Smith-Midland wins $9 million J-J Hooks safety barrier contract for I-66 Express Lanes Project. Smith-Midland wins $3.2 million I-395 SoftSound project in Northern Virginia. Smith-Midland signs largest contract in company’s history, 900,000 square feet of SoftSound noise absorptive precast concrete sound wall panels for the I-66 Outside the Beltway Express Lanes project in Northern Virginia. Smith-Carolina Plant Announces new location and major expansion. Ashley B. Smith elected as Smith-Midland Chief Executive Officer. Smith-Columbia plant gains PCI Certification. Smith-Midland adds Global Executive Russell Bruner (former CEO and President of Maersk Line) to its Board of Directors. Smith-Midland achieves Gold Status in ABC Safety Award Program. J-J Hooks production reaches 14,000,000 linear feet milestone worldwide. Precast powerhouse Wells Concrete added as newest Easi-Set SlenderWall licensed producer.
- 2019 – Smith-Midland lands largest SlenderWall project ever produced and the company’s largest contract in its history, 800 Harbor Boulevard project at Lincoln Harbor in Weehawken, NJ. Smith-Midland provides secure permanent barrier for White House perimeter security project. Smith-Carolina opens new manufacturing facility. Smith-Midland makes it an OTCQX Top 50 three-peat.