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 2019
2019 proved to be another strong financial year for the Company. The Company had record-setting revenues of $46.7 million, strong growth in EPS of 15%, and five consecutive years of positive earnings. The increase in sales is mainly attributed to the significant increase in shipping and installation revenue, which in return unfavorably impacted gross margins. Also, as the sales volume increased, we made adjustments to reduce general and administrative expenses by 14%. We continued to reinvest back in the Company during 2019 with $4.5 million in capital expenditures. The backlog of $30.9 million as of March 2020 positions the Company well for 2020.
Precast Concrete Manufacturing Operations
Revenues for precast concrete products increased 10% in 2019, with an increase in Easi-Set building sales mainly from a large governmental project which was produced out of multiple plants. The Company also had record shipping and installation revenues in 2019 associated with its precast concrete products. The Company continues its lean journey in both production and administrative areas. The long-term business philosophy is aimed to increase quality to the customer, eliminate defects in all processes, and increase capacity.
As the new North Carolina manufacturing facility became fully operational in the fourth quarter of 2019, we continue to push and drive current backlog at the facility to move toward full production capacity by the end of 2020. The ability to double revenues at the location allows total production capacity to increase by 15% for the Company as a whole.
Easi-Set Worldwide Precast Concrete Licensing
January 1, 2020 marked the Federal Highway Administration’s deadline that requires new precast concrete barrier to be MASH (Manual for Assessing Highway Safety devices) crash tested and approved. Over the next 7-10 years, all existing precast concrete barrier will be phased out and replaced with MASH approved barrier. We continue to be an industry leader in precast concrete barrier development and strive to gain market share through licensing and production, as we currently have MASH approval in 32 states and over 40 licensed producers ready to start production immediately.
SlenderWall™, the light-weight panel system, continues to gain even more market acceptance and was used this past year in two of the largest projects in company history. We are seeing project inquiries from across North America and are currently working with potential new licensed producers in those markets. Additional value-added offerings associated with SlenderWall™, such as pre-installed windows and spray foam insulation, are also gaining traction in the commercial end market with trends moving to offsite, modular construction.
Concrete Safety Systems Barrier Rentals
The Company increased its barrier rental fleet during the year by 43% to 250,000 linear feet of barrier. We also added over 75 crash cushion attenuators, expanding our rental opportunities. This high margin division of our business is anticipated to be a major contributor to increasing margins in the future. The Company expects the rental fleet to exceed 500,000 linear feet within the next three years.
While we remain extremely excited about our long-term future, the main goal during this time of uncertainty is creating a safe and secure environment for our associates, customers, and communities. There is limited forward-looking visibility, and our expectations are tempered by the fact that we do not know what will happen, or the future impact to our business, from COVID-19. As the pandemic is quite profound and impactful, we hope it proves to be temporary with minimal disruption to the Company’s operations. We are committed to doing everything within our control to protect the best interests of our associates, customers, supply chain, and shareholders as we work our way through this pandemic.
Ashley B. Smith, CEO
- 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 sixty 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 soundwall 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 soundwall 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 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 recieves 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 8 locations across the mid-Atlantic. Concrete Safety Systems supplies J-J Hooks barrier for the US/Africa Summit in Washington, DC.
- 2015 – Smith-Midland completes custom designed retaining wall project for Smithsonian National Zoo in Washington, D.C.. Smith-Midland contracts $4M 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 DC. CSS largest project to date, 39,000 LF of J-J Hooks Barrier will be rented for a $105M 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 $3.2M 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 Whitehouse perimeter security project. Smith-Carolina opens new manufacturing facility. Smith-Midland makes it an OTCQX Top 50 Three-Peat.