SMC Announces Financial Results for the Quarter Ended June 30, 2013
MIDLAND, Va.--(BUSINESS WIRE)-- Smith-Midland Corporation (OTCBB: SMID) announced total revenue of $6.1 million and a pre-tax loss of $376,915 for the three months ended June 30, 2013, as compared to total revenue of $6.6 million and pre-tax profit of $695,537 for the same period in 2012. The Company had a net loss of $222,915 for the three months ended June 30, 2013, as compared to net income of $423,537 for the same period in 2012. The fully diluted loss per share was $.05 for the three months ended June 30, 2013 and the fully diluted earnings per share were $.09 for the same period in 2012.
The Company reported total revenue of $13.0 million and pre-tax earnings of $144,156 for the six months ended June 30, 2013, as compared to total revenue of $12.6 million and pre-tax earnings of $470,162 for the same period in 2012. The Company had net income of $86,156 for the six months ended June 30, 2013, as compared to net income of $296,162 for the same period in 2012. The fully diluted earnings per share were $.02 for the six months ended June 30, 2013 and the fully diluted earnings per share was $.09 for the same period in 2012.
Rodney Smith, Chairman and CEO stated, "While the financial news was not where we wanted it to be for the first half of the year, many positive actions are underway that will benefit the company in future periods. In reading the just released Form 10-Q, you will note that our sales backlog has increased by over $5.0 million from this time last year to $13.7 million. Several of the new projects are already in production and should produce higher sales and increased profits for the second half of the year.
"One of the brightest financial results from the first half of the year is the significant increase in the sales of our proprietary Slenderwall™ building cladding. Sales for the first half of the year were up by 461%, or $1.8 million compared to the same period in 2012. This is a significant achievement for the Company as we have increased our sales and marketing effort by 50% on Slenderwall™ over the past several years. The emphasis is on Slenderwall™ because it is available only from Smith-Midland and Easi-Set Worldwide (ESW) licensees. Slenderwall™ provides the customer with a wall panel system, one-third of the weight of traditional precast architectural products available, and can be fully insulated with windows installed at the factory. Because of the proprietary advantage the Company has with Slenderwall™, profit margins are significantly increased.
"The newly developed J-J Hooks bolt / pin safety barrier was recently approved by the Federal Highway Administration and is now available in 48 states from ESW licensees located in 36 states.
"These projects are examples of the Smith-Midland commitment to diversification that continues to set it apart from the rest of the Precast Industry.
"When you average the four years 2009, 2010, 2011, and 2012 during the 'great recession', Smith-Midland achieved its highest (four) years earnings in the company history. During this same period 30% of our competitors bankrupted, closed or merged out of business. Smith-Midland continued through these four years with profits, new product introductions and continued research and development. Smith-Midland is now in its strongest position ever to capitalize on the upcoming years."
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.
KEYWORDS: United States North America Virginia
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