Press Releases > Financial > Second Quarter 2005

Smith-Midland Corporation Announces Results for the Quarter Ended June 30, 2005 and Substantial Increase in Backlog

Midland, Va. - Smith-Midland Corporation (OTCBB and Boston Stock Exchange:SMID) announced the company reported total revenue of $5,298,199 for the quarter ended June 30, 2005, compared to total revenue of $5,469,578 for the same period of 2004, a decrease of $171,379, or 3%.  Net income was $74,261 for the quarter ended June 30, 2005, compared to a net income of $425,619 for the same period of 2004, a decrease of $351,358.

The company reported total revenues of $10,902,655 for the six months ended June 30, 2005, compared to total revenue of $10,662,368 for the same period of 2004, an increase of $240,287, or 2%.  Net income was $927,395 for the six months ended June 30, 2005, compared to $383,795 for the same period of 2004, which is an increase of $543,600.

As of August 12, 2005 the Company's unaudited production backlog was approximately $11,700,000 as compared to $6,700,000 at the same time in 2004. The increase in the Company's backlog is due to improved economic conditions in the construction industry, which translates into greater demand for our products.  Many of the projects relating to the backlog were scheduled to be produced in the second quarter but were delayed due to obtaining approvals from various state agencies.  These projects, in addition the other projects included in the backlog, are now scheduled to be produced and erected in the second half of 2005 or early 2006.  Also, the Company has seen significant increases in the demand and sale of its Slenderwall™ and soundwall product lines with three soundwall projects scheduled for production in the second half of 2005.  Due to the lighter weight characteristics of Slenderwall™, the Company has been able to considerably expand its service area into regions that previously could not be reached economically.

Smith-Midland develops, manufactures, licenses and sells a broad array of precast concrete products for use primarily in the construction, transportation and utilities industries. Smith-Midland has two manufacturing facilities located in Midland, VA and Reidsville, NC. Easi-Set Industries, a wholly owned subsidiary of Smith-Midland Corporation, licenses Smith-Midland developed products throughout North America, Europe and South America. Easi-Set Industries currently has 30 precast concrete product licensees worldwide.

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-KSB and other filings with the Securities and Exchange Commission.

Smith-Midland Corporation and Subsidiaries Consolidated Statements of Operations Data