Press Releases > Financial > First Quarter of 2007

Smith-Midland Corporation Announces Results for the Quarter Ended March 31, 2007, With 21% Revenue Increase and 90% Pre-tax Income Increase as Compared to Prior Year

Midland, Va. - Smith-Midland Corporation (OTCBB and Boston Stock Exchange:SMID) announced increased revenue of $1,492,494, or 21%, and increased pre-tax income of $304,099, or 91%, for the period ended March 31, 2007 as compared to prior year. Total revenue was $8,489,662 for the period ended March 31, 2007, compared to total revenue of $6,997,168 for the same period of 2006. The Company had pre-tax income of $639,228 for the period ended March 31, 2007, compared to pre-tax income of $335,129 for the same period of 2006.

The significant increase in revenue related primarily to increased production and revenues from the utility and highway safety barrier product categories, which accounted for approximately $1,282,000 of the increase. Slenderwall™ and architectural product line revenues increased 5.3%, or $131,096, as compared to prior year. The increased revenues, improved management of direct labor and overtime, and better raw materials pricing contributed to the improvements in income.

“It is a robust start to the year, with all of the Company’s subsidiaries contributing positively to both the revenue and profit.” said Lawrence Crews, CFO for the Company. “We are very encouraged by the continuing opportunities for success through the end of 2007.”

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. 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, South America, and Australia. Easi-Set Industries currently has 36 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