Press Releases > Financial > First Quarter of 2008

Smith-Midland Announces Financial Results for the Quarter Ended March 31, 2008

Midland, Va. - Smith-Midland Corporation (OTCBB and Boston Stock Exchange:SMID) announced total revenue of $6,892,641 for the three months ended March 31, 2008 as compared to $8,489,662 for the three months ended March 31, 2007, a decrease of $1,597,021 or 19%.  The Company had pre-tax income of $104,487 for the three months ended March 31, 2008 as compared $639,228 for the three months ended March 31, 2007, a decrease of $534,741 or 84%. 

“The results for the first three months of 2008 represent a fifth consecutive quarter of positive net income and is a tribute to the hard work of our employees and the diversity or our product line in a time of increasing raw material and fuel costs,”  said Rodney Smith, President of the Company.  “As of May 11, 2008, our unaudited production backlog was approximately $12,432,000, as compared to approximately $11,215,000 at the same date in 2007.  We also maintain a regularly occurring repeat customer business, which should be considered in addition to the ordered production backlog. These orders typically have a quick turn around and represent purchases of a significant portion of the Company’s inventoried standard products, such as highway safety barrier, utility and Easi-Set® building products. Historically, this regularly occurring repeat customer business is equal to approximately $7,000,000 (unaudited) annually.
Smith-Midland traditionally does not include projects in its production backlog calculation until the customer signs a complete contract, but in addition to the signed contracts, we have approximately $8,000,000 (unaudited) of pending contracts not included in the unaudited production backlog where we estimate a very high probability of successfully securing these contracts.”

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, and Australia. Easi-Set Industries currently has 49 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-K and other filings with the Securities and Exchange Commission.

Smith-Midland Corporation and Subsidiaries Consolidated Statements of Operations Data