Press Releases > Financial > Third Quarter 2008

Smith-Midland Announces Financial Results for the Quarter Ended September 30, 2008

Midland, Va. - Smith-Midland Corporation (OTCBB and Boston Stock Exchange:SMID) announced the company reported total revenue of approximately $7.8 million for the three months ended September 30,2008, and total revenue for the nine months ended September 30, 2008 of about $21.5 million. The Company had pre-tax earnings of $97,397 for the three months ended September 30, 2008 and pretax earnings of $529,421 for the nine months ended September 30, 2008.

As of November 7, 2008 the Company's production backlog was approximately $13.4 million as compared to approximately $12.4 million at the same time in 2007.

“Once again, I am pleased that we at Smith-Midland have been able to achieve seven consecutive profitable quarters despite the pressures of increasing raw material and fuel costs,” said Chairman and CEO Rodney Smith. “The Company continues to maintain a very high level of production backlog for the balance of 2008 as well as for the first three quarters of 2009. The Company has been challenged during the first three quarters of 2008 with significant increases in direct materials and fuel costs; however, these costs have begun to moderate and we believe this moderation will be reflected in fourth quarter profits”.

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.