Press Releases > Financial > Fourth Quarter 2008

SMC Announces Financial Results for the Year Ended December 31, 2008

Midland, Va. - Smith-Midland Corporation (OTCBB:SMID) announced the Company reported total revenue of approximately $29.9 million for 2008 as compared to $31.5 million for 2007, a decrease of $1.6 million, or 5%. The Company had net income of approximately $421,000 for 2008, as compared to net income of approximately $1,252,000 in 2007, a decrease of $831,000, or 66%.

As of March 26, 2009 the Company's sales backlog of inventoried products and unbilled construction contracts was approximately $9,000,000 as compared to approximately $15,700,000 at approximately the same time in 2008. In addition, the Company also has received a letter of intent for a construction project in the amount $8,600,000 which is scheduled to begin in the summer of 2009. The contract is in the final review phase and should be executed within the next 30 days. The Company traditionally does not include projects in its sales backlog calculation until it has received a fully executed contract, accordingly, the Company has not included the letter of intent in its sales backlog. The combined sales backlog and letter of intent total $17,600,000.

“The Company continued to remain profitable in 2008 despite a significant downturn in the economy and the settlement of a lawsuit resulting in a one-time $785,000 charge to expense,” said Chairman and CEO Rodney Smith. “Although the Company still continues to be challenged by the current economic conditions in the construction industry, the Company continues to maintain a significant sales backlog.”

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.