Press Releases > Financial > First Quarter 2009

Smith-Midland Announces Financial Results for the Quarter Ended March 31, 2009

Midland, Va. - Smith-Midland Corporation (OTCBB:SMID) announced the company reported total revenue of approximately $9.1 million for the three months ended March 31, 2009, and pre-tax earnings of $1.5 million for the same period, as compared to total revenue of $6.9 million and pre-tax earnings of $104,000 for the same period in 2008. The increase in sales and pre-tax income was due, in part, to our ability to meet the demanding schedule in providing concrete security barrier for the inauguration of President Obama in January 2009.

As of May 6, 2009, the Company’s sales backlog of inventoried products and unbilled construction contracts was approximately $15.9 million compared to $12.4 million at approximately the same time in 2008.

“Due to management’s commitment to product diversification, the Company continues to maintain an extremely high backlog of sales even as the construction industry is in the midst of one of the most severe downturns in recent history,” said Chairman and CEO Rodney Smith. “The Company is fortunate to be located near the nation’s capital, Washington, D.C., where road projects continue to outpace the nation, even in the current economic conditions.”

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.