MIDLAND, Va.--(Business Wire)--
Smith-Midland Corporation (OTCBB: SMID) announced total revenue of $7.6 million
for the quarter ended September 30, 2009, compared to $7.8 million for the same
period in 2008, a decrease of 3%. Pre-tax earnings for the period were
approximately $763,000, compared to approximately $97,000 for the same period in
2008. This represents an increase in pre-tax earnings of approximately $666,000
or 687% over the same three month period in 2008. Net income for the period was
approximately $491,000, or $.10 per share (fully diluted), compared to net
income of approximately $26,000, or $.01 per share (fully diluted) for the same
period in 2008.
Revenues for the nine months ended September 30, 2009 were $24.3 million
compared to $21.5 million for the same period in 2008, an increase of 13%.
Pre-tax earnings for the nine month period were $3.5 million, compared to
approximately $529,000 for the same period in 2008. This represents an increase
in pre-tax earnings of $3.0 million, or 567% over the same nine month period in
2008. Net income for the period was approximately $2.1 million, or $.45 per
share (fully diluted), compared to net income of approximately $277,000, or $.06
per share (fully diluted) for the same period in 2008.
Rodney I. Smith, Smith-Midland`s Chairman and CEO, said, "We at Smith-Midland
are extremely pleased with the results of operations for the first three
quarters of 2009. The improved profitability for the year is the result of a
company wide effort to contain costs, improve efficiency and a focus on
providing each customer a quality product delivered in a timely manner. While
the profitability of the first three quarters has been remarkably positive, a
temporary delay in the start of a major highway contract previously awarded to
Smith-Midland will result in lower earnings for the fourth quarter of 2009."
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.
For more complete information on Smith-Midland Corporation, visit the Company`s
web site at SMITHMIDLAND.com. The "Investor Relations" area will include the
Company`s Form 10-K.
Smith-Midland Corporation
William A. Kenter
Chief Financial Officer
540-439-3266
wkenter@smithmidland.com
Copyright Business Wire 2009
