SMID .92 2005 Stock 4.5m out:
4.5m shares outstanding:
...net inc $.15 for 9mo on 15% rev rise PLUS these guys make concrete barriers for protecting premises on perimeter..that part of the biz will continue to push numbers higher here IMO....plus they make highway barriers and are strong in the construction industry with an unique product line....triple play....annualized PE of 4 given $.15 for 9mo...
Smith-Midland Corporation Announces Results for the Quarter Ended September 30, 2004 with Revenues of $5,686,567 and a Net Income for the Quarter Totaling $273,306
Monday November 15, 5:50 pm ET
MIDLAND, Va.--(BUSINESS WIRE)--Nov. 15, 2004--Smith-Midland Corporation (OTCBB: SMID - News; Boston Stock Exchange: SMID) announced the company reported total revenue of $5,686,567 for the quarter ended September 30, 2004, compared to total revenue of $4,579,142 for the same period of 2003, an increase of $1,107,425, or 24%. Net income was $273,306 for the quarter ended September 30, 2004, compared to a net loss of $195,020 for the same period of 2003, an improvement of $468,326.
The company reported total revenues of $16,348,935 for the nine months ended September 30, 2004, compared to total revenue of $14,344,646 for the same period of 2003, an increase of $2,004,289, or 14%. Net income was $657,100 for the nine months ended September 30, 2004, compared to a net loss of $297,465 for the same period of 2003, which is an improvement of $954,565.
The increased net income was primarily the result of extra emphasis from management to improve efficiencies and control expenses across all areas of the company. The successful temporary installation of approximately 8,000 linear feet of security barrier for the Republican National Convention in New York City also contributed to the increase. In addition, the one-time effect of the settlement of the Bradley Hall Project case, during the second quarter 2004, accounted for $295,478 of the increase for the nine-month period ended September 30, 2004, which was recorded as a reduction to cost of goods sold.
Improved economic conditions resulted in increased sales of the Company's newer, innovative products such as Slenderwall(TM), Easi-Set buildings, as well as, architectural and Soundwall products. Royalty income was also up due to the addition of two new Easi-Set licensees, added in 2004, and increased volume reported by existing licensees.
Smith-Midland develops, manufactures, licenses 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 South America. Easi-Set Industries currently has 30 precast concrete product licensees worldwide. |
