Smith-Midland Corp. Announces Results for the Quarter Ended March 31, 1999 with Revenues Increasing 14% to a Record $3,458,524 and Profits Totaling $28,121
MIDLAND, Va.--(BUSINESS WIRE)--June 1, 1999--Smith-Midland Corp. (NASDAQ:SMID, SMIDW; Boston Stock Exchange:SMM, SMM/W) announced today that the company reported record revenues of $3,458,524 for the quarter ended March 31, 1999 compared to $3,026,660 for the comparable period of the prior year, an increase of 14%.
The Company also reported net income of $28,121, or $0.01 per share of common stock, for the quarter ended March 31, 1999 compared to net income of $62,920, or $0.02 per share of common stock, for the comparable period 1998.
Mr. Rodney I. Smith, president and CEO of Smith-Midland commented, ''I'm pleased that Smith-Midland Corporation returned to profitability in the first quarter and hope to see continued improvement in our operating performance in the months ahead. We have a good order backlog, and with the new production facility completed in the first quarter now fully online, we expect continued improvement in production efficiency in the months ahead.''
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, Virginia, and Reidsville, North Carolina. EASI-SET Industries, a wholly-owned subsidiary of Smith-Midland Corporation, licenses Smith-Midland developed products throughout North America and in Europe and South America. EASI-SET Industries currently has 30 precast concrete product licensees worldwide.
This announcement contains foward looking statements which involve risks and uncertainties. The Company's actual results may differ significantly from the results discussed in the forward-looking statements and the results for the quarter ended March 31, 1999 are not necessarily indicative of the results for the Company's operations for the year ending Dec. 31, 1999. Factors which might cause such a difference include, but are not limited to, product demand, the impact of competitive 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-KSB and in other filings with the Securities and Exchange Commission.
SMITH-MIDLAND CORP. AND SUBSIDIARIES
Consolidated Statements of Operations Data
Quarter Ended March 31,
1999 1998
Sales and other operating revenue $3,458,524 $3,026,660
Net profit $ 28,121 $ 62,920
Basic and diluted earnings
per share $ 0.01 $ 0.02
Weighted average common shares
outstanding 3,044,798 3,044,798
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Contact:
Smith-Midland Corporation, Midland
Rodney I. Smith or Theodore Pennington, 540/439-3266
Website: smithmid.com
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