Smart, Mish, Zeev, etc. take a peek at SMID ($1.82) earned .58 EPS diluted; Looks like it is getting noticed.
NOrmally does very low volume and increasing every day lately; I am calling the company.
SMITH-MIDLAND CORPORATION - Record Results for the Year Ended December 31, 2001 With Revenues - of $26,855,190 and Net Income for the Year of $1,993,993
New York, New York, Apr 08, 2002 (Market News Publishing via COMTEX) -- Smith-Midland Corporation announced that the Company reported record revenues of $26,855,190 for the year ended December 31, 2001 compared to $16,157,629 for the prior year, an increase of 66%.
The Company also reported record net income for the year ended December 31, 2001 totaling $1,993,993, or $0.65 per basic and $0.58 per diluted share, compared to net income of $593,373, or $0.19 per basic and diluted share, for the year ended December 31, 2000.
The Company attributed the increase in net income for the year ended December 31, 2001 to strong product demand in the Company's major market areas, which allowed the Company to realize significant sales increases in all major product categories.
The Company also reported that its unfilled order backlog as of March 31, 2002 was approximately $7.1 million versus approximately $8.5 million as of March 31, 2001.
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 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-KSB and other filings with the Securities and Exchange Commission.
SMITH-MIDLAND CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS DATA
Year Ended December 31,
2001 2000
Sales and other operating revenues $ 26,855,190 $ 16,157,629
Net profit $ 1,993,993 $ 593,373
Basic earnings per share $ 0.65 $ 0.19
Diluted earnings per share $ 0.58 $ 0.19
Basic weighted average common
shares outstanding 3,090,465 3,050,190
Diluted weighted average shares
outstanding 3,461,777 3,050,190
CONTACT: TEL: 540/439-3266 Rodney I. Smith, Robert E. Albrecht, Jr.
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