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To: GARY P GROBBEL who wrote (37765)	7/29/2005 10:51:55 AM
From: researcher59	Read Replies (1) \| Respond to of 120405

SMID 8K filing reporting a doubling of backlog to $10M is impressive. That's almost 2 quarters of revenues. However EPS of .19 in Q1 is unlikely to recur. That was due to very high gross margins they enjoyed for the big January Presidential inauguration project in Washington. Another issue is that they have nearly exhausted their operating loss carryforwards. So earnings will be fully taxed in the near future. I'm hoping they report .10+ pretax for Q2.