SMC Announces Results for the Second Quarter 2006MIDLAND, VA. - Smith-Midland® Corporation (OTCBB and Boston Stock Exchange:SMID) announced the company reported total revenue of $6,367,928 for the quarter ended June 30, 2006, compared to total revenue of $5,298,199 for the same period of 2005, an increase of $1,069,729, or 20%. The Company had net loss of $87,458 for the quarter ended June 30, 2006, compared to a net income of $74,261 for the same period of 2005. The company reported total revenues of $13,365,096 for the six months ended June 30, 2006, compared to total revenue of $10,902,655 for the same period of 2005, an increase of $2,462,442, or 23%. Net income was $120,671 for the six months ended June 30, 2006, compared to $927,395 for the same period of 2005. The decreased net income was primarily the result of the unusual profitability of barrier and security work in 2005 related to the Presidential Inauguration. In comparing the Company’s regularly occurring production and sales volumes, SLENDERWALL® production and sales increased significantly during 2006, resulting from growing customer acceptance and continued success in expanding the applications and capabilities of SLENDERWALL®. These increased revenues were offset by increased fuel costs, raw material costs, and direct labor, which also contributed to the decreased net income. As of August 10, 2006 the Company's unaudited production backlog was approximately $11,800,000 as compared to approximately $11,700,000 at the same time in 2005. Selling and bidding activity, as well as the economic condition of the construction industry, in our service areas remains strong. The majority of the projects relating to the backlog as of August 10, 2006 are scheduled to be produced and erectcted in the second half of 2006 and early 2007. The Company also enjoys a regularly occurring repeat customer business, which should be considered in addition to the ordered production backlog described above. These orders typically have a quick turn around and represent purchases of a significant portion of the Company’s inventoried standard products, such as highway safety barrier, utility and Easi-Set® building products. Historically, this regularly occurring repeat customer business is equal to approximately $7 million annually. 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. 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, South America, and Australia. Easi-Set® Industries currently has 43 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
Contact: Lawrence R. Crews, CFO (540) 439-3266
Smith-Midland® News |
Easi-Set® News |
Concrete Safety Systems™ News |
|||||||||||||||||||||||||||||||||||||||||||||