Smith-Midland Corporation, Excellence in Precast
	 Concrete
      Nov 13, 2007
 

 

SMC Announces Results for the Quarter Ended September 30, 2007

MIDLAND, Va. - November 13, 2007--Smith-Midland Corporation (OTCBB: SMID) reported earnings of $.06 per share or $297,087 for the quarter ended September 30, 2007 versus $.05 per share or $252,341 for the quarter ended September 30, 2006.  For the quarter ended September 30, 2007, revenue rose to $8.2 million versus $8.0 million for the quarter ended September 30, 2006. 

Earnings were $.22 per share or $1,036,010 for the nine months ended September 30, 2007 versus $.08 per share or $373,014 for the nine months ended September 30, 2007.  For the nine months ended September 30, 2007, revenue rose to $24.6 from $21.4 million for the nine months ended September 30, 2006.

“Given an excellent product offering, our employees have produced three consecutive winning quarters in 2007 that in total represent record earnings and revenues for Smith-Midland,” said CFO Alan Shutt.  “We continue to see strong demand throughout most of our markets and our backlog remains strong.”

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 39 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
 
Three Months Ended
September 30,
Nine Months Ended    September 30,
  2007 2006 2007 2006
         
Revenue $8,218,648 $7,987,384 $24,614,498 $21,352,481
Operating income $588,809 $560,516 $1,985,948 $915,036
Net income $279,087 $252,341 $1,036,010 $373,014
Diluted earnings per share $.06 $.05 $.22 $.08

Contact:     Alan D. Shutt, CFO,  (540) 439-3266

 

 

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