SMC Announces Results for the Quarter Ended June 30, 2003 with Revenues of $5,275,363 and a Net Profit for the Quarter Totaling $175,840.Midland, Va. - Smith-Midland® Corporation (OTC BB, Boston Stock Exchange: SMID, SMID) announced today that the Company reported revenues of $5,275,363 for the quarter ended June 30, 2003 compared to $5,804,612 for the same quarter last year, a decrease of 9%. The Company also reported a net profit for the quarter ended June 30, 2003 totaling $175,840, or $0.04 per basic and $0.04 per diluted share, compared to net income of $398,114, or $0.11 per basic and $0.09 per diluted share, for the quarter ended June 30, 2002.For the year to date ended June 30, 2003 the Company had a net loss of $102,445 or $(0.02) per basic and $(0.02) per diluted share, compared to net income of $607,366, or $0.18 per basic and $0.15 per diluted share. Although sales and profits increased from the first quarter to the second quarter in 2003 the effects of several first quarter expenses that are not representative of ongoing operations continue to affect the year to date profitability. These include the write-off of health claims receivable of $114,937 that was deemed to be uncollectible; an increase in field repairs of $49,467 for a solution to a difficult customer satisfaction issue; and legal expense of $31,185 that resulted from greater time spent on the Seacoast case and general corporate matters. 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.
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