MIDLAND, Va.--(BUSINESS WIRE)--Smith-Midland Corporation (OTCQX: SMID) announced that the Company reported total revenue of $9.5 million for the three months ended March 31, 2017 as compared to $8.1 million for the same period in 2016, an increase of $1.4 million, or 17%. The pre-tax earnings for the first quarter of 2017 was $1,343,201 compared to a pre-tax loss of $152,777 for the same period in 2016, or a increase in the pre-tax earnings of $1,495,978. The Company had net income of $857,201 for the first three months of 2017, compared to a net loss of $89,777 for the same period in 2016, or an increase in the net income of $946,978. The basic and diluted earnings per share was $0.17 for 2017, while the basic and diluted loss per share was $0.02 for 2016.
Rodney Smith, Chairman and CEO stated, “I am pleased to announce another strong and profitable quarter for Smith-Midland. With our current sales backlog of $27.4 million, the highest in Company history, we are well positioned to keep all three production facilities, Smith-Midland VA, Smith-Carolina NC, Smith-Columbia SC, close to full capacity through the remainder of the year.
“Concrete Safety Systems (CSS) has received multiple large barrier rental orders, and accordingly, CSS is expanding its barrier rental capacity to meet the increased market demand. This will position CSS to be even more competitive by giving customers multiple options to best fit their highway safety needs. Easi-Set Worldwide, our precast concrete licensing company, has record income for this first quarter. The ability to meet customer demand, industry leading innovative products, superior quality and service, helps keep the Smith-Midland companies at the top of the industry.”
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.
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-K and other filings with the Securities and Exchange Commission.
For more complete information on Smith-Midland Corporation, visit the Company’s web site at SMITHMIDLAND.com. The “Investor Relations” area will include the Company’s Form 10-K.