SMC Announces Financial Results for the Six Months Ended June 30, 2014
MIDLAND, Va.--(BUSINESS WIRE)--Smith-Midland Corporation (OTCBB: SMID) announced total revenue of $6.4 million and pre-tax income of $67,981 for the three months ended June 30, 2014, as compared to total revenue of $6.1 million and a pre-tax loss of $376,915 for the same period in 2013. The Company had net income of $29,981 for the three months ended June 30, 2014, as compared to a net loss of $222,915 for the same period in 2013. The fully diluted income per share was $.01 for the three months ended June 30, 2014 and the fully diluted loss per share was $.05 for the same period in 2013.
The Company reported total revenue of $12.1 million and a pre-tax loss of $491,555 for the six months ended June 30, 2014, as compared to total revenue of $13.0 million and pre-tax earnings of $144,156 for the same period in 2013. The Company had a net loss of $298,555 for the six months ended June 30, 2014, as compared to net income of $86,156 for the same period in 2013. The fully diluted loss per share was $.06 for the six months ended June 30, 2014 and the fully diluted earnings per share was $.02 for the same period in 2013.
Rodney Smith, Chairman and CEO stated, “The Company worked through one of the harshest winters in recent times which negatively affected our first quarter production. As the weather improved, sales picked up and we were able to make a small profit in the second quarter of the year. As we continue through the summer and fall of 2014, we believe our production, sales and profit will continue to improve over the remainder of the year. We believe that while 2014 may be a profitable year for the Company, we are confident that 2015 will be the real beginning of the recovery for Smith-Midland and its subsidiaries.”
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 SMITHDELAWARE.com. The “Investor Relations” area will include the Company’s Form 10-K for the fiscal year December 31, 2013.