Smith-Midland Corporation (OTCBB: SMID) announced the company reported total revenue of approximately $29.5 million for 2009 as compared to $29.9 million for 2008, a decrease of approximately $340,000, or 1%. Pre-tax income for 2009 was approximately $3.1 million compared to $688,993 for 2008, or an increase of $2.3 million, or 336%. The Company had net income of approximately $1.8 million for 2009, as compared to net income of approximately $421,000 in 2008, an increase of $1.4 million, or 330%. Basic and diluted earnings per share were $.39 and $.38, respectively, for 2009, while basic and diluted earnings per share were $.09 in 2008.
Rodney Smith, Chairman and CEO said, “We at Smith-Midland are extremely pleased to announce that 2009 was the best year in the Company’s history, especially in such a depressed economy for the construction industry. The results of operations for 2009 could not come at a better time as we are celebrating Smith-Midland’s 50 th anniversary in 2010. The Company was fortunate to start 2009 with a significant backlog of contracts and was inadvertently helped by the downturn in the economy which caused raw material suppliers to reduce their prices.”
“The Company will have many challenges in 2010, especially as the construction industry still struggles with its economic recovery. As in 2009, the Company will start 2010 with a solid backlog of contracts and the resolve to make 2010 a profitable year.”
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.