Smith-Midland Corporation (OTCBB: SMID) announced the Company reported total revenue of approximately $6.4 million for the three months ended March 31, 2010, and pre-tax earnings of approximately $807,000, record first quarter earnings for a non-inauguration year, as compared to total revenue of $9.1 million and pre-tax earnings of $1.5 million for the same period in 2009. The Company had net income of approximately $500,000 for the three months ended March 31, 2010, as compared to net income of approximately $940,000 for the same period in 2009. The change in sales and net income was due to substantially higher sales in January 2009 reflecting, among other things, the contract for rental barrier for the inauguration of President Obama.
Rodney Smith, Chairman and CEO said, “As we celebrate our 50 th anniversary, Smith-Midland continues to defy the construction industry recession with our highly diversified product offerings. After a year in which the Company had record earnings, it is great to start 2010 with solid sales and earnings. Under the leadership of Ashley Smith, President and COO of Smith-Midland Virginia, the Company plans to continue its implementation of lean manufacturing and expand its offerings through product innovation. Lean manufacturing is improving our profitability, product quality and employee safety and will make Smith-Midland Corporation a strong, competitive and highly profitable manufacturer of precast concrete products for the next 50 years and beyond.”
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.