SMC Announces Financial Results For The Quarter Ended June 30, 2010
Smith-Midland Corporation (OTCBB: SMID) announced the Company reported total revenue of approximately $7.7 million for the three months ended June 30, 2010, and pre-tax earnings of approximately $832,000, as compared to total revenue of $7.6 million and pre-tax earnings of $1.2 million for the same period in 2009. The Company had net income of approximately $511,000 for the three months ended June 30, 2010, as compared to net income of approximately $698,000 for the same period in 2009. Fully diluted earnings per share were $.11 for the three months ended June 30, 2010 and $.15 for the same period in 2009.
For the six months ended June 30, 2010, the Company reported total revenue of approximately $14.0 million and pre-tax earnings of approximately $1.6 million as compared to total revenue of $16.7 million and pre-tax earnings of $2.7 million for the same period in 2009. The Company had net income of approximately $1.0 million for the six months ended June 30, 2010, as compared to net income of approximately $1.6 for the same period in 2009. Fully diluted earnings per share were $.21 for the six months ended June 30, 2010 and $.35 for the same period in 2009.
Rodney Smith, Chairman and CEO said, “We are pleased to report excellent earnings for the three and six months periods ended June 30, 2010, earnings which are somewhat less than record earnings in 2009 which included the presidential barrier rental contract. Ashley Smith, President and COO of Smith-Midland Virginia, has once again demonstrated his ability to profitably manage our largest operating subsidiary while in the midst of an intimidating economy.”
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.
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