Smith-Midland Corporation (OTCBB: SMID) announced the Company reported total revenue of approximately $7.6 million and pre-tax earnings of $291,000 for the three months ended March 31, 2011, as compared to total revenue of $6.4 million and pre-tax earnings of $807,000 for the same period in 2010. The Company had net income of $188,000 for the three months ended March 31, 2011, as compared to net income of $500,000 for the same period in 2010. Fully diluted earnings per share were $.04 for the three months ended March 31, 2011 and $.10 for the same period in 2010.
Rodney Smith, Chairman and CEO said, “Smith-Midland is pleased to report positive earnings for the three months ended March 31, 2011. Although first quarter earnings were below that of the same period in 2010, the company, as well the construction industry as a whole, is beginning to see signs of improvement from both the private and public sectors in the number of projects being financed and bid by owners and general contractors. Although we have been awarded several large architectural projects over the past few months, all of which will be produced in 2011, the Company’s overall performance during 2011 will depend on the construction industry’s continued improvement, and how successful Smith-Midland is in bidding and acquiring new contracts.”
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.