Smith-Midland Corporation (OTCBB: SMID) announced the Company reported total revenue of approximately $6.1 million and a pre-tax loss of $631,000 for the three months ended September 30, 2011, as compared to total revenue of $9.0 million and pre-tax earnings of $1.5 million for the same period in 2010. The Company had a net loss of $470,000 for the three months ended September 30, 2011, as compared to net income of $901,000 for the same period in 2010. Fully diluted earnings (loss) per share were $(.10) for the three months ended September 30, 2011 and $.19 for the same period in 2010.
For the nine months ended September 30, 2011, the Company reported total revenue of approximately $20.9 million and pre-tax earnings of approximately $60,000 as compared to total revenue of $23.0 million and pre-tax earnings of $3.0 million for the same period in 2010. The Company had a net loss of approximately $27,000 for the nine months ended September 30, 2011, as compared to net income of approximately $1.9 million for the same period in 2010. Fully diluted earnings (loss) per share were $(.01) for the nine months ended September 30, 2010 and $.40 for the same period in 2010.
Rodney Smith, Chairman and CEO said, “After defying the severe economic recession/depression during 2009 and 2010 with record breaking profits, two of our customer’s largest projects were delayed during the third quarter of 2011. This significantly contributed to the Company’s loss of profit during that period. We are now in full production on the first of these two projects.
“Sales order closings for 2011 will be between 90 and 100 % of our goal for the year but too near the end of the year for production to enable us to meet our prior two years level of profitability.“It’s important here to emphasize we are on a journey during which we are systematically transforming our company for long term success. Lean manufacturing is the leading edge of this transformation along with Superior Quality and Safety Always. Ashley Smith, your President and COO is providing high energy leadership for this transformational process, designed to yield consistent profitability and sharpen our competitive edge in the market place.
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