SMC Announces Financial Results For The Quarter Ended June 30, 2012
Smith-Midland Corporation (OTCBB: SMID) announced total revenue of $6.6 million and a pre-tax earnings of $695,000 for the three months ended June 30, 2012, as compared to total revenue of $7.1 million and pre-tax earnings of $400,000 for the same period in 2011. The Company had net income of $424,000 for the three months ended June 30, 2012, as compared to net income of $255,000 for the same period in 2011. The fully diluted earnings per share were $.09 for the three months ended June 30, 2012 and the fully diluted earnings per share was $.05 for the same period in 2011.
The Company reported total revenue of $12.6 million and pre-tax earnings of $470,000 for the six months ended June 30, 2012, as compared to total revenue of $14.8 million and pre-tax earnings of $690,000 for the same period in 2011. The Company had net income of $296,000 for the six months ended June 30, 2012, as compared to net income of $442,000 for the same period in 2011. The fully diluted earnings per share were $.06 for the six months ended June 30, 2012 and the fully diluted earnings per share was $.09 for the same period in 2011.
Rodney Smith, Chairman and CEO stated, “The Company’s improved performance for the second quarter of 2012 was due in part to management’s ability to successfully react to a weak but improving construction industry outlook. We reported in the first quarter, to offset potential losses in 2012, the Company enacted layoffs and salary reductions at its main production facility in Midland, VA. This action was one of the primary reasons for the profits earned in the second quarter of 2012. Another reason for these profits was management’s ability to find new sources of revenue such as the contract awarded to Smith-Midland for installation and removing concrete safety barrier for the NATO Summit in Chicago, IL in May 2012. We will continue to have Company profitability and our shareholders interest as our highest priority as we execute our goal of running Smith-Midland leaner and stronger each day for where we want to be in 25 years - remember Warren Buffet’s instructions to Tony Nicely at Geico, from my third quarter of 2011 press release.”
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