Company Website:
http://www.smithmidland.com
MIDLAND, Va. -- (Business Wire)
Smith-Midland Corporation (OTCBB: SMID) announced that the company
reported total revenue of $22.5 million for 2014 as compared to $27.7
million for 2013, a decrease of $5.2 million, or 19%. The pre-tax loss
for 2014 was $1,302,839 compared to pre-tax income $1,082,502 for 2013,
or a decrease of $2,385,341. The Company had a net loss of $804,839 for
2014, as compared to net income of $691,502 in 2013, a decrease of
$1,496,341. The basic and diluted loss per share was $0.16 for 2014
while basic and diluted earnings per share were $0.14 for 2013.
The Company reported fourth quarter revenues of $4.4 million for 2014 as
compared to $7.8 million for 2013, a decrease of $3.4 million, or 44%.
The pre-tax loss for the fourth quarter of 2014 was $998,770 as compared
to pre-tax income of $491,437 for 2013. The Company had a net loss for
the fourth quarter of 2014 of $618,774 as compared to net income of
$293,184 for 2013.
Rodney Smith, Chairman and CEO said “As I reported to you, our
stockholders, through my press release of November 18, 2014, ‘we
continue to believe that 2015 will be the year we break out of the
‘Great Recession.’ We base this projection on recent large orders and
commitments received from our customers totaling approximately $6.9
million over the past 30 days.’”
Mr. Smith added “I am pleased to report that the actual large orders
signed during that period through today are now $12.8 million. These
orders are in addition to approximately $6.4 million of our day-to-day
standard products sales (buildings, barrier etc.) during that same
period. Together these orders total $19.2 million. Orders of this size
should enable the Company to show a profit during the second quarter of
2015 and on into 2016. Depending on the order size and the complexity of
the product, there is a 30 to 90 day period from receipt of orders to
the production floor. Our standard day-to-day products can often begin
production within days of the receipt of a signed order.
“In other areas of the Company, after a nationwide search, Mr. Amit
Tilak has been appointed Chief Engineer for Smith Midland. Mr. Smith
noted, ‘We also made critical hires in the areas of Quality Control and
Safety. All of these hires are successful individuals with proven
backgrounds that have been instrumental in improving our overall product
quality programs.’
“Ashley Smith, President and COO and Mark Loscudo, VP of Operations,
continue to lead and improve our Lean Processes and Procedures including
Standard Work instructions and improved metrics for monitoring our
production goals on a daily, weekly and monthly basis. Our Lean effort
is helping to reduce costs and add value for our customers as well as
our shareholders. To assist in our efforts to meet our Lean goals, we
have contracted with a former Toyota production manager, Mr. Russ
Scaffede, to help better define where our Lean efforts should be focused
and to increase the pace of our Lean process developments.
“According to our industry peers, the Smith-Midland New Product
Development team is one of the best and most successful in the Precast
Concrete Industry. We are continuing our Product Development with new
and improved versions of Slenderwall to meet new energy codes, ASHRAE
and IECC, and Non-Bolted J-J Hooks Highway Safety Barrier for bridges
and highway widening cuts. Our New Product Development includes a
highway crash cushion that incorporates the Smith-Midland Softsound
technology. We also have separate Product Improvement Meetings (PIM)
that are held on a monthly basis which include detailed progress
achieved between meetings.”
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.
For more complete information on Smith-Midland Corporation, visit the
Company’s web site at SMITHDELAWARE.com.
The “Investor Relations” area will include the Company’s Form 10-K.
Contacts:
Smith-Midland Corporation
Media Inquiries:
William A. Kenter,
540-439-3266
wkenter@smithmidland.com
or
Sales
Inquiries:
info@smithmidland.com
Source: Smith-Midland Corporation
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