0000924719-16-000067.txt : 20160812 0000924719-16-000067.hdr.sgml : 20160812 20160812121643 ACCESSION NUMBER: 0000924719-16-000067 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20160811 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20160812 DATE AS OF CHANGE: 20160812 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SMITH MIDLAND CORP CENTRAL INDEX KEY: 0000924719 STANDARD INDUSTRIAL CLASSIFICATION: CONCRETE PRODUCTS, EXCEPT BLOCK & BRICK [3272] IRS NUMBER: 541727060 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-13752 FILM NUMBER: 161827168 BUSINESS ADDRESS: STREET 1: ROUTE 28 STREET 2: P O BOX 300 CITY: MIDLAND STATE: VA ZIP: 22728 BUSINESS PHONE: 5404393266 MAIL ADDRESS: STREET 1: RT 28 STREET 2: PO BOX 300 CITY: MIDLAND STATE: VA ZIP: 22728 8-K 1 smid-20160812x8k.htm 8-K Document


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
 

 FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
 
 

Date of Report (Date of Earliest Event Reported): August 11, 2016
 
 

SMITH-MIDLAND CORPORATION
(Exact Name of Registrant as Specified in Charter)
 
 

Delaware
(State or Other Jurisdiction of Incorporation)
1-13752
(Commission File Number)
54-1727060
(I.R.S. Employer Identification Number)

P.O. Box 300, 5119 Catlett Road
Midland, Virginia 22728
(Address of principal executive offices)
 
 

 (504) 439-3266
(Registrant’s telephone number, including area code)
 
 

 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

o  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))








ITEM 2.02
Results of Operations and Financial Condition

On August 11, 2016 Smith-Midland Corporation issued a press release announcing its financial results for the quarter ended June 30, 2016.
 
A copy of the press release is attached hereto as Exhibit 99.1.
 
ITEM 9.01
FINANCIAL STATEMENTS AND EXHIBITS

(d)           Exhibits

Exhibit No
Exhibit Description
99.1
Press release, dated August 11, 2016

The information filed as an exhibit to this Form 8-K is being furnished in accordance with Item 2.02 and shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of such section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.








SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
Date:  August 12, 2016
 
 
SMITH-MIDLAND CORPORATION
 
 
 
By: /s/ William A. Kenter
 
William A. Kenter
Chief Financial Officer










SMITH-MIDLAND CORPORATION
Exhibit to Current Report on Form 8-K
August 12, 2016

Exhibit No
Exhibit Description
99.1
Press release dated August 11, 2016




EX-99.1 2 smid-20160812x8kxex991.htm EXHIBIT 99.1 Exhibit


Exhibit 99.1


SMC Announces Financial Results for the Three and Six Months Ended June 30, 2016

MIDLAND, VA. - Smith-Midland Corporation (OTCQX: SMID) announced that the Company reported total revenue of $9.6 million for the three months ended June 30, 2016, compared to $6.9 million for the same period in 2015, an increase of $2.7 million, or 39%. The pre-tax income for the three months ended June 30, 2016 was $637,924 compared to pre-tax income of $393,857 for the same period in 2015, or an increase of $244,067. The Company had net income of $418,924 for the three months ended June 30, 2016, compared to net income of $244,857 for the same period in 2015, or an increase of $174,067. The basic and diluted earnings per share were $0.09 and $0.08 for the three months ended June 30, 2016, respectively, while the basic and diluted earnings per share were $0.05 for the same periods in 2015.
The Company reported total revenue of $17.7 million for the six months ended June 30, 2016, compared to $11.1 million for the same period in 2015, an increase of $6.6 million, or 59%. The pre-tax income for the six months ended June 30, 2016 was $485,148 compared to a pre-tax loss of $465,512 for the same period in 2015, or an increase of $950,660. The Company had net income of $329,148 for the six months ended June 30, 2016, compared to a net loss of $279,512 for the same period in 2015, or an increase of $608,660. The basic and diluted earnings per share were $0.07 for the six months ended June 30, 2016, while the basic and diluted loss per share was $0.06 for the same periods in 2015.
Rodney Smith, Chairman and CEO stated, “The Company rebounded nicely from a sluggish first quarter to achieve a solid second quarter pre-tax income of $637,924. We believe that the third quarter should be significantly better than the second quarter.
“All of our consolidated operating companies improved from the first quarter to the second quarter on a fairly significant basis across the board. All of our current contracts are on a full profit basis with no discounts given, improving our margins for all product lines manufactured and sold during the period. Management believes this trend will continue into 2017 as our economy continues to improve at a steady pace.
“During the second quarter the Company was successful in closing its purchase agreement for the acquisition of the land and building of the new Columbia precast production facility. Since February, we have leased the facility until the closing date to produce on a $3.5 million contract for barrier which will run through the end of 2016. We will gradually add to the range of products to be produced by the plant, beginning with soundwall, then buildings and then to our most profitable product Slenderwall™. The geographical location for Columbia includes the Atlanta metropolitan area and approximately 10 military bases in South Carolina and Georgia. With the addition of this facility, our geographical sales area now includes the entire eastern coast from New York City to the southern Georgia border, (approximately 800 miles north to south and approximately 300 miles inland from the east coast) which makes Smith-Midland a major east coast precast company.”
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 SMITHMIDLAND.com. The “Investor Relations” area will include the Company’s Form 10-K.


Media Inquiries:
William A. Kenter, 540-439-3266
wkenter@smithmidland.com
Sales Inquiries:
info@smithmidland.com