Business
Smith-Midland Announces First Quarter 2020 Results
MIDLAND, VA / ACCESSWIRE / May 14, 2020 / Smith-Midland Corporation (the Company) (OTCQX:SMID), which develops, manufactures, licenses, rents, and sells a
About this update from Smith-midland Corporation
[{"type":"text","content":"MIDLAND, VA / ACCESSWIRE / May 14, 2020 / Smith-Midland Corporation (the Company) (OTCQX:SMID), which develops, manufactures, licenses, rents, and sells a broad array of precast concrete products for use primarily in the construction, transportation, and utilities industries, today announced results for the quarter ended March 31, 2020.First Quarter 2020 ResultsThe Company reported first quarter revenues of $9.8 million for 2020 and $10.2 million for the comparable quarter of 2019, a decrease of $0.4 million, or 4%. The pre-tax loss for the first quarter of 2020 was $0.1 million compared to pre-tax income of $0.4 million in 2019, a decrease of $0.5 million. The Company had a net loss for the first quarter of 2020 in the amount of $0.1 million compared to net income of $0.3 million in 2019, a decrease of $0.4 million. The basic and diluted loss per share was $0.01 for the first quarter 2020, while the basic and diluted income per share was $0.06 for the first quarter 2019.COVID-19 UpdateSmith-Midland is closely monitoring the current and potential impact of the COVID-19 outbreak on its operations, employees, customers, and supply chain. Although the Company's three manufacturing facilities remain operational, the Company has adopted virus-prevention protocols consistent with the recommendations provided by the U.S. Centers for Disease Control and Prevention. The Company's facilities are currently operational with the industry classified under essential businesses.CEO CommentaryAshley Smith, CEO stated, \"The first quarter of 2020 started off slower than expected with short-term delays in project approvals. However, the increase in the barrier rental fleet during the fourth quarter 2019 proved to be instrumental in the Company landing a $1.1 million highway project, in which deliveries began during the second quarter of this year. The project duration is estimated at 2-3 years, and the Company will recognize the related revenues over the same period. The Company continues to shift its focus from barrier sales to barrier rentals, which remains one of the highest margin revenue streams.\"Also during the first quarter, the Company secured a large architectural project valued near $8.3 million with the Army Corp of Engineers. The design-assist project is located at an undisclosed military base in Maryland, with production planned out ...