Business
Smith-Midland Announces Fourth Quarter and Full Year 2019 Results
- Record Full Year Revenues- Five Consecutive Years of Positive EarningsFourth Quarter 2019 HighlightsRevenues of $12.4 million, an increase of $0.7 million,
About this update from Smith-midland Corporation
[{"type":"text","content":"- Record Full Year Revenues- Five Consecutive Years of Positive EarningsFourth Quarter 2019 HighlightsRevenues of $12.4 million, an increase of $0.7 million, or 6%, over fourth quarter 2018North Carolina expansion project completed and operationalBacklog of $30.9 million, growth of 8% since the third quarter 2019Full Year 2019 HighlightsFull Year Record Revenues of $46.7 million, a 16% increase over 2018General & Administrative Expenses decreased 14% compared to 2018EPS of $0.38, a 15% increase over 2018Five consecutive years of positive earningsMIDLAND, VA / ACCESSWIRE / March 26, 2020 / Smith-Midland Corporation (the Company) (OTCQX:SMID), a leader in the precast concrete industry, 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 and full year ended December 31, 2019.Fourth Quarter 2019 ResultsThe Company reported fourth quarter revenues of $12.4 million for 2019 and $11.7 million for 2018, an increase of $0.7 million, or 6%. The pre-tax income for the fourth quarter 2019 was $1.0 million compared to pre-tax income of $1.2 million in 2018, a decrease of $0.2 million, reflecting a high margin special project in 2018. The Company had net income for the fourth quarter of 2019 in the amount of $0.8 million compared to net income of $0.9 million in 2018, a decrease of $0.1 million. The basic and diluted income per share was $0.15 for the fourth quarter 2019, while the basic and diluted income per share was $0.17 for the fourth quarter 2018.Full Year 2019 ResultsThe Company reported revenues of $46.7 million for 2019 and $40.2 million for 2018, an increase of $6.5 million, or 16%. The pre-tax income for 2019 was $2.5 million compared to pre-tax income of $2.3 million in 2018, an increase of $0.2 million. The Company had net income for 2019 in the amount of $2.0 million compared to net income of $1.7 million in 2018, an increase of $0.3 million. The basic and diluted income per share was $0.38 for 2019, while the basic and diluted income per share was $0.33 for 2018, an increase of 15%.COVID-19 UpdateAshley Smith, CEO, stated, \"While we remain extremely excited about our long-term future, the main goal during this time of uncertainty is creating a safe and secure e...