Business
Smith-Midland Reports First Quarter 2022 Financial Results
Reports 13 Percent Increase in Backlog to $32.7 MillionMIDLAND, VA / ACCESSWIRE / May 12, 2022 / Smith-Midland Corporation (NASDAQ:SMID), a provider of
About this update from Smith-midland Corporation
[{"type":"text","content":"Reports 13 Percent Increase in Backlog to $32.7 MillionMIDLAND, VA / ACCESSWIRE / May 12, 2022 / Smith-Midland Corporation (NASDAQ:SMID), a provider of innovative, high-quality proprietary and patented precast concrete products and systems today announced its results for the first quarter ended March 31, 2022.First Quarter 2022 Highlights Compared to First Quarter 2021Revenue of $10.4 million, a decrease of 31%SlenderWall sales of $1 millionOperating expenses decreased 5 percentBacklog increased 13 percent to $32.7 millionReceived updated J-J Hooks approval from Florida DOTContinued strong balance sheet with sufficient liquidityAdditional Highlights Subsequent to the QuarterAwarded $2 million soundwall contract for the Hampton Roads Bridge Tunnel ProjectIncreased barrier buy-back agreement to 325,000 linear feet to more than double the rental fleetAwarded $6.6 million contract, marking the largest project for the North Carolina plant\"The overall results for the first quarter in 2022 are less favorable compared to the record first quarter results in 2021, primarily due to non-recurring special projects that took place in the first quarter of 2021 and from a reduced production volume as we experienced operational disruptions related to required approvals and timing of large projects in the first quarter of 2022. However, first quarter 2022 results reflected continued growth in barrier rental revenue from the core rental barrier fleet, increased sales for SlenderWall, and increased royalty revenues. Looking at the remainder of the year, we are confident in our ability to build upon last year given the strong market outlook, increased backlog, and recent progress on our long-term growth initiatives,\" said Ashley B. Smith, President and Chief Executive Officer. \"Regulatory tailwinds and additional funding for federal and state infrastructure continue to generate considerable long-term opportunities, and with the expansion of our barrier rental fleet, we are in the best position in the Company's history to be able to capture additional market share over the long-term.\"\"We continue to make great strides in executing our long-term growth initiatives. During the quarter, we received additional approval from the Florida DOT for our J-J Hooks barrier to be used in freestanding applications. Recently, we announced the expansion of our ...