Business
Smith-Midland Reports Fourth Quarter and Full Year 2020 Results
MIDLAND, VA / ACCESSWIRE / March 30, 2021 / Smith-Midland Corporation (NASDAQ:SMID) provider of innovative, high-quality proprietary and patented precast
About this update from Smith-midland Corporation
[{"type":"text","content":"MIDLAND, VA / ACCESSWIRE / March 30, 2021 / Smith-Midland Corporation (NASDAQ:SMID) provider of innovative, high-quality proprietary and patented precast concrete products and systems today announced fourth quarter and year-end results for 2020.Fourth Quarter 2020 HighlightsPre-tax income for the fourth quarter 2020 grew to $1.3 million compared to $1.0 million in fourth quarter 2019Net income remained strong year over year despite a slight reduction in revenues in the fourth quarter 2020 compared to the same period in 2019Full Year 2020 HighlightsDiluted earnings per share increased an impressive 34 percent to $0.51 for full year 2020 compared to $0.38 for fiscal 2019Net income increased 37 percent for full year 2020 compared to 2019Revenues for full year 2020 totaled $43.8 million compared to $46.7 million in 2019Barrier rental revenues increased 176 percent in 2020 compared to 2019Gross margin, excluding royalties, increased to 22 percent in 2020 compared to 18 percent the prior year\"I am extremely impressed with Smith-Midland's performance and ability to grow our earnings during such a pivotal year.\" Ashley Smith, Chief Executive Officer commented. \"Despite a dynamic macro environment throughout 2020, our team continued to deliver. Deemed an essential business, we remained fully operational, meeting the needs of our critical end markets while working hard to keep our employees safe. We completed our uplisting to NASDAQ and strengthened our liquidity position all while delivering improved results including a notable 34 percent increase in earnings per share. I am proud of our team members and appreciate their hard work and dedication. We are excited about our growth prospects moving forward. Longer-term, infrastructure spend shows a positive outlook and there is a regulatory tailwind that we could benefit from over the next few years. Last month we announced Caltrans' approval of our patented J-J Hooks self-aligning barriers in California, which is home to the second largest highway system in the United States, and will be a large focus for us in 2021. Our licensees are prepared to capitalize on this new opportunity and future opportunities moving forward,\" concluded Ashley.Fourth Quarter 2020 ResultsThe Company reported 2020 fourth quarter revenues of $11.1 million compared to $12.4 million for pre-COVID-19 fourth quarte...