Business
Smith-Midland Reports Fourth Quarter and Year End 2021 Financial Results
Record-Setting EPS and Royalty Revenue for Fiscal 2021MIDLAND, VA / ACCESSWIRE / March 31, 2022 / Smith-Midland Corporation (NASDAQ:SMID) provider of
About this update from Smith-midland Corporation
[{"type":"text","content":"Record-Setting EPS and Royalty Revenue for Fiscal 2021MIDLAND, VA / ACCESSWIRE / March 31, 2022 / 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 2021.Fourth Quarter 2021 HighlightsAcquired 30-acre industrial lot adjacent to Virginia manufacturing facilityAwarded $4.2 million barrier rental contractCurrent backlog increased to $29.0 million from $19.6 million in the prior yearFull Year 2021 HighlightsRecord high earnings per share of $1.45, compared to $0.51 in 2020, an increase of 184 percentRecord high royalty revenue of $2.2 million, an increase of 31% over 2020Earned approval by the California Department of Transportation for use of J-J Hooks barrier systemIncluded in the Russell Microcap IndexAchieved STEP Platinum Status in ABC Safety Management Program delivering the safest year in Company history\"We are pleased with our strong year-over-year results which yielded significantly higher bottom-line performance. Even with the uncertainty and headwinds from COVID-19, inflation, supply chain challenges, and labor constraints, we were able to deliver the most profitable and safest year in our Company's history. This also marks the seventh consecutive year of positive earnings. The fourth quarter results for the current year are less favorable as compared to record fourth quarter results in 2020, driven by short-term special barrier projects. Looking forward to 2022, we have planned strategic investments estimated at $5 million to increase our rental fleet to approximately 550,000 linear feet, and an additional $1.5 million to expand our storage lot facilitating the rental fleet growth initiative. Both investments align with the Company's long-term plan to increase barrier rental revenue to further increase margins and profitability,\" said Ashley B. Smith, Chief Executive Officer.\"Regulatory tailwinds continue to generate considerable long-term opportunities, particularly for our patented J-J Hooks MASH-TL3 compliant highway barrier system. We are in the best position in the Company's history to be able to capitalize on this opportunity as highway barrier is replaced across the United States over the next three to eight years. We now have over 40 licensees producing J-J Hooks barr...