Business
Smith-Midland Reports Second Quarter 2021 Financial Results
Royalty Income Strongest Quarter in Company HistoryMIDLAND, VA / ACCESSWIRE / August 10, 2021 / Smith-Midland Corporation (NASDAQ:SMID) provider of
About this update from Smith-midland Corporation
[{"type":"text","content":"Royalty Income Strongest Quarter in Company HistoryMIDLAND, VA / ACCESSWIRE / August 10, 2021 / Smith-Midland Corporation (NASDAQ:SMID) provider of innovative, high-quality proprietary and patented precast concrete products and systems today announced second quarter results for 2021.Second Quarter 2021 Highlights68 percent increase in royalty income, the strongest quarter in Company history30 percent increase in core fleet barrier rental revenuesRental barrier fleet expansion to 300,000 linear fleet by year end 2021Received Platinum Safety Award from Associated Builders and Contractors (ABC)\"I am pleased to announce another great quarter and first half of 2021 as we execute against our long-term growth plans. As stated last quarter, we had a tremendous number of one-time special projects during Q1 which drove stronger than typical results. Moving into Q2, the strength in the rental business remains robust. As we continue driving a higher mix of barrier rental business by increasing our core rental fleet and proactively shifting our customers to barrier rentals versus sales, we will continue to drive higher margins. Our second quarter 2021 royalty income posted historic gains; a notable 68 percent increase compared to last year. We expect to see additional royalty income growth in future quarters related to the approval of our patented JJ-Hooks interlocking highway barrier system in the California market that we announced in February of this year,\" said Ashley Smith, Chief Executive Officer. Our focus on sales for our lightweight proprietary SlenderWall cladding system is yielding results and we are happy to see those efforts gaining traction. I also wanted to mention how proud I am of our team's receipt of the Platinum Safety Award from Associated Builders and Contractors. Disciplined execution and emphasizing our lean manufacturing methodologies as we grow is key. Management and the Board remain closely aligned with our shareholders and look to continuously drive long term shareholder value,\" concluded Smith.Second Quarter 2021 ResultsThe Company reported 2021 second quarter revenues of $12.3 million compared to $10.5 million for second quarter 2020. Operating income for second quarter 2021 increased to approximately $1.3 million compared to $573,000 in second quarter 2020. Net income increased from $441,000 for the second q...