0000924719-18-000006.txt : 20180329 0000924719-18-000006.hdr.sgml : 20180329 20180329162656 ACCESSION NUMBER: 0000924719-18-000006 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20180329 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20180329 DATE AS OF CHANGE: 20180329 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SMITH MIDLAND CORP CENTRAL INDEX KEY: 0000924719 STANDARD INDUSTRIAL CLASSIFICATION: CONCRETE PRODUCTS, EXCEPT BLOCK & BRICK [3272] IRS NUMBER: 541727060 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-13752 FILM NUMBER: 18723303 BUSINESS ADDRESS: STREET 1: ROUTE 28 STREET 2: P O BOX 300 CITY: MIDLAND STATE: VA ZIP: 22728 BUSINESS PHONE: 5404393266 MAIL ADDRESS: STREET 1: RT 28 STREET 2: PO BOX 300 CITY: MIDLAND STATE: VA ZIP: 22728 8-K 1 smid-20171231x8kxpr.htm 8-K Document


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
 

 FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
 
 

Date of Report (Date of Earliest Event Reported): March 29, 2018
 
 

SMITH-MIDLAND CORPORATION
(Exact Name of Registrant as Specified in Charter)
 
 

Delaware
(State or Other Jurisdiction of Incorporation)
1-13752
(Commission File Number)
54-1727060
(I.R.S. Employer Identification Number)

P.O. Box 300, 5119 Catlett Road
Midland, Virginia 22728
(Address of principal executive offices)
 
 

 (504) 439-3266
(Registrant’s telephone number, including area code)
 
 

 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

o  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))





ITEM 2.02
Results of Operations and Financial Condition

On March 29, 2018 Smith-Midland Corporation issued a press release announcing its financial results for the quarter and year ended December 31, 2017.
 
A copy of the press release is attached hereto as Exhibit 99.1.
 
ITEM 9.01
FINANCIAL STATEMENTS AND EXHIBITS

(d)           Exhibits

Exhibit No
Exhibit Description
99.1

The information filed as an exhibit to this Form 8-K is being furnished in accordance with Item 2.02 and shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of such section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.






SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
Date:  March 29, 2018
 
 
SMITH-MIDLAND CORPORATION
 
 
 
By: /s/ Adam J. Krick
 
Adam J. Krick
Chief Financial Officer






SMITH-MIDLAND CORPORATION
Exhibit to Current Report on Form 8-K
March 29, 2018

Exhibit No
Exhibit Description
99.1




 EX-99.1 2 smid-20171231xexx991.htm EXHIBIT 99.1 Exhibit



Exhibit 99.1


Smith-Midland Announces Fourth Quarter and Full Year 2017 Results

Full Year 2017 Highlights
•
Sales growth of 4.2% resulting from increased production volume at all locations
•
Backlog increased to $29.5 million
•
Cash & investments totaling $4.5 million at the end of the year
•
Note payable balances decreased to $3.5 million

MIDLAND, VA. - Smith-Midland Corporation (the Company) (OTCQX: SMID), who 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, 2017.

CEO Commentary
Rodney Smith, Chairman and CEO, stated, “The Company had another great year in 2017. Our focus remains to the future and the earnings potential with the backlog of $29.5 million at the beginning of March 2018, as compared to $22.4 million at the same time in 2017.

“The fourth quarter proved to be less profitable than expected for the Company. Our Smith-Columbia Plant struggled with design issues on their first soundwall projects that added material and labor costs to the projects, decreasing margins, and lowering the overall margins of the Company for the quarter. We continuously work to improve production processes and increase margins at the Smith-Columbia plant. We expect the soundwall production on the first projects at Smith-Columbia to be completed in the second quarter of 2018.”

President Commentary
Ashley Smith, President, COO, and incoming CEO, stated, “The Company continues to remain people-focused and positive about the future. We paid over $125,000 in bonuses to employees in December 2017 to share the tax benefit received from the new Tax Cuts and Jobs Act. We plan to take the additional tax savings and invest in capital equipment, new hires for the larger backlog, associate training, and technology.

“The first quarter 2018 has started off a little slow due to unfavorable weather conditions and delayed construction start dates, but we expect the final three quarters of the year to show significant bottom-line improvements over the first quarter. The Company is currently narrowing in on two major contracts that will considerably increase the already significant backlog. The anticipated sales growth for the year provides a positive outlook.”

Fourth Quarter 2017 Results
The Company reported fourth quarter revenues of $10.0 million for 2017 and 2016. The pre-tax income for the fourth quarter of 2017 was $0.1 million compared to pre-tax income of $1.2 million in 2016, a decrease of $1.1 million. The Company had net income for the fourth quarter of 2017 in the amount of $0.4 million compared to net income of $0.8 million in 2016, a decrease of $0.4 million. The Company had an income tax benefit in the fourth quarter in the amount of $0.3 million due to the Tax Cuts and Jobs Act.

Full Year 2017 Results




The Company reported total revenue of $41.7 million for 2017 compared to $40.0 million for 2016, an increase of $1.7 million, or 4.2%. The Company reported pre-tax income of $3.7 million for 2017 compared to pre-tax income of $4.3 million for 2016, a decrease of $0.6 million. The Company reported net income of $2.7 million in 2017, compared to net income of $2.8 million in 2016, a decrease of $0.1 million. The basic and diluted income per share was $0.53 for 2017, while the basic and diluted income per share was $0.57 and $0.56 for 2016, respectively.

This announcement contains forward-looking statements, which involve risks and uncertainties. The Company's actual results may differ significantly from the results discussed in the forward-looking statements. Factors which might cause such a difference include, but are not limited to, product demand, the impact of competitive products and pricing, capacity and supply constraints or difficulties, general business and economic conditions, the effect of the Company's accounting policies and other risks detailed in the Company's Annual Report on Form 10-K and other filings with the Securities and Exchange Commission.

For more complete information on Smith-Midland Corporation, visit the Company’s web site at SMITHMIDLAND.com. The “Investor Relations” area will include the Company’s Form
10-K.

Media Inquiries:
AJ Krick, 540-439-3266
ajkrick@smithmidland.com
Sales Inquiries:
info@smithmidland.com