littlefish
9 years ago
Econ- ya I went off a little on them on Q1 for the, uh, lack of building margins while hiring more peeps, giving them raises, and building backlog to historic highs ahead of time.
Guess they got the message but too bad they did the hiring and raises BEFORE the margin increases. Mngmnt mistake on their part plain and simple IMO. But, moving on...
That said, they didn't split out how much startup cost was involved in Q1 last Q (woulda been nice if they'd been better at telegraphing that in Q1 report commentary) and some lower margin earlier bid biz was getting churned thru in Q1 so the latter of those should be behind them and the continuing increase in capability down in Hopkins should bode well for being able to bid more work/better margin with more product going forward (breeeeeathe, long sentence LOL).
They work with some fairly big heavy civil companies already in Va and some of those companies also work down into the newer geographic footprint regions so I'm hopeful for a fairly smooth transition there. The facility has good overhead clearance so they should be able to expand product line (unlike in North Carolina where the facility is smallish and not enough overhead for some work).
Backlog burned down and it may tighten a little further next couple Qs but as previously mentioned, it's my opinion backlog will get to building again in 2017 and workloads may increase enough to raise pricing. At least SMID has the inaug contract and mentioned Q3 will be healthy too which gets them thru to 2017.
Should be a busy few years for many of these downtrodden infrastructure-intensive companies.
I like CUO better but this is also a core holding so was somewhat happy with their progress sequentially (margins still not where I'd like to see but getting better- I want to see COGS in the 70s% range).
All IMO. Good luck.
PS- new spending is going to have to get thru congress and we know what they've killed when it comes to incrastructure spend. But the jobs created are better paying and not service-side compared to many jobs available to less trained or educated work force IMO (part of the group left out of the little bit of recovery we've had) so maybe the branches will work together for a change. Maybe.
1center
9 years ago
$SMID..$3.10..So nice to see the offer being bought....
8k letter from 7/14/16
The associates of the Company worked hard in 2015 to realize the $1.0 million dollar profit for the year; however, we will have to work even harder in 2016 to duplicate the same level of profit. 2016 started out slow in the first quarter with a small loss, however, the second quarter has begun to pick up and should result in a profitable quarter and a profitable six month period ending June 30, 2016. We have added some profitable contracts for 2016 that should see us through the year and into 2017. In addition, we have made some good advances in our production processes through lean manufacturing that have helped us reduce our labor cost and become more efficient. We will continue to update our production and office processes to make the Company more efficient, quality driven and safety conscious. These goals should add value to the Company and let our customers feel more confident in our pricing and quality commitments.
/s/ Rodney I. Smith
Rodney I. Smith
Chairman of the Board and
Chief Executive Officer
EXHIBIT 99.1
http://yahoo.brand.edgar-online.com/DisplayFiling.aspx?TabIndex=2&dcn=0000924719-16-000059&nav=1&src=Yahoo
http://finance.yahoo.com/q?s=SMID
http://smithmidland.com/
1center
9 years ago
$SMID 07/14/16..To Our Smith-Midland Shareholders, Customers, Associates and Business Partners:
Results of operations for 2015
2015 was a very profitable year for Smith-Midland Corporation overall, with sales at $29.2 million for the year compared to $22.5 million for 2014, an increase of $6.7 million. Net income for the year 2015 was $1.0 million compared to a loss of $804,838 for 2014, an increase of $1.8 million. Both our barrier rental and our licensing companies had very strong years and contributed greatly to our success in 2015. The management for both companies have continued to be very aggressive in their marketing and sales programs for 2016 and forward to 2017. While we believe that 2016 will be a solid year for the Company, 2015 will be a difficult year to improve upon.
As the economy continues to improve, we expect our 60 plus Easi-Set Worldwide licensees will continue to see more highway and infrastructure projects tied to the large highway bill passed in late 2015 by Congress. Many of our licensees are already beginning to receive additional barrier sales orders because of the federal highway bill and we believe this trend will continue for 2016 and into 2017. The infrastructure improvements of the highway bill relate to products that are required on new road construction and improvements of old roads creating a need for additional manholes and utility buildings. Easi-Set utility buildings and JJ Hooks highway barriers are a large part of our licensing revenues and as such, we are seeing an increase in licensing revenues.
In 2015, Concrete Safety Systems realized a significant increase in short-term special barrier rental projects, combined with the additional services that go with the rental including transportation costs, manpower for loading and offloading as well as crews required to set and remove the rented barrier. In 2015 we had a single short-term special rental project that was very profitable for the Company, one that will not be repeated this year, however, our core business rentals will continue to grow and provide us with a good profit in 2016. In addition to our core rental business, the Company believes it may receive one or more smaller short-term special barrier rental projects to help improve our sales and net income for the rental division of the Company.
On March 27, 2016, the Company executed an agreement to purchase the land, building and fixtures of a precast concrete production facility located near Columbia, South Carolina for a purchase price of $1,550,000. The facility is located on 39 acres of land and has approximately 40,000 square feet of production auxiliary and office space. The purchase will be financed by a new 10 year term bank facility pursuant to a commitment letter with the Company's current bank in the amount of $1,240,000 with the balance being provided from the Company's cash resources. The sale is scheduled to close in the very near future. The new subsidiary, Smith-Columbia, is currently renting the facility from the owner allowing us to produce a $3.5 million barrier contract. With this contract, we expect the new facility to show a profit during the first year of operations.
Our precast manufacturing facility, Smith-Carolina, located in Reidsville, NC also made a profit in 2015 due to production of soundwall for a large highway project. The production of panels for this project is scheduled to continue through the end of 2016. The facility also has a significant contract for the sale of barrier and is one of our leading producers of Easi-Set utility buildings. We believe that Smith Carolina will continue to grow and expand in the near future and will be a shining star for the Company.
A Look Ahead to 2016 and Beyond
The associates of the Company worked hard in 2015 to realize the $1.0 million dollar profit for the year; however, we will have to work even harder in 2016 to duplicate the same level of profit. 2016 started out slow in the first quarter with a small loss, however, the second quarter has begun to pick up and should result in a profitable quarter and a profitable six month period ending June 30, 2016. We have added some profitable contracts for 2016 that should see us through the year and into 2017. In addition, we have made some good advances in our production processes through lean manufacturing that have helped us reduce our labor cost and become more efficient. We will continue to update our production and office processes to make the Company more efficient, quality driven and safety conscious. These goals should add value to the Company and let our customers feel more confident in our pricing and quality commitments.
/s/ Rodney I. Smith
Rodney I. Smith
Chairman of the Board and
Chief Executive Officer
EXHIBIT 99.1
http://yahoo.brand.edgar-online.com/DisplayFiling.aspx?TabIndex=2&dcn=0000924719-16-000059&nav=1&src=Yahoo
http://finance.yahoo.com/q?s=SMID
http://smithmidland.com/
1center
9 years ago
$SMID J-J Hooks Safety Barrier Plays Supporting Role in Community Beautification Project
Marketwired Smith-Midland Corporation
2 hours ago
????
MIDLAND, VA--(Marketwired - Jun 1, 2016) - Easi-Set Worldwide, a subsidiary of the Smith-Midland Corporation (OTCQX: SMID), project update: The Jamaica Bay, NY Restoration Corps and hundreds of volunteers worked together to design and paint a mural on J-J Hooks barrier provided, under a NYCDOT maintenance contract, by Easi-Set licensed producer Roman Stone Construction of Bay Shore, NY.
The Rockaway Barrier Beautification Project contains the longest mural in New York City, covering a 1.5 mile stretch of roadway along the beach in Rockaway, NY. The barrier protects pedestrians and bicyclists along Shore Front Parkway between Beach 74th and Beach 107th Streets in Rockaway Beach, NY -- an area significantly damaged by Superstorm Sandy.
The NYC Parks Department invited local artists and designers to envision the surface of these ordinary construction barriers as canvases for art and received submissions from more than 50 artists. The community residents were then allowed to vote on and select their three favorite designs.
The murals, covering more than 37,000 square feet, were hand-painted by over 250 volunteers and the NYC Parks staff over a 12-day period. All three winning designs selected by the Rockaway community were beachfront themes containing the ocean, waves, surfers, and seagulls.
"Roman Stone Construction," says Anna Faia, VP-Sales/Corporate Secretary, "is very proud to have been a part of the Beautification Project by providing the barrier and we continue to work with designers and contractors as they work to restore and beautify the Rockaway Beach area."
J-J Hooks, North America's most successful, proprietary precast concrete temporary safety barrier connection, has an extensive history of success and currently exceeds 12 million linear feet of product delivered. Installed on highway construction projects and in security barrier applications nationwide, J-J Hooks are being delivered at an average pace of one million feet annually. J-J Hooks safety barriers are procured from multiple licensed producers through competitive bidding with other non-proprietary barriers.
One of Easi-Set Worldwide's J-J Hooks licensed precast producer is NY based Roman Stone Construction Company, which has served the Long Island market since 1903. "Roman Stone has proven itself over the decades, providing great quality and customer service," said Art Miles, President, Easi-Set Worldwide. "We're proud to have this company as a member of the Easi-Set family."
About Easi-Set Worldwide
Easi-Set® Worldwide, a wholly-owned subsidiary of Smith-Midland Corporation (DE), a publicly traded company (OTCQX: SMID), licenses the production and sale of proprietary precast products around the world. For more information on J-J Hooks or precast product licensing opportunities, please call (540) 439-8911 or visit www.jjhooks.com or www.EasiSet.com.
Contact:
Media, Licensing and Sales Inquiries:
Easi-Set Worldwide
info@easiset.com
(540) 439-8911
http://finance.yahoo.com/news/j-j-hooks-safety-barrier-121000469.html
Profile: Smith-Midland Corporation (OTCQX: SMID)
http://finance.yahoo.com/q/pr?s=SMID+Profile
1center
9 years ago
Your response greatly appreciated, hopefully they do well
and have some solid steady growth over time...
Bill to borrow $2 billion for SC roads going to House floor
By Associated Press
Published: May 18, 2016, 8:06 pm
COLUMBIA, S.C. (AP) — A bill that would allow South Carolina to borrow more than $2 billion for bridge repairs and interstate expansion is heading to the House floor.
The House Ways and Means Committee unanimously approved a bill Wednesday that combines new money passed by the Senate with changes in how the board that runs the state Department of Transportation is appointed.
Committee Chairman Brian White says he hopes the House will take up the bill early next week. He says there aren’t too many changes, so he hopes senators can get something done before the legislative session ends June 2.
The bill uses $200 million in fees and sales tax on vehicles to borrow $2 billion over 10 years. The DOT says it can use other money to repave secondary roads.
http://counton2.com/2016/05/18/bill-to-borrow-2-billion-for-sc-roads-going-to-house-floor/
1center
9 years ago
Hi littlefish, I was wondering if $SMID was acquiring an existing business in Columbia SC or have they been
building the plant/facility on this property?
And what do they gain by purchasing the property, I guess what I mean is, does their lease restrict them in some form.
----------------------
The new State and National highway construction bills that have been passed recently have resulted in a significant amount of sales orders, helping to generate our $20 million backlog for the next 12 months. This includes a $3.5 million barrier order currently in production at the Columbia Precast Plant under a lease agreement with the current owner until the purchase closes. Closing is expected within three weeks. This barrier order will help kick-start the upcoming purchase of the Columbia, South Carolina plant which will further our expansion into the Southeast region of the United States.
http://finance.yahoo.com/news/smc-announces-financial-results-three-203900207.html
Bought some shares 2.30s last week liking what I see so far
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