$SMID
SMITH MIDLAND CORP

2012 Q2 Form 10-Q Financial Statement

#000092471912000023 Filed on August 13, 2012

View on sec.gov

Income Statement

Concept 2012 Q2 2011 Q2
Revenue $6.637M $7.145M
YoY Change -7.11% -7.11%
Cost Of Revenue $4.721M $5.393M
YoY Change -12.46% -3.07%
Gross Profit $1.917M $1.752M
YoY Change 9.37% -17.66%
Gross Profit Margin 28.88% 24.53%
Selling, General & Admin $1.176M $1.360M
YoY Change -13.55% 8.35%
% of Gross Profit 61.34% 77.61%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $180.0K $170.0K
YoY Change 5.88% -10.53%
% of Gross Profit 9.39% 9.7%
Operating Expenses $1.176M $1.360M
YoY Change -13.55% 8.35%
Operating Profit $726.8K $433.4K
YoY Change 67.7% -50.36%
Interest Expense $32.80K $37.54K
YoY Change -12.64% -18.47%
% of Operating Profit 4.51% 8.66%
Other Income/Expense, Net $20.00K
YoY Change
Pretax Income $695.5K $399.5K
YoY Change 74.08% -51.99%
Income Tax $272.0K $145.0K
% Of Pretax Income 39.11% 36.29%
Net Earnings $423.5K $254.5K
YoY Change 66.39% -50.21%
Net Earnings / Revenue 6.38% 3.56%
Basic Earnings Per Share $0.09 $0.05
Diluted Earnings Per Share $0.09 $0.05
COMMON SHARES
Basic Shares Outstanding 4.826M shares 4.797M shares
Diluted Shares Outstanding 4.851M shares 4.885M shares

Balance Sheet

Concept 2012 Q2 2011 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.860M $3.550M
YoY Change -19.44% 429.85%
Cash & Equivalents $2.861M $3.552M
Short-Term Investments
Other Short-Term Assets $760.0K $580.0K
YoY Change 31.03% -6.45%
Inventory $1.710M $2.480M
Prepaid Expenses
Receivables $6.421M $6.060M
Other Receivables $210.0K $70.00K
Total Short-Term Assets $12.39M $13.26M
YoY Change -6.57% 14.48%
LONG-TERM ASSETS
Property, Plant & Equipment $4.266M $4.548M
YoY Change -6.19% -1.14%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $287.2K $198.4K
YoY Change 44.75% 65.34%
Total Long-Term Assets $4.553M $4.746M
YoY Change -4.06% 0.55%
TOTAL ASSETS
Total Short-Term Assets $12.39M $13.26M
Total Long-Term Assets $4.553M $4.746M
Total Assets $16.94M $18.00M
YoY Change -5.91% 10.45%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $978.7K $1.406M
YoY Change -30.4% -0.97%
Accrued Expenses $752.6K $798.1K
YoY Change -5.7% 5.02%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $360.0K $450.0K
YoY Change -20.0% -2.17%
Total Short-Term Liabilities $2.243M $2.675M
YoY Change -16.14% -23.78%
LONG-TERM LIABILITIES
Long-Term Debt $2.830M $3.150M
YoY Change -10.16% 7.51%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $2.830M $3.150M
YoY Change -10.16% 7.51%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.243M $2.675M
Total Long-Term Liabilities $2.830M $3.150M
Total Liabilities $5.913M $6.479M
YoY Change -8.74% -4.44%
SHAREHOLDERS EQUITY
Retained Earnings $6.085M $6.583M
YoY Change -7.56%
Common Stock $48.26K $48.26K
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $102.3K $102.3K
YoY Change 0.0%
Treasury Stock Shares 40.92K shares 40.92K shares
Shareholders Equity $11.03M $11.52M
YoY Change
Total Liabilities & Shareholders Equity $16.94M $18.00M
YoY Change -5.91% 10.45%

Cashflow Statement

Concept 2012 Q2 2011 Q2
OPERATING ACTIVITIES
Net Income $423.5K $254.5K
YoY Change 66.39% -50.21%
Depreciation, Depletion And Amortization $180.0K $170.0K
YoY Change 5.88% -10.53%
Cash From Operating Activities $80.00K $920.0K
YoY Change -91.3% -295.74%
INVESTING ACTIVITIES
Capital Expenditures $0.00 -$60.00K
YoY Change -100.0% -83.33%
Acquisitions
YoY Change
Other Investing Activities -$10.00K $20.00K
YoY Change -150.0% 100.0%
Cash From Investing Activities -$10.00K -$40.00K
YoY Change -75.0% -88.89%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -110.0K 590.0K
YoY Change -118.64% -636.36%
NET CHANGE
Cash From Operating Activities 80.00K 920.0K
Cash From Investing Activities -10.00K -40.00K
Cash From Financing Activities -110.0K 590.0K
Net Change In Cash -40.00K 1.470M
YoY Change -102.72% -256.38%
FREE CASH FLOW
Cash From Operating Activities $80.00K $920.0K
Capital Expenditures $0.00 -$60.00K
Free Cash Flow $80.00K $980.0K
YoY Change -91.84% -990.91%

Facts In Submission

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us-gaap Prior Period Reclassification Adjustment Description
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Reclassifications</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Certain minor reclassifications have been made in prior year amounts to conform to the current year presentation.</font></div></div>
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
425965 shares
CY2012Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
425965 shares
CY2011Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
1.82
CY2012Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
1.82
CY2012Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
1.82
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
0.00
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
0 shares
CY2012Q2 us-gaap Stockholders Equity
StockholdersEquity
11025834 USD
CY2011Q4 us-gaap Stockholders Equity
StockholdersEquity
10729672 USD
CY2012Q2 us-gaap Stockholders Equity Before Treasury Stock
StockholdersEquityBeforeTreasuryStock
11128134 USD
CY2011Q4 us-gaap Stockholders Equity Before Treasury Stock
StockholdersEquityBeforeTreasuryStock
10831972 USD
CY2012Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
4826182 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
4750674 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
4826182 shares
CY2011Q2 smid Products Sales And Leasing
ProductsSalesAndLeasing
5467610 USD
CY2011Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
4884769 shares
CY2012Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
4850569 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
4863208 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
4839510 shares
CY2011Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
4796649 shares
CY2012Q2 us-gaap Treasury Stock Shares
TreasuryStockShares
40920 shares
CY2011Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
40920 shares
CY2011Q4 us-gaap Treasury Stock Value
TreasuryStockValue
102300 USD
CY2012Q2 us-gaap Treasury Stock Value
TreasuryStockValue
102300 USD
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Use of Estimates</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.&#160;&#160;Actual results could differ from those estimates.</font></div></div>
CY2011Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
88120 shares
CY2012Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
24387 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
37026 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
88836 shares
CY2012Q2 smid Products Sales And Leasing
ProductsSalesAndLeasing
4948697 USD
smid Products Sales And Leasing
ProductsSalesAndLeasing
9012812 USD
smid Products Sales And Leasing
ProductsSalesAndLeasing
11538969 USD
CY2012Q2 smid Revenue Recognition Licensing Contract Term
RevenueRecognitionLicensingContractTerm
P5Y
CY2011Q2 smid Shipping And Installation Revenue
ShippingAndInstallationRevenue
1339933 USD
CY2012Q2 smid Shipping And Installation Revenue
ShippingAndInstallationRevenue
1258657 USD
smid Shipping And Installation Revenue
ShippingAndInstallationRevenue
2801395 USD
smid Shipping And Installation Revenue
ShippingAndInstallationRevenue
2552815 USD
CY2011Q2 smid Total Other Expense
TotalOtherExpense
-33843 USD
CY2012Q2 smid Total Other Expense
TotalOtherExpense
-31268 USD
smid Total Other Expense
TotalOtherExpense
-65171 USD
smid Total Other Expense
TotalOtherExpense
-63448 USD
CY2011Q4 smid Trade Unbilled
TradeUnbilled
24310 USD
CY2012Q2 smid Trade Unbilled
TradeUnbilled
414910 USD
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
dei Document Type
DocumentType
10-Q
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2012
dei Document Period End Date
DocumentPeriodEndDate
2012-06-30
dei Entity Central Index Key
EntityCentralIndexKey
0000924719
CY2012Q3 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
4785262 shares
dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
dei Entity Filer Category
EntityFilerCategory
Smaller Reporting Company
dei Entity Registrant Name
EntityRegistrantName
SMITH MIDLAND CORP
dei Entity Voluntary Filers
EntityVoluntaryFilers
No
dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
No

Files In Submission

Name View Source Status
0000924719-12-000023-index-headers.html Edgar Link pending
0000924719-12-000023-index.html Edgar Link pending
0000924719-12-000023.txt Edgar Link pending
0000924719-12-000023-xbrl.zip Edgar Link pending
FilingSummary.xml Edgar Link unprocessable
Financial_Report.xls Edgar Link pending
R1.htm Edgar Link pending
R10.htm Edgar Link pending
R11.htm Edgar Link pending
R12.htm Edgar Link pending
R13.htm Edgar Link pending
R14.htm Edgar Link pending
R15.htm Edgar Link pending
R16.htm Edgar Link pending
R2.htm Edgar Link pending
R3.htm Edgar Link pending
R4.htm Edgar Link pending
R5.htm Edgar Link pending
R6.htm Edgar Link pending
R7.htm Edgar Link pending
R8.htm Edgar Link pending
R9.htm Edgar Link pending
report.css Edgar Link pending
Show.js Edgar Link pending
smid-20120630.xml Edgar Link completed
smid-20120630.xsd Edgar Link pending
smid-20120630_cal.xml Edgar Link unprocessable
smid-20120630_def.xml Edgar Link unprocessable
smid-20120630_lab.xml Edgar Link unprocessable
smid-20120630_pre.xml Edgar Link unprocessable
smid-2012630x10q.htm Edgar Link pending
smid-2012630xex311.htm Edgar Link pending
smid-2012630xex312.htm Edgar Link pending
smid-2012631xex321.htm Edgar Link pending