$SMID
SMITH MIDLAND CORP

2013 Q1 Form 10-Q Financial Statement

#000092471913000008 Filed on May 15, 2013

View on sec.gov

Income Statement

Concept 2013 Q1 2012 Q1
Revenue $6.894M $5.990M
YoY Change 15.08% -21.34%
Cost Of Revenue $5.078M $4.975M
YoY Change 2.08% -17.39%
Gross Profit $1.816M $1.016M
YoY Change 78.74% -36.27%
Gross Profit Margin 26.34% 16.96%
Selling, General & Admin $1.291M $1.275M
YoY Change 1.2% -3.84%
% of Gross Profit 71.08% 125.55%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $159.8K $182.0K
YoY Change -12.17% -4.32%
% of Gross Profit 8.8% 17.92%
Operating Expenses $1.291M $1.275M
YoY Change 1.2% -3.84%
Operating Profit $552.4K -$191.5K
YoY Change -388.49% -159.74%
Interest Expense $32.38K $35.25K
YoY Change -8.15% 1.36%
% of Operating Profit 5.86%
Other Income/Expense, Net
YoY Change
Pretax Income $521.1K -$225.4K
YoY Change -331.2% -177.48%
Income Tax $212.0K -$98.00K
% Of Pretax Income 40.69%
Net Earnings $309.1K -$127.4K
YoY Change -342.65% -167.79%
Net Earnings / Revenue 4.48% -2.13%
Basic Earnings Per Share $0.06 -$0.03
Diluted Earnings Per Share $0.06 -$0.03
COMMON SHARES
Basic Shares Outstanding 4.826M shares 4.826M shares
Diluted Shares Outstanding 4.898M shares 4.826M shares

Balance Sheet

Concept 2013 Q1 2012 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.910M $2.900M
YoY Change 34.83% 39.42%
Cash & Equivalents $1.915M $2.899M
Short-Term Investments $2.000M
Other Short-Term Assets $550.0K $1.110M
YoY Change -50.45% 109.43%
Inventory $1.980M $1.720M
Prepaid Expenses
Receivables $5.868M $5.760M
Other Receivables $0.00 $230.0K
Total Short-Term Assets $12.65M $12.04M
YoY Change 5.07% -4.77%
LONG-TERM ASSETS
Property, Plant & Equipment $4.002M $4.441M
YoY Change -9.87% -4.7%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $304.9K $210.4K
YoY Change 44.9% 31.51%
Total Long-Term Assets $4.307M $4.651M
YoY Change -7.4% -3.3%
TOTAL ASSETS
Total Short-Term Assets $12.65M $12.04M
Total Long-Term Assets $4.307M $4.651M
Total Assets $16.95M $16.69M
YoY Change 1.59% -4.36%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $964.9K $1.066M
YoY Change -9.49% -31.22%
Accrued Expenses $903.6K $831.7K
YoY Change 8.65% -5.49%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $340.0K $400.0K
YoY Change -15.0% 0.0%
Total Short-Term Liabilities $2.507M $2.417M
YoY Change 3.74% -16.67%
LONG-TERM LIABILITIES
Long-Term Debt $2.610M $2.900M
YoY Change -10.0% 6.62%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $2.610M $2.900M
YoY Change -10.0% 6.62%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.507M $2.417M
Total Long-Term Liabilities $2.610M $2.900M
Total Liabilities $5.786M $6.087M
YoY Change -4.93% -3.23%
SHAREHOLDERS EQUITY
Retained Earnings $6.234M $5.661M
YoY Change 10.11%
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 $11.17M $10.60M
YoY Change
Total Liabilities & Shareholders Equity $16.95M $16.69M
YoY Change 1.59% -4.36%

Cashflow Statement

Concept 2013 Q1 2012 Q1
OPERATING ACTIVITIES
Net Income $309.1K -$127.4K
YoY Change -342.65% -167.79%
Depreciation, Depletion And Amortization $159.8K $182.0K
YoY Change -12.17% -4.32%
Cash From Operating Activities -$305.3K $825.9K
YoY Change -136.96% -679.55%
INVESTING ACTIVITIES
Capital Expenditures $112.7K $7.269K
YoY Change 1449.98% -97.01%
Acquisitions
YoY Change
Other Investing Activities -$1.990M $60.00K
YoY Change -3416.67%
Cash From Investing Activities -$2.104M $51.01K
YoY Change -4225.56% -121.29%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$43.21K -$108.7K
YoY Change -60.25% 0.6%
NET CHANGE
Cash From Operating Activities -$305.3K $825.9K
Cash From Investing Activities -$2.104M $51.01K
Cash From Financing Activities -$43.21K -$108.7K
Net Change In Cash -$2.453M $768.2K
YoY Change -419.3% -256.72%
FREE CASH FLOW
Cash From Operating Activities -$305.3K $825.9K
Capital Expenditures $112.7K $7.269K
Free Cash Flow -$417.9K $818.6K
YoY Change -151.05% -312.22%

Facts In Submission

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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">RECENT ACCOUNTING PRONOUNCEMENTS</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;">In December 2011, the FASB issued ASU No. 2011-11, &#8220;Balance Sheet (Topic 210): Disclosures about Offsetting Assets and</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Liabilities&#8221;. This guidance eliminates offsetting of financial instruments disclosure differences between GAAP and IFRS. New</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">disclosures will be required for recognized financial instruments, such as derivatives, repurchase agreements, and reverse repurchase agreements, that are either (1) offset on the balance sheet in accordance with the FASB's offsetting guidance or (2) subject to an enforceable master netting arrangement or similar agreement, regardless of whether they are offset in accordance with the FASB's offsetting guidance. The objective of the new disclosure requirements is to enable users of the financial statements to evaluate the effect or potential effect of netting arrangements on an entity's financial position, including the effect or potential effect of rights of setoff associated with certain financial instruments and derivative instruments. This amended guidance will be applied retrospectively and is effective for fiscal years, and interim periods within those years, beginning on or after January 1, 2013. The adoption of this guidance, which involves disclosure only, did not impact the Corporation's consolidated financial position, results of operations, or cash flows.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In February 2013, the FASB issued ASU 2013-02, &#8220;Comprehensive Income: Reporting of Amounts Reclassified out of Accumulated Other Comprehensive Income&#8221;. ASU 2013-02 requires an entity to report the effect of significant reclassifications out of accumulated other comprehensive income on the respective line items in net income if the amount being reclassified is required under U.S. GAAP to be reclassified in its entirety to net income. For other amounts that are not required under U.S. GAAP to be reclassified in their entirety to net income in the same reporting period, an entity is required to cross-reference other disclosures required under U.S. GAAP that provide additional detail about those amounts. ASU 2013-02 does not change the current requirements for reporting net income or other comprehensive income in financial statements. The provisions of ASU 2013-02 are effective for periods beginning after December 15, 2012, with prospective application to transactions or modifications of existing transactions that occur on or after the effective date. Upon adoption of the provisions of ASU 2013-02 on January 1, 2013, the Corporation revised its financial statements and disclosures accordingly.</font></div></div>
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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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RepaymentsOfDebtAndCapitalLeaseObligations
108701 USD
CY2013Q1 us-gaap Repayments Of Debt And Capital Lease Obligations
RepaymentsOfDebtAndCapitalLeaseObligations
86023 USD
CY2012Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
5924491 USD
CY2013Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
6233561 USD
CY2013Q1 us-gaap Sales Revenue Net
SalesRevenueNet
6893635 USD
CY2012Q1 us-gaap Sales Revenue Net
SalesRevenueNet
5990424 USD
CY2013Q1 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
660899 USD
CY2012Q1 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
617106 USD
CY2013Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
425965 shares
CY2013Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
0 shares
CY2013Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
0.00
CY2013Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
0 shares
CY2013Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
0.00
CY2013Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
124000 USD
CY2012Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
425965 shares
CY2013Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
425965 shares
CY2012Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
1.82
CY2013Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
1.82
CY2013Q1 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
CY2013Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
0.00
CY2013Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
124000 USD
CY2013Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
0 shares
CY2013Q1 us-gaap Stockholders Equity
StockholdersEquity
11168423 USD
CY2012Q4 us-gaap Stockholders Equity
StockholdersEquity
10865731 USD
CY2012Q4 us-gaap Stockholders Equity Before Treasury Stock
StockholdersEquityBeforeTreasuryStock
10968031 USD
CY2013Q1 us-gaap Stockholders Equity Before Treasury Stock
StockholdersEquityBeforeTreasuryStock
11270723 USD
CY2012Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
40920 shares
CY2013Q1 us-gaap Treasury Stock Shares
TreasuryStockShares
40920 shares
CY2013Q1 us-gaap Treasury Stock Value
TreasuryStockValue
102300 USD
CY2012Q4 us-gaap Treasury Stock Value
TreasuryStockValue
102300 USD
CY2013Q1 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>
CY2013Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
72166 shares
CY2012Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
CY2012Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
4826182 shares
CY2013Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
4898348 shares
CY2012Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
4826182 shares
CY2013Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
4826182 shares
CY2012Q1 smid Products Sales And Leasing
ProductsSalesAndLeasing
4064115 USD
CY2013Q1 smid Products Sales And Leasing
ProductsSalesAndLeasing
5859381 USD
CY2013Q1 smid Revenue Recognition Licensing Contract Term
RevenueRecognitionLicensingContractTerm
P5Y
CY2013Q1 smid Shipping And Installation Revenue
ShippingAndInstallationRevenue
706804 USD
CY2012Q1 smid Shipping And Installation Revenue
ShippingAndInstallationRevenue
1542738 USD
CY2012Q1 smid Total Other Expense
TotalOtherExpense
-33903 USD
CY2013Q1 smid Total Other Expense
TotalOtherExpense
-31298 USD
CY2013Q1 smid Trade Unbilled
TradeUnbilled
340777 USD
CY2012Q4 smid Trade Unbilled
TradeUnbilled
356525 USD
CY2013Q1 dei Amendment Flag
AmendmentFlag
false
CY2013Q1 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2013Q1 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2013Q1 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2013
CY2013Q1 dei Document Period End Date
DocumentPeriodEndDate
2013-03-31
CY2013Q1 dei Document Type
DocumentType
10-Q
CY2013Q1 dei Entity Central Index Key
EntityCentralIndexKey
0000924719
CY2013Q2 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
4785262 shares
CY2013Q1 dei Entity Filer Category
EntityFilerCategory
Smaller Reporting Company
CY2013Q1 dei Entity Registrant Name
EntityRegistrantName
SMITH MIDLAND CORP

Files In Submission

Name View Source Status
0000924719-13-000008-index-headers.html Edgar Link pending
0000924719-13-000008-index.html Edgar Link pending
0000924719-13-000008.txt Edgar Link pending
0000924719-13-000008-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
R17.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-20130331.xml Edgar Link completed
smid-20130331.xsd Edgar Link pending
smid-20130331_cal.xml Edgar Link unprocessable
smid-20130331_def.xml Edgar Link unprocessable
smid-20130331_lab.xml Edgar Link unprocessable
smid-20130331_pre.xml Edgar Link unprocessable
smid-2013331x10q.htm Edgar Link pending
smid-2013331xex311.htm Edgar Link pending
smid-2013331xex312.htm Edgar Link pending
smid-2013331xex321.htm Edgar Link pending