$SMID
SMITH MIDLAND CORP

2014 Q2 Form 10-Q Financial Statement

#000092471914000015 Filed on August 19, 2014

View on sec.gov

Income Statement

Concept 2014 Q2 2013 Q2
Revenue $6.428M $6.135M
YoY Change 4.79% -7.57%
Cost Of Revenue $5.023M $5.082M
YoY Change -1.17% 7.66%
Gross Profit $1.405M $1.052M
YoY Change 33.56% -45.1%
Gross Profit Margin 21.86% 17.15%
Selling, General & Admin $1.354M $1.439M
YoY Change -5.95% 22.44%
% of Gross Profit 96.33% 136.8%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $160.0K $170.0K
YoY Change -5.88% -5.56%
% of Gross Profit 11.38% 16.16%
Operating Expenses $1.354M $1.439M
YoY Change -5.95% 22.44%
Operating Profit $96.28K -$350.5K
YoY Change -127.47% -148.23%
Interest Expense $29.85K $26.79K
YoY Change 11.4% -18.31%
% of Operating Profit 31.0%
Other Income/Expense, Net -$28.30K
YoY Change
Pretax Income $67.98K -$376.9K
YoY Change -118.04% -154.19%
Income Tax $38.00K -$154.0K
% Of Pretax Income 55.9%
Net Earnings $29.98K -$222.9K
YoY Change -113.45% -152.63%
Net Earnings / Revenue 0.47% -3.63%
Basic Earnings Per Share $0.01 -$0.05
Diluted Earnings Per Share $0.01 -$0.05
COMMON SHARES
Basic Shares Outstanding 4.882M shares 4.829M shares
Diluted Shares Outstanding 4.929M shares 4.829M shares

Balance Sheet

Concept 2014 Q2 2013 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.830M $3.230M
YoY Change 18.58% 12.94%
Cash & Equivalents $2.849M $1.293M
Short-Term Investments $980.0K $1.930M
Other Short-Term Assets $650.0K $650.0K
YoY Change 0.0% -14.47%
Inventory $1.530M $1.980M
Prepaid Expenses
Receivables $6.548M $7.308M
Other Receivables $280.0K $90.00K
Total Short-Term Assets $13.04M $13.26M
YoY Change -1.65% 7.03%
LONG-TERM ASSETS
Property, Plant & Equipment $4.228M $3.963M
YoY Change 6.71% -7.11%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $264.8K $293.5K
YoY Change -9.77% 2.19%
Total Long-Term Assets $4.493M $4.256M
YoY Change 5.57% -6.52%
TOTAL ASSETS
Total Short-Term Assets $13.04M $13.26M
Total Long-Term Assets $4.493M $4.256M
Total Assets $17.53M $17.51M
YoY Change 0.1% 3.39%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.401M $1.196M
YoY Change 17.17% 22.16%
Accrued Expenses $1.277M $1.153M
YoY Change 10.72% 53.26%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $330.0K
YoY Change -100.0% -8.33%
Total Short-Term Liabilities $3.395M $3.430M
YoY Change -1.02% 52.91%
LONG-TERM LIABILITIES
Long-Term Debt $2.410M $2.530M
YoY Change -4.74% -10.6%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $2.410M $2.530M
YoY Change -4.74% -10.6%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.395M $3.430M
Total Long-Term Liabilities $2.410M $2.530M
Total Liabilities $6.382M $6.605M
YoY Change -3.37% 11.7%
SHAREHOLDERS EQUITY
Retained Earnings $6.173M $6.017M
YoY Change 2.59% -1.11%
Common Stock $48.82K $48.36K
YoY Change 0.94% 0.2%
Preferred Stock
YoY Change
Treasury Stock (at cost) $102.3K $102.3K
YoY Change 0.0% 0.0%
Treasury Stock Shares 40.92K shares 40.92K shares
Shareholders Equity $11.15M $10.91M
YoY Change
Total Liabilities & Shareholders Equity $17.53M $17.51M
YoY Change 0.1% 3.39%

Cashflow Statement

Concept 2014 Q2 2013 Q2
OPERATING ACTIVITIES
Net Income $29.98K -$222.9K
YoY Change -113.45% -152.63%
Depreciation, Depletion And Amortization $160.0K $170.0K
YoY Change -5.88% -5.56%
Cash From Operating Activities $130.0K -$430.0K
YoY Change -130.23% -637.5%
INVESTING ACTIVITIES
Capital Expenditures -$80.00K -$140.0K
YoY Change -42.86%
Acquisitions
YoY Change
Other Investing Activities $10.00K $20.00K
YoY Change -50.0% -300.0%
Cash From Investing Activities -$70.00K -$110.0K
YoY Change -36.36% 1000.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -90.00K -80.00K
YoY Change 12.5% -27.27%
NET CHANGE
Cash From Operating Activities 130.0K -430.0K
Cash From Investing Activities -70.00K -110.0K
Cash From Financing Activities -90.00K -80.00K
Net Change In Cash -30.00K -620.0K
YoY Change -95.16% 1450.0%
FREE CASH FLOW
Cash From Operating Activities $130.0K -$430.0K
Capital Expenditures -$80.00K -$140.0K
Free Cash Flow $210.0K -$290.0K
YoY Change -172.41% -462.5%

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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us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
18282 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
0 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
8431 USD
CY2013Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
4322995 USD
CY2014Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
4228425 USD
us-gaap Repayments Of Debt And Capital Lease Obligations
RepaymentsOfDebtAndCapitalLeaseObligations
169386 USD
us-gaap Repayments Of Debt And Capital Lease Obligations
RepaymentsOfDebtAndCapitalLeaseObligations
187700 USD
CY2014Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
6172949 USD
CY2013Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
6471504 USD
CY2013Q2 us-gaap Sales Revenue Net
SalesRevenueNet
6134564 USD
CY2014Q2 us-gaap Sales Revenue Net
SalesRevenueNet
6428316 USD
us-gaap Sales Revenue Net
SalesRevenueNet
12065724 USD
us-gaap Sales Revenue Net
SalesRevenueNet
13028199 USD
CY2014Q2 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
546889 USD
CY2013Q2 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
605162 USD
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
1266061 USD
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
1086369 USD
CY2014Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
364599 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
6000 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
0.83
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
0 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
0.00
CY2014Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
86000 USD
CY2014Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
364599 shares
CY2013Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
370599 shares
CY2013Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
1.96
CY2014Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
1.98
CY2014Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
1.98
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
0.00
CY2014Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
86000 USD
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
0 shares
CY2014Q2 us-gaap Stockholders Equity
StockholdersEquity
11148401 USD
CY2013Q4 us-gaap Stockholders Equity
StockholdersEquity
11418443 USD
CY2013Q4 us-gaap Stockholders Equity Before Treasury Stock
StockholdersEquityBeforeTreasuryStock
11520743 USD
CY2014Q2 us-gaap Stockholders Equity Before Treasury Stock
StockholdersEquityBeforeTreasuryStock
11250701 USD
CY2014Q2 us-gaap Treasury Stock Shares
TreasuryStockShares
40920 shares
CY2013Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
40920 shares
CY2014Q2 us-gaap Treasury Stock Value
TreasuryStockValue
102300 USD
CY2013Q4 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>
CY2013Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
CY2014Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
47104 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
63058 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
CY2013Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
4829380 shares
CY2014Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
4928652 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
4881548 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
4890848 shares
CY2014Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
4881548 shares
CY2013Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
4829380 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
4881548 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
4827790 shares
CY2013Q2 smid Products Sales And Leasing
ProductsSalesAndLeasing
4586700 USD
CY2014Q2 smid Products Sales And Leasing
ProductsSalesAndLeasing
4666367 USD
smid Products Sales And Leasing
ProductsSalesAndLeasing
8736705 USD
smid Products Sales And Leasing
ProductsSalesAndLeasing
10446081 USD
smid Revenue Recognition Licensing Contract Term
RevenueRecognitionLicensingContractTerm
P5Y
CY2013Q2 smid Shipping And Installation Revenue
ShippingAndInstallationRevenue
1116264 USD
CY2014Q2 smid Shipping And Installation Revenue
ShippingAndInstallationRevenue
1393336 USD
smid Shipping And Installation Revenue
ShippingAndInstallationRevenue
1823068 USD
smid Shipping And Installation Revenue
ShippingAndInstallationRevenue
2508240 USD
CY2013Q2 smid Total Other Expense
TotalOtherExpense
-26412 USD
CY2014Q2 smid Total Other Expense
TotalOtherExpense
-28303 USD
smid Total Other Expense
TotalOtherExpense
-57710 USD
smid Total Other Expense
TotalOtherExpense
-51348 USD
CY2014Q2 smid Trade Unbilled
TradeUnbilled
206025 USD
CY2013Q4 smid Trade Unbilled
TradeUnbilled
41859 USD
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
dei Document Period End Date
DocumentPeriodEndDate
2014-06-30
dei Document Type
DocumentType
10-Q
dei Entity Central Index Key
EntityCentralIndexKey
0000924719
CY2014Q3 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
4840628 shares
dei Entity Filer Category
EntityFilerCategory
Smaller Reporting Company
dei Entity Registrant Name
EntityRegistrantName
SMITH MIDLAND CORP

Files In Submission

Name View Source Status
0000924719-14-000015-index-headers.html Edgar Link pending
0000924719-14-000015-index.html Edgar Link pending
0000924719-14-000015.txt Edgar Link pending
0000924719-14-000015-xbrl.zip Edgar Link pending
FilingSummary.xml Edgar Link unprocessable
Financial_Report.xls Edgar Link pending
Financial_Report.xlsx 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-20140630.xml Edgar Link completed
smid-20140630.xsd Edgar Link pending
smid-20140630x10q.htm Edgar Link pending
smid-20140630xex311.htm Edgar Link pending
smid-20140630xex312.htm Edgar Link pending
smid-20140630xex321.htm Edgar Link pending
smid-20140630_cal.xml Edgar Link unprocessable
smid-20140630_def.xml Edgar Link unprocessable
smid-20140630_lab.xml Edgar Link unprocessable
smid-20140630_pre.xml Edgar Link unprocessable