$SMID
SMITH MIDLAND CORP

2014 Q4 Form 10-Q Financial Statement

#000092471914000020 Filed on November 18, 2014

View on sec.gov

Income Statement

Concept 2014 Q4 2014 Q3 2013 Q3
Revenue $4.430M $5.975M $6.906M
YoY Change -43.06% -13.48% -8.46%
Cost Of Revenue $4.240M $4.455M $5.143M
YoY Change -27.4% -13.39% -5.18%
Gross Profit $190.0K $1.520M $1.763M
YoY Change -90.21% -13.76% -16.83%
Gross Profit Margin 4.29% 25.45% 25.53%
Selling, General & Admin $1.220M $1.311M $1.230M
YoY Change -15.86% 6.57% 7.31%
% of Gross Profit 642.11% 86.23% 69.78%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $170.0K $160.0K $150.0K
YoY Change 13.33% 6.67% -11.76%
% of Gross Profit 89.47% 10.52% 8.51%
Operating Expenses $1.090M $1.311M $1.230M
YoY Change -20.44% 6.57% 7.31%
Operating Profit -$900.0K $216.8K $485.0K
YoY Change -257.89% -55.3% -52.28%
Interest Expense -$60.00K $28.99K $39.66K
YoY Change -40.0% -26.9% 17.49%
% of Operating Profit 13.37% 8.18%
Other Income/Expense, Net -$29.28K
YoY Change
Pretax Income -$1.000M $187.5K $446.9K
YoY Change -304.08% -58.05% -54.56%
Income Tax -$380.0K $75.00K $175.0K
% Of Pretax Income 40.0% 39.16%
Net Earnings -$620.0K $112.5K $271.9K
YoY Change -287.88% -58.63% -60.51%
Net Earnings / Revenue -14.0% 1.88% 3.94%
Basic Earnings Per Share $0.02 $0.06
Diluted Earnings Per Share -$113.1K $0.02 $0.06
COMMON SHARES
Basic Shares Outstanding 4.841M shares 4.882M shares 4.841M shares
Diluted Shares Outstanding 4.925M shares 4.906M shares

Balance Sheet

Concept 2014 Q4 2014 Q3 2013 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $4.590M $5.240M $3.110M
YoY Change 13.33% 68.49% -2.81%
Cash & Equivalents $1.736M $4.237M $2.204M
Short-Term Investments $1.010M $1.000M $910.0K
Other Short-Term Assets $570.0K $830.0K $730.0K
YoY Change -19.72% 13.7% -5.19%
Inventory $1.730M $1.680M $1.890M
Prepaid Expenses
Receivables $4.093M $4.846M $7.375M
Other Receivables $730.0K $130.0K $0.00
Total Short-Term Assets $11.94M $12.96M $13.37M
YoY Change -14.96% -3.03% -2.6%
LONG-TERM ASSETS
Property, Plant & Equipment $4.107M $4.244M $4.119M
YoY Change -5.01% 3.03% -0.92%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $255.4K $271.1K $306.8K
YoY Change -14.28% -11.66% 9.02%
Total Long-Term Assets $4.362M $4.515M $4.426M
YoY Change -5.6% 2.01% -0.29%
TOTAL ASSETS
Total Short-Term Assets $11.94M $12.96M $13.37M
Total Long-Term Assets $4.362M $4.515M $4.426M
Total Assets $16.30M $17.48M $17.79M
YoY Change -12.64% -1.77% -2.04%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.153M $1.441M $1.013M
YoY Change -24.06% 42.28% -15.65%
Accrued Expenses $539.5K $1.278M $1.109M
YoY Change -41.85% 15.26% 1.88%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $360.0K $370.0K $330.0K
YoY Change 0.0% 12.12% 0.0%
Total Short-Term Liabilities $2.931M $3.390M $3.458M
YoY Change -27.88% -1.97% 13.95%
LONG-TERM LIABILITIES
Long-Term Debt $2.230M $2.320M $2.500M
YoY Change -12.2% -7.2% -8.76%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $2.230M $2.320M $2.500M
YoY Change -12.2% -7.2% -8.76%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.931M $3.390M $3.458M
Total Long-Term Liabilities $2.230M $2.320M $2.500M
Total Liabilities $5.824M $6.211M $6.584M
YoY Change -19.54% -5.67% 2.08%
SHAREHOLDERS EQUITY
Retained Earnings $5.492M $6.285M $6.289M
YoY Change -15.13% -0.06% -7.13%
Common Stock $48.82K $48.82K $48.46K
YoY Change 0.0% 0.73% 0.41%
Preferred Stock
YoY Change
Treasury Stock (at cost) $102.3K $102.3K $102.3K
YoY Change 0.0% 0.0% 0.0%
Treasury Stock Shares 40.92K shares 40.92K shares 40.92K shares
Shareholders Equity $10.47M $11.27M $11.21M
YoY Change
Total Liabilities & Shareholders Equity $16.30M $17.48M $17.79M
YoY Change -12.64% -1.77% -2.04%

Cashflow Statement

Concept 2014 Q4 2014 Q3 2013 Q3
OPERATING ACTIVITIES
Net Income -$620.0K $112.5K $271.9K
YoY Change -287.88% -58.63% -60.51%
Depreciation, Depletion And Amortization $170.0K $160.0K $150.0K
YoY Change 13.33% 6.67% -11.76%
Cash From Operating Activities -$300.0K $1.670M $240.0K
YoY Change -122.73% 595.83% -48.94%
INVESTING ACTIVITIES
Capital Expenditures -$70.00K -$180.0K -$300.0K
YoY Change -80.56% -40.0% 650.0%
Acquisitions
YoY Change
Other Investing Activities -$20.00K -$10.00K $990.0K
YoY Change -200.0% -101.01% 9800.0%
Cash From Investing Activities -$100.0K -$180.0K $680.0K
YoY Change -70.59% -126.47% -2366.67%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -260.0K -100.0K -20.00K
YoY Change 550.0% 400.0% -81.82%
NET CHANGE
Cash From Operating Activities -300.0K 1.670M 240.0K
Cash From Investing Activities -100.0K -180.0K 680.0K
Cash From Financing Activities -260.0K -100.0K -20.00K
Net Change In Cash -660.0K 1.390M 900.0K
YoY Change -170.21% 54.44% 172.73%
FREE CASH FLOW
Cash From Operating Activities -$300.0K $1.670M $240.0K
Capital Expenditures -$70.00K -$180.0K -$300.0K
Free Cash Flow -$230.0K $1.850M $540.0K
YoY Change -113.69% 242.59% 5.88%

Facts In Submission

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PreferredStockParOrStatedValuePerShare
0.01
CY2013Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000 shares
CY2014Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000 shares
CY2013Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2014Q3 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2014Q3 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2013Q4 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2014Q3 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
325126 USD
CY2013Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
231365 USD
CY2013Q4 us-gaap Prepaid Taxes
PrepaidTaxes
0 USD
CY2014Q3 us-gaap Prepaid Taxes
PrepaidTaxes
126100 USD
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<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>
us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
55159 USD
us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
2139339 USD
us-gaap Proceeds From Sale Of Available For Sale Securities
ProceedsFromSaleOfAvailableForSaleSecurities
0 USD
us-gaap Proceeds From Sale Of Available For Sale Securities
ProceedsFromSaleOfAvailableForSaleSecurities
1000000 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
29405 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
40116 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
16731 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
0 USD
CY2013Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
4322995 USD
CY2014Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
4243974 USD
us-gaap Repayments Of Debt And Capital Lease Obligations
RepaymentsOfDebtAndCapitalLeaseObligations
280980 USD
us-gaap Repayments Of Debt And Capital Lease Obligations
RepaymentsOfDebtAndCapitalLeaseObligations
2292865 USD
CY2014Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
6285439 USD
CY2013Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
6471504 USD
CY2014Q3 us-gaap Sales Revenue Net
SalesRevenueNet
5975095 USD
CY2013Q3 us-gaap Sales Revenue Net
SalesRevenueNet
6906337 USD
us-gaap Sales Revenue Net
SalesRevenueNet
19934536 USD
us-gaap Sales Revenue Net
SalesRevenueNet
18040819 USD
CY2014Q3 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
549134 USD
CY2013Q3 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
518687 USD
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
1784748 USD
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
1635503 USD
CY2014Q3 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
CY2014Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
87000 USD
CY2014Q3 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
CY2014Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
1.98
CY2014Q3 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
CY2014Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
87000 USD
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
0 shares
CY2013Q4 us-gaap Stockholders Equity
StockholdersEquity
11418443 USD
CY2014Q3 us-gaap Stockholders Equity
StockholdersEquity
11266160 USD
CY2013Q4 us-gaap Stockholders Equity Before Treasury Stock
StockholdersEquityBeforeTreasuryStock
11520743 USD
CY2014Q3 us-gaap Stockholders Equity Before Treasury Stock
StockholdersEquityBeforeTreasuryStock
11368460 USD
CY2014Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
43516 shares
CY2013Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
64865 shares
CY2013Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
4906073 shares
CY2014Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
4925064 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
4899170 shares
CY2014Q3 us-gaap Treasury Stock Shares
TreasuryStockShares
40920 shares
CY2013Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
40920 shares
CY2014Q3 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 consolidated 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 consolidated 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>
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
64865 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
4881548 shares
CY2013Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
4841208 shares
CY2014Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
4881548 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
4881548 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
4834305 shares
CY2014Q3 smid Products Sales And Leasing
ProductsSalesAndLeasing
4558745 USD
CY2013Q3 smid Products Sales And Leasing
ProductsSalesAndLeasing
5557080 USD
smid Products Sales And Leasing
ProductsSalesAndLeasing
16003161 USD
smid Products Sales And Leasing
ProductsSalesAndLeasing
13295450 USD
smid Revenue Recognition Licensing Contract Term
RevenueRecognitionLicensingContractTerm
P5Y
CY2013Q3 smid Shipping And Installation Revenue
ShippingAndInstallationRevenue
946159 USD
CY2014Q3 smid Shipping And Installation Revenue
ShippingAndInstallationRevenue
1072529 USD
smid Shipping And Installation Revenue
ShippingAndInstallationRevenue
2769227 USD
smid Shipping And Installation Revenue
ShippingAndInstallationRevenue
3580769 USD
CY2014Q3 smid Total Other Expense
TotalOtherExpense
-1401 USD
CY2013Q3 smid Total Other Expense
TotalOtherExpense
-38056 USD
smid Total Other Expense
TotalOtherExpense
-95766 USD
smid Total Other Expense
TotalOtherExpense
-52749 USD
CY2013Q4 smid Trade Unbilled
TradeUnbilled
41859 USD
CY2014Q3 smid Trade Unbilled
TradeUnbilled
246713 USD
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
dei Document Type
DocumentType
10-Q
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
dei Document Period End Date
DocumentPeriodEndDate
2014-09-30
dei Entity Central Index Key
EntityCentralIndexKey
0000924719
CY2014Q4 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

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0000924719-14-000020-index-headers.html Edgar Link pending
0000924719-14-000020-index.html Edgar Link pending
0000924719-14-000020.txt Edgar Link pending
0000924719-14-000020-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-20140930.xml Edgar Link completed
smid-20140930.xsd Edgar Link pending
smid-20140930x10q.htm Edgar Link pending
smid-20140930xex311.htm Edgar Link pending
smid-20140930xex312.htm Edgar Link pending
smid-20140930xex321.htm Edgar Link pending
smid-20140930_cal.xml Edgar Link unprocessable
smid-20140930_def.xml Edgar Link unprocessable
smid-20140930_lab.xml Edgar Link unprocessable
smid-20140930_pre.xml Edgar Link unprocessable