$SMID
SMITH MIDLAND CORP

2015 Q2 Form 10-Q Financial Statement

#000092471915000018 Filed on August 14, 2015

View on sec.gov

Income Statement

Concept 2015 Q2 2014 Q2
Revenue $6.898M $6.428M
YoY Change 7.3% 4.79%
Cost Of Revenue $5.230M $5.023M
YoY Change 4.12% -1.17%
Gross Profit $1.668M $1.405M
YoY Change 18.65% 33.56%
Gross Profit Margin 24.18% 21.86%
Selling, General & Admin $1.261M $1.354M
YoY Change -6.85% -5.95%
% of Gross Profit 75.63% 96.33%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $160.0K $160.0K
YoY Change 0.0% -5.88%
% of Gross Profit 9.59% 11.38%
Operating Expenses $1.261M $1.354M
YoY Change -6.85% -5.95%
Operating Profit $416.8K $96.28K
YoY Change 332.86% -127.47%
Interest Expense $23.74K $29.85K
YoY Change -20.47% 11.4%
% of Operating Profit 5.7% 31.0%
Other Income/Expense, Net -$22.92K -$28.30K
YoY Change -19.02%
Pretax Income $393.9K $67.98K
YoY Change 479.36% -118.04%
Income Tax $149.0K $38.00K
% Of Pretax Income 37.83% 55.9%
Net Earnings $244.9K $29.98K
YoY Change 716.71% -113.45%
Net Earnings / Revenue 3.55% 0.47%
Basic Earnings Per Share $0.05 $0.01
Diluted Earnings Per Share $0.05 $0.01
COMMON SHARES
Basic Shares Outstanding 4.893M shares 4.882M shares
Diluted Shares Outstanding 4.938M shares 4.929M shares

Balance Sheet

Concept 2015 Q2 2014 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.950M $3.830M
YoY Change -22.98% 18.58%
Cash & Equivalents $1.942M $2.849M
Short-Term Investments $1.010M $980.0K
Other Short-Term Assets $790.0K $650.0K
YoY Change 21.54% 0.0%
Inventory $1.880M $1.530M
Prepaid Expenses
Receivables $6.394M $6.548M
Other Receivables $750.0K $280.0K
Total Short-Term Assets $12.87M $13.04M
YoY Change -1.29% -1.65%
LONG-TERM ASSETS
Property, Plant & Equipment $4.283M $4.228M
YoY Change 1.3% 6.71%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $261.0K $264.8K
YoY Change -1.42% -9.77%
Total Long-Term Assets $4.544M $4.493M
YoY Change 1.14% 5.57%
TOTAL ASSETS
Total Short-Term Assets $12.87M $13.04M
Total Long-Term Assets $4.544M $4.493M
Total Assets $17.41M $17.53M
YoY Change -0.66% 0.1%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.833M $1.401M
YoY Change 30.86% 17.17%
Accrued Expenses $732.9K $1.277M
YoY Change -42.61% 10.72%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $360.0K $0.00
YoY Change -100.0%
Total Short-Term Liabilities $4.530M $3.395M
YoY Change 33.41% -1.02%
LONG-TERM LIABILITIES
Long-Term Debt $2.050M $2.410M
YoY Change -14.94% -4.74%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $2.050M $2.410M
YoY Change -14.94% -4.74%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.530M $3.395M
Total Long-Term Liabilities $2.050M $2.410M
Total Liabilities $7.218M $6.382M
YoY Change 13.1% -3.37%
SHAREHOLDERS EQUITY
Retained Earnings $5.213M $6.173M
YoY Change -15.55% 2.59%
Common Stock $48.94K $48.82K
YoY Change 0.25% 0.94%
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 $10.20M $11.15M
YoY Change
Total Liabilities & Shareholders Equity $17.41M $17.53M
YoY Change -0.66% 0.1%

Cashflow Statement

Concept 2015 Q2 2014 Q2
OPERATING ACTIVITIES
Net Income $244.9K $29.98K
YoY Change 716.71% -113.45%
Depreciation, Depletion And Amortization $160.0K $160.0K
YoY Change 0.0% -5.88%
Cash From Operating Activities $80.00K $130.0K
YoY Change -38.46% -130.23%
INVESTING ACTIVITIES
Capital Expenditures -$320.0K -$80.00K
YoY Change 300.0% -42.86%
Acquisitions
YoY Change
Other Investing Activities $0.00 $10.00K
YoY Change -100.0% -50.0%
Cash From Investing Activities -$310.0K -$70.00K
YoY Change 342.86% -36.36%
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 -90.00K
YoY Change 0.0% 12.5%
NET CHANGE
Cash From Operating Activities 80.00K 130.0K
Cash From Investing Activities -310.0K -70.00K
Cash From Financing Activities -90.00K -90.00K
Net Change In Cash -320.0K -30.00K
YoY Change 966.67% -95.16%
FREE CASH FLOW
Cash From Operating Activities $80.00K $130.0K
Capital Expenditures -$320.0K -$80.00K
Free Cash Flow $400.0K $210.0K
YoY Change 90.48% -172.41%

Facts In Submission

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PreferredStockSharesAuthorized
1000000 shares
CY2014Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2015Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2014Q4 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2015Q2 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2014Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
126047 USD
CY2015Q2 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
212797 USD
CY2014Q4 us-gaap Prepaid Taxes
PrepaidTaxes
722948 USD
CY2015Q2 us-gaap Prepaid Taxes
PrepaidTaxes
754753 USD
us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
55160 USD
us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
0 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
35619 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
15421 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
0 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
21100 USD
CY2014Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
4106611 USD
CY2015Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
4283280 USD
us-gaap Repayments Of Debt And Capital Lease Obligations
RepaymentsOfDebtAndCapitalLeaseObligations
187700 USD
us-gaap Repayments Of Debt And Capital Lease Obligations
RepaymentsOfDebtAndCapitalLeaseObligations
183979 USD
CY2014Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
5492427 USD
CY2015Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
5212914 USD
CY2014Q2 us-gaap Sales Revenue Net
SalesRevenueNet
6428316 USD
us-gaap Sales Revenue Net
SalesRevenueNet
12065724 USD
CY2015Q2 us-gaap Sales Revenue Net
SalesRevenueNet
6897565 USD
us-gaap Sales Revenue Net
SalesRevenueNet
11097690 USD
CY2014Q2 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
546889 USD
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
1086369 USD
CY2015Q2 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
514760 USD
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
1018774 USD
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
293099 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
0 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
0.00
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
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
100000 USD
CY2014Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
305099 shares
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
293099 shares
CY2014Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
1.97
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
1.98
CY2015Q2 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
1.76
CY2015Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
100000 USD
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
12000 shares
CY2014Q4 us-gaap Stockholders Equity
StockholdersEquity
10473751 USD
CY2015Q2 us-gaap Stockholders Equity
StockholdersEquity
10195828 USD
CY2014Q4 us-gaap Stockholders Equity Before Treasury Stock
StockholdersEquityBeforeTreasuryStock
10576051 USD
CY2015Q2 us-gaap Stockholders Equity Before Treasury Stock
StockholdersEquityBeforeTreasuryStock
10298128 USD
CY2014Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
40920 shares
CY2015Q2 us-gaap Treasury Stock Shares
TreasuryStockShares
40920 shares
CY2014Q4 us-gaap Treasury Stock Value
TreasuryStockValue
102300 USD
CY2015Q2 us-gaap Treasury Stock Value
TreasuryStockValue
102300 USD
CY2014Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
47104 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
CY2015Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
45548 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 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
CY2015Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
4938234 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
4892686 shares
CY2014Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
4881548 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
4881548 shares
CY2015Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
4892686 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
4892686 shares
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 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>

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