$SMID
SMITH MIDLAND CORP

2018 Q4 Form 10-Q Financial Statement

#000092471918000035 Filed on November 13, 2018

View on sec.gov

Income Statement

Concept 2018 Q4 2018 Q3 2017 Q4
Revenue $11.72M $9.544M $10.01M
YoY Change 17.08% 4.59% 0.5%
Cost Of Revenue $8.220M $6.951M $7.980M
YoY Change 3.01% -16.28% 12.71%
Gross Profit $3.500M $2.593M $2.030M
YoY Change 72.41% -18.41% -29.51%
Gross Profit Margin 29.86% 27.17% 20.28%
Selling, General & Admin $2.300M $1.929M $2.000M
YoY Change 15.0% -0.92% 18.34%
% of Gross Profit 65.71% 74.39% 98.52%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $410.0K $340.0K $240.0K
YoY Change 70.83% 47.83% -4.0%
% of Gross Profit 11.71% 13.11% 11.82%
Operating Expenses $2.300M $1.929M $2.000M
YoY Change 15.0% -0.92% 14.94%
Operating Profit $1.200M $664.0K $30.00K
YoY Change 3900.0% -46.06% -97.37%
Interest Expense -$30.00K $44.00K -$40.00K
YoY Change -25.0% 0.0% 0.0%
% of Operating Profit -2.5% 6.63% -133.33%
Other Income/Expense, Net $20.00K $28.00K $90.00K
YoY Change -77.78% -411.11% 80.0%
Pretax Income $1.210M $692.0K $100.0K
YoY Change 1110.0% -43.37% -91.45%
Income Tax $310.0K $172.0K $400.0K
% Of Pretax Income 25.62% 24.86% 400.0%
Net Earnings $900.0K $520.0K $370.0K
YoY Change 143.24% -30.48% -54.32%
Net Earnings / Revenue 7.68% 5.45% 3.7%
Basic Earnings Per Share
Diluted Earnings Per Share $176.8K $0.10 $73.12K
COMMON SHARES
Basic Shares Outstanding 5.080M shares 5.080M shares 5.013M shares
Diluted Shares Outstanding 5.099M shares

Balance Sheet

Concept 2018 Q4 2018 Q3 2017 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.050M $3.780M $4.490M
YoY Change -32.07% 6.78% -1.75%
Cash & Equivalents $1.950M $2.687M $3.390M
Short-Term Investments $1.110M $1.090M $1.100M
Other Short-Term Assets $480.0K $530.0K $450.0K
YoY Change 6.67% 1.92% 21.62%
Inventory $3.560M $3.260M $3.520M
Prepaid Expenses
Receivables $13.59M $10.09M $8.967M
Other Receivables $910.0K $1.320M $1.360M
Total Short-Term Assets $21.60M $19.49M $19.03M
YoY Change 13.49% 7.23% 24.95%
LONG-TERM ASSETS
Property, Plant & Equipment $19.41M $10.88M $9.867M
YoY Change 96.72% 9.82% 23.23%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $370.0K $255.0K $326.0K
YoY Change 13.5% 76.45% 88.44%
Total Long-Term Assets $19.77M $15.45M $10.19M
YoY Change 93.96% 53.78% 24.61%
TOTAL ASSETS
Total Short-Term Assets $21.60M $19.49M $19.03M
Total Long-Term Assets $19.77M $15.45M $10.19M
Total Assets $41.37M $34.94M $29.23M
YoY Change 41.56% 23.8% 24.83%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.210M $2.385M $3.059M
YoY Change 37.63% -6.56% 46.29%
Accrued Expenses $2.170M $525.0K $588.0K
YoY Change 269.05% 11.17% 100.0%
Deferred Revenue
YoY Change
Short-Term Debt $1.000M $0.00 $0.00
YoY Change
Long-Term Debt Due $710.0K $660.0K $640.0K
YoY Change 10.94% 3.13% 8.47%
Total Short-Term Liabilities $11.86M $7.373M $7.834M
YoY Change 51.39% -1.76% 54.85%
LONG-TERM LIABILITIES
Long-Term Debt $2.790M $2.740M $2.900M
YoY Change -3.79% -9.87% -13.43%
Other Long-Term Liabilities $6.440M $5.390M $0.00
YoY Change
Total Long-Term Liabilities $9.230M $8.130M $2.900M
YoY Change 218.28% 167.43% -13.43%
TOTAL LIABILITIES
Total Short-Term Liabilities $11.86M $7.373M $7.834M
Total Long-Term Liabilities $9.230M $8.130M $2.900M
Total Liabilities $22.52M $16.70M $12.02M
YoY Change 87.35% 48.45% 31.09%
SHAREHOLDERS EQUITY
Retained Earnings $12.35M $11.56M
YoY Change 7.86% 26.6%
Common Stock $52.00K $51.00K
YoY Change 2.07% 2.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $102.0K $102.0K
YoY Change -0.29% 0.0%
Treasury Stock Shares 40.92K shares 40.92K shares
Shareholders Equity $18.85M $18.24M $17.21M
YoY Change
Total Liabilities & Shareholders Equity $41.37M $34.94M $29.23M
YoY Change 41.56% 23.8% 24.83%

Cashflow Statement

Concept 2018 Q4 2018 Q3 2017 Q4
OPERATING ACTIVITIES
Net Income $900.0K $520.0K $370.0K
YoY Change 143.24% -30.48% -54.32%
Depreciation, Depletion And Amortization $410.0K $340.0K $240.0K
YoY Change 70.83% 47.83% -4.0%
Cash From Operating Activities $2.750M $4.070M $1.250M
YoY Change 120.0% 892.68% -59.81%
INVESTING ACTIVITIES
Capital Expenditures -$3.490M -$680.0K -$170.0K
YoY Change 1952.94% 65.85% -63.04%
Acquisitions
YoY Change
Other Investing Activities -$1.100M -$1.370M $0.00
YoY Change -13800.0% -100.0%
Cash From Investing Activities -$4.590M -$2.060M -$170.0K
YoY Change 2600.0% 415.0% -58.54%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.100M -160.0K -150.0K
YoY Change -833.33% 14.29% 15.38%
NET CHANGE
Cash From Operating Activities 2.750M 4.070M 1.250M
Cash From Investing Activities -4.590M -2.060M -170.0K
Cash From Financing Activities 1.100M -160.0K -150.0K
Net Change In Cash -740.0K 1.850M 930.0K
YoY Change -179.57% -1523.08% -63.81%
FREE CASH FLOW
Cash From Operating Activities $2.750M $4.070M $1.250M
Capital Expenditures -$3.490M -$680.0K -$170.0K
Free Cash Flow $6.240M $4.750M $1.420M
YoY Change 339.44% 479.27% -60.22%

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OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-9000 USD
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-22000 USD
CY2017Q3 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax
0 USD
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax
4000 USD
CY2018Q3 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax
3000 USD
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax
-7000 USD
CY2017Q3 us-gaap Other Income
OtherIncome
11000 USD
us-gaap Other Income
OtherIncome
35000 USD
CY2018Q3 us-gaap Other Income
OtherIncome
11000 USD
us-gaap Other Income
OtherIncome
30000 USD
CY2017Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-9000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-40000 USD
CY2018Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
28000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
30000 USD
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
49000 USD
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
256000 USD
us-gaap Payments To Acquire Available For Sale Securities
PaymentsToAcquireAvailableForSaleSecurities
28000 USD
us-gaap Payments To Acquire Available For Sale Securities
PaymentsToAcquireAvailableForSaleSecurities
24000 USD
us-gaap Payments To Acquire Equipment On Lease
PaymentsToAcquireEquipmentOnLease
0 USD
us-gaap Payments To Acquire Equipment On Lease
PaymentsToAcquireEquipmentOnLease
4400000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
2569000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1737000 USD
CY2017Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2018Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2017Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000 shares
CY2018Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000 shares
CY2017Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2018Q3 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2017Q4 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2018Q3 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2017Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
452000 USD
CY2018Q3 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
533000 USD
CY2017Q4 us-gaap Prepaid Taxes
PrepaidTaxes
1359000 USD
CY2018Q3 us-gaap Prepaid Taxes
PrepaidTaxes
1325000 USD
us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
183000 USD
us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
350000 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
37000 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
113000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
117000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
12000 USD
CY2017Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
9867000 USD
CY2018Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
10876000 USD
us-gaap Repayments Of Debt And Capital Lease Obligations
RepaymentsOfDebtAndCapitalLeaseObligations
435000 USD
us-gaap Repayments Of Debt And Capital Lease Obligations
RepaymentsOfDebtAndCapitalLeaseObligations
479000 USD
CY2017Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
11556000 USD
CY2018Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
12345000 USD
CY2017Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
11481000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
31706000 USD
CY2018Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
9544000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
28502000 USD
CY2017Q3 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
564000 USD
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
1825000 USD
CY2018Q3 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
624000 USD
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
1913000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
290000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
256000 USD
CY2018Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
0 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
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
10333 shares
CY2018Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
0 shares
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
1.21
CY2018Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
0.00
CY2018Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
0.00
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
1.21
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
10333 shares
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
17205000 USD
CY2018Q3 us-gaap Stockholders Equity
StockholdersEquity
18240000 USD
CY2017Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
40920 shares
CY2018Q3 us-gaap Treasury Stock Shares
TreasuryStockShares
40920 shares
CY2017Q4 us-gaap Treasury Stock Value
TreasuryStockValue
102000 USD
CY2018Q3 us-gaap Treasury Stock Value
TreasuryStockValue
102000 USD
CY2017Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
45000 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
39000 shares
CY2018Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
19000 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
20000 shares
CY2017Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
5099000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
5075000 shares
CY2018Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
5099000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
5098000 shares
CY2017Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
5054000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
5036000 shares
CY2018Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
5080000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
5078000 shares

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