$SMID
SMITH MIDLAND CORP

2012 Q4 Form 10-Q Financial Statement

#000144530512003644 Filed on November 13, 2012

View on sec.gov

Income Statement

Concept 2012 Q4 2012 Q3 2011 Q3
Revenue $4.720M $7.544M $6.134M
YoY Change -18.62% 22.99% -31.81%
Cost Of Revenue $4.160M $5.425M $5.479M
YoY Change -20.0% -0.99% -11.19%
Gross Profit $560.0K $2.120M $655.4K
YoY Change -6.67% 223.45% -76.81%
Gross Profit Margin 11.86% 28.1% 10.68%
Selling, General & Admin $1.440M $1.146M $1.267M
YoY Change 14.29% -9.5% -7.41%
% of Gross Profit 257.14% 54.08% 193.28%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $140.0K $170.0K $180.0K
YoY Change -17.65% -5.56% -5.26%
% of Gross Profit 25.0% 8.02% 27.46%
Operating Expenses $1.460M $1.146M $1.267M
YoY Change 15.87% -9.5% -7.41%
Operating Profit -$900.0K $1.016M -$596.5K
YoY Change 36.36% -270.37% -140.9%
Interest Expense -$30.00K $33.76K $36.96K
YoY Change 0.0% -8.67% -3.0%
% of Operating Profit 3.32%
Other Income/Expense, Net $10.00K
YoY Change
Pretax Income -$900.0K $983.5K -$630.9K
YoY Change 63.64% -255.9% -144.29%
Income Tax -$290.0K $295.0K -$161.0K
% Of Pretax Income 29.99%
Net Earnings -$610.0K $688.5K -$469.9K
YoY Change 90.63% -246.53% -152.12%
Net Earnings / Revenue -12.92% 9.13% -7.66%
Basic Earnings Per Share $0.14 -$0.10
Diluted Earnings Per Share -$126.3K $0.14 -$0.10
COMMON SHARES
Basic Shares Outstanding 4.785M shares 4.826M shares 4.826M shares
Diluted Shares Outstanding 4.859M shares 4.826M shares

Balance Sheet

Concept 2012 Q4 2012 Q3 2011 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $4.370M $3.200M $2.180M
YoY Change 105.16% 46.79% 36.25%
Cash & Equivalents $4.367M $3.195M $2.175M
Short-Term Investments
Other Short-Term Assets $730.0K $770.0K $540.0K
YoY Change 7.35% 42.59% -8.47%
Inventory $2.100M $1.740M $2.250M
Prepaid Expenses
Receivables $4.753M $7.171M $7.355M
Other Receivables $170.0K $0.00 $300.0K
Total Short-Term Assets $12.48M $13.72M $12.90M
YoY Change -1.74% 6.35% -0.43%
LONG-TERM ASSETS
Property, Plant & Equipment $4.049M $4.158M $4.407M
YoY Change -12.26% -5.65% -5.03%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $289.3K $281.4K $178.1K
YoY Change 36.2% 58.06% 48.39%
Total Long-Term Assets $4.339M $4.439M $4.585M
YoY Change -10.13% -3.18% -3.68%
TOTAL ASSETS
Total Short-Term Assets $12.48M $13.72M $12.90M
Total Long-Term Assets $4.339M $4.439M $4.585M
Total Assets $16.82M $18.16M $17.49M
YoY Change -4.05% 3.85% -1.3%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $922.1K $1.201M $902.9K
YoY Change 7.95% 32.99% -31.08%
Accrued Expenses $1.140M $1.089M $817.9K
YoY Change 45.18% 33.09% -48.88%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $330.0K $330.0K $430.0K
YoY Change -19.51% -23.26% -17.31%
Total Short-Term Liabilities $2.597M $3.035M $2.715M
YoY Change -12.95% 11.77% -30.73%
LONG-TERM LIABILITIES
Long-Term Debt $2.660M $2.740M $3.060M
YoY Change -11.04% -10.46% 8.51%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $2.660M $2.740M $3.060M
YoY Change -11.04% -10.46% 8.51%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.597M $3.035M $2.715M
Total Long-Term Liabilities $2.660M $2.740M $3.060M
Total Liabilities $5.952M $6.450M $6.435M
YoY Change -12.45% 0.22% -11.6%
SHAREHOLDERS EQUITY
Retained Earnings $5.924M $6.772M $6.113M
YoY Change 2.35% 10.78%
Common Stock $48.26K $48.26K $48.26K
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $102.3K $102.3K $102.3K
YoY Change 0.0% 0.0%
Treasury Stock Shares 40.92K shares 40.92K shares 40.92K shares
Shareholders Equity $10.87M $11.71M $11.05M
YoY Change
Total Liabilities & Shareholders Equity $16.82M $18.16M $17.49M
YoY Change -4.05% 3.85% -1.3%

Cashflow Statement

Concept 2012 Q4 2012 Q3 2011 Q3
OPERATING ACTIVITIES
Net Income -$610.0K $688.5K -$469.9K
YoY Change 90.63% -246.53% -152.12%
Depreciation, Depletion And Amortization $140.0K $170.0K $180.0K
YoY Change -17.65% -5.56% -5.26%
Cash From Operating Activities $1.510M $470.0K -$1.230M
YoY Change 308.11% -138.21% -201.65%
INVESTING ACTIVITIES
Capital Expenditures -$60.00K -$40.00K -$40.00K
YoY Change -85.0% 0.0% -81.82%
Acquisitions
YoY Change
Other Investing Activities $50.00K $10.00K $0.00
YoY Change -37.5%
Cash From Investing Activities -$10.00K -$30.00K -$40.00K
YoY Change -96.88% -25.0% -81.82%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -320.0K -110.0K -110.0K
YoY Change 255.56% 0.0% 120.0%
NET CHANGE
Cash From Operating Activities 1.510M 470.0K -1.230M
Cash From Investing Activities -10.00K -30.00K -40.00K
Cash From Financing Activities -320.0K -110.0K -110.0K
Net Change In Cash 1.180M 330.0K -1.380M
YoY Change -3050.0% -123.91% -246.81%
FREE CASH FLOW
Cash From Operating Activities $1.510M $470.0K -$1.230M
Capital Expenditures -$60.00K -$40.00K -$40.00K
Free Cash Flow $1.570M $510.0K -$1.190M
YoY Change 103.9% -142.86% -183.22%

Facts In Submission

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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align: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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CY2012Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
419965 shares
CY2012Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
1.82
CY2012Q3 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
CY2012Q3 us-gaap Sales Revenue Net
SalesRevenueNet
7544456 USD
CY2011Q3 us-gaap Sales Revenue Net
SalesRevenueNet
6134405 USD
us-gaap Sales Revenue Net
SalesRevenueNet
20172035 USD
us-gaap Sales Revenue Net
SalesRevenueNet
20894850 USD
CY2011Q3 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
636651 USD
CY2012Q3 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
474913 USD
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
1831239 USD
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
1606609 USD
us-gaap Share Based Compensation
ShareBasedCompensation
0 USD
us-gaap Share Based Compensation
ShareBasedCompensation
17043 USD
CY2012Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
419965 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
1.60
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
CY2012Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
80000 USD
CY2011Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
1.82
CY2011Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
425965 shares
CY2012Q3 us-gaap Stockholders Equity Before Treasury Stock
StockholdersEquityBeforeTreasuryStock
11815289 USD
CY2011Q4 us-gaap Stockholders Equity Before Treasury Stock
StockholdersEquityBeforeTreasuryStock
10831972 USD
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
0.00
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
0 shares
CY2011Q4 us-gaap Stockholders Equity
StockholdersEquity
10729672 USD
CY2012Q3 us-gaap Stockholders Equity
StockholdersEquity
11712989 USD
CY2011Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
4826182 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
4826182 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
4778441 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
4778441 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
4861777 shares
CY2012Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
4826182 shares
CY2012Q3 us-gaap Treasury Stock Shares
TreasuryStockShares
40920 shares
CY2011Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
40920 shares
CY2012Q3 us-gaap Treasury Stock Value
TreasuryStockValue
102300 USD
CY2011Q4 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>
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
35595 shares
CY2011Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
CY2012Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
32915 shares
CY2012Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
4859097 shares
CY2011Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
4826182 shares
CY2012Q3 smid Products Sales And Leasing
ProductsSalesAndLeasing
5809880 USD
CY2011Q3 smid Products Sales And Leasing
ProductsSalesAndLeasing
4871117 USD
smid Products Sales And Leasing
ProductsSalesAndLeasing
16410086 USD
smid Products Sales And Leasing
ProductsSalesAndLeasing
14822692 USD
CY2012Q3 smid Revenue Recognition Licensing Contract Term
RevenueRecognitionLicensingContractTerm
P5Y
CY2012Q3 smid Shipping And Installation Revenue
ShippingAndInstallationRevenue
1456430 USD
CY2011Q3 smid Shipping And Installation Revenue
ShippingAndInstallationRevenue
951301 USD
smid Shipping And Installation Revenue
ShippingAndInstallationRevenue
3504116 USD
smid Shipping And Installation Revenue
ShippingAndInstallationRevenue
4257825 USD
CY2012Q3 smid Total Other Expense
TotalOtherExpense
-32747 USD
CY2011Q3 smid Total Other Expense
TotalOtherExpense
-34397 USD
smid Total Other Expense
TotalOtherExpense
-97918 USD
smid Total Other Expense
TotalOtherExpense
-97845 USD
CY2012Q3 smid Trade Unbilled
TradeUnbilled
848848 USD
CY2011Q4 smid Trade Unbilled
TradeUnbilled
24310 USD
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2012
dei Document Period End Date
DocumentPeriodEndDate
2012-09-30
dei Document Type
DocumentType
10-Q
dei Entity Central Index Key
EntityCentralIndexKey
0000924719
CY2012Q4 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
4785262 shares
dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
dei Entity Filer Category
EntityFilerCategory
Smaller Reporting Company
dei Entity Registrant Name
EntityRegistrantName
SMITH MIDLAND CORP
dei Entity Voluntary Filers
EntityVoluntaryFilers
No
dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
No

Files In Submission

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0001445305-12-003644-index-headers.html Edgar Link pending
0001445305-12-003644-index.html Edgar Link pending
0001445305-12-003644.txt Edgar Link pending
0001445305-12-003644-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
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
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report.css Edgar Link pending
Show.js Edgar Link pending
smid-20120930.xml Edgar Link completed
smid-20120930.xsd Edgar Link pending
smid-20120930_cal.xml Edgar Link unprocessable
smid-20120930_def.xml Edgar Link unprocessable
smid-20120930_lab.xml Edgar Link unprocessable
smid-20120930_pre.xml Edgar Link unprocessable
smid-2012930x10q.htm Edgar Link pending
smid-2012930xex311.htm Edgar Link pending
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smid-2012930xex321.htm Edgar Link pending