$SMID
SMITH MIDLAND CORP

2024 Q3 Form 10-Q Financial Statement

#000165495424010647 Filed on August 14, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2
Revenue $23.58M $19.64M
YoY Change 50.67% 33.62%
Cost Of Revenue $17.00M $14.51M
YoY Change 40.83% 12.35%
Gross Profit $6.578M $5.133M
YoY Change 83.9% 187.4%
Gross Profit Margin 27.89% 26.14%
Selling, General & Admin $2.730M $2.460M
YoY Change 31.57% -11.1%
% of Gross Profit 41.5% 47.93%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $702.0K $653.0K
YoY Change 13.23% 10.68%
% of Gross Profit 10.67% 12.72%
Operating Expenses $2.730M $2.460M
YoY Change 31.57% -11.1%
Operating Profit $3.848M $2.673M
YoY Change 156.19% -372.48%
Interest Expense $56.00K $59.00K
YoY Change -12.5% -7.81%
% of Operating Profit 1.46% 2.21%
Other Income/Expense, Net -$4.000K -$60.00K
YoY Change -136.36% -167.42%
Pretax Income $3.844M $2.613M
YoY Change 154.06% -392.94%
Income Tax $694.0K $632.0K
% Of Pretax Income 18.05% 24.19%
Net Earnings $3.150M $1.981M
YoY Change 148.82% -353.32%
Net Earnings / Revenue 13.36% 10.09%
Basic Earnings Per Share $0.59 $0.37
Diluted Earnings Per Share $0.59 $0.37
COMMON SHARES
Basic Shares Outstanding 5.346M shares 5.266M shares
Diluted Shares Outstanding 5.304M shares 5.323K shares

Balance Sheet

Concept 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $9.013M $7.288M
YoY Change 54.07% 54.08%
Cash & Equivalents $9.013M $7.288M
Short-Term Investments
Other Short-Term Assets $979.0K $1.651M
YoY Change -22.91% 36.45%
Inventory $6.242M $6.667M
Prepaid Expenses $979.0K $1.651M
Receivables $17.82M $17.18M
Other Receivables $23.00K $0.00
Total Short-Term Assets $34.99M $33.71M
YoY Change 17.06% 18.39%
LONG-TERM ASSETS
Property, Plant & Equipment $31.19M $29.88M
YoY Change 13.78% 11.15%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $444.0K $451.0K
YoY Change 26.86% 25.28%
Total Long-Term Assets $31.63M $30.34M
YoY Change 13.95% 11.35%
TOTAL ASSETS
Total Short-Term Assets $34.99M $33.71M
Total Long-Term Assets $31.63M $30.34M
Total Assets $66.63M $64.05M
YoY Change 15.56% 14.95%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.427M $5.399M
YoY Change -0.89% -5.01%
Accrued Expenses $852.0K $1.105M
YoY Change -57.4% -35.76%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $651.0K $644.0K
YoY Change 3.33% 2.22%
Total Short-Term Liabilities $12.61M $14.88M
YoY Change -2.45% 14.4%
LONG-TERM LIABILITIES
Long-Term Debt $4.630M $4.768M
YoY Change -11.98% -11.87%
Other Long-Term Liabilities $7.401M $5.567M
YoY Change 107.31% 109.29%
Total Long-Term Liabilities $12.03M $10.34M
YoY Change 36.25% 28.07%
TOTAL LIABILITIES
Total Short-Term Liabilities $12.61M $14.88M
Total Long-Term Liabilities $12.03M $10.34M
Total Liabilities $26.29M $26.86M
YoY Change 10.29% 15.51%
SHAREHOLDERS EQUITY
Retained Earnings $32.67M $29.52M
YoY Change 24.87% 18.57%
Common Stock $54.00K $54.00K
YoY Change 0.0% 1.89%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $40.34M $37.18M
YoY Change
Total Liabilities & Shareholders Equity $66.63M $64.05M
YoY Change 15.56% 14.95%

Cashflow Statement

Concept 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income $3.150M $1.981M
YoY Change 148.82% -353.32%
Depreciation, Depletion And Amortization $702.0K $653.0K
YoY Change 13.23% 10.68%
Cash From Operating Activities $3.873M $2.707M
YoY Change 62.73% 2.54%
INVESTING ACTIVITIES
Capital Expenditures $2.039M $1.709M
YoY Change 75.78% -5.58%
Acquisitions
YoY Change
Other Investing Activities $22.00K -$352.0K
YoY Change -56.0% -393.33%
Cash From Investing Activities -$2.017M -$2.061M
YoY Change 83.36% 21.24%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -131.0K -159.0K
YoY Change -12.67% -0.63%
NET CHANGE
Cash From Operating Activities 3.873M 2.707M
Cash From Investing Activities -2.017M -2.061M
Cash From Financing Activities -131.0K -159.0K
Net Change In Cash 1.725M 487.0K
YoY Change 52.65% -37.56%
FREE CASH FLOW
Cash From Operating Activities $3.873M $2.707M
Capital Expenditures $2.039M $1.709M
Free Cash Flow $1.834M $998.0K
YoY Change 50.33% 20.24%

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<p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:left;">The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</p>
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dei Entity Registrant Name
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Smith-Midland Corporation
dei Entity Incorporation State Country Code
EntityIncorporationStateCountryCode
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dei Entity Tax Identification Number
EntityTaxIdentificationNumber
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dei Entity Address Address Line1
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dei Entity Address Address Line2
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dei Entity Address City Or Town
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dei Entity Address State Or Province
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dei Security12b Title
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dei Trading Symbol
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dei Security Exchange Name
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NetIncomeLoss
-782000 usd
CY2023Q2 us-gaap Stockholders Equity
StockholdersEquity
32461000 usd
us-gaap Profit Loss
ProfitLoss
-3129000 usd
us-gaap Restricted Stock Expense
RestrictedStockExpense
142000 usd
us-gaap Increase Decrease In Income Taxes Receivable
IncreaseDecreaseInIncomeTaxesReceivable
0 usd
us-gaap Restricted Stock Expense
RestrictedStockExpense
0 usd
us-gaap Increase Decrease In Income Taxes Receivable
IncreaseDecreaseInIncomeTaxesReceivable
100000 usd
us-gaap Increase Decrease In Accounts Payable Trade
IncreaseDecreaseInAccountsPayableTrade
-132000 usd
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:left;">Historically, various customers have comprised greater than 10% of revenue during a given quarter or year. These customers are typically not the same quarter to quarter or year to year. The Company views revenue details by jobs, and not by customers. In the event a customer were to go out of business during a project, it is likely that the owner of the project would assign a new contractor to the job, and the Company would complete its scope of work. Therefore, the Company believes that it does not have a short-term vulnerability of severe impact to operations. In cases where customers are less than 10% of revenue, the Company assesses if there is a near term severe impact. The Company has determined that no customer, if lost, would result in a near term severe impact to the Company’s operations.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:left;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:left;">For the three months ended June 30, 2024, the Company derived 11% of its revenue from one customer. For the six months ended June 30, 2024 no customer made up 10% of the revenue for the Company. For the three and six months ended June 30, 2023, the Company derived 12% and 15%, respectively, of its revenue from two customers. As of June 30, 2024, one customer’s outstanding receivable balance each equaled 14% of the total outstanding receivable balance. As of December 31, 2023, two customers’ outstanding receivable balance each equaled 10% of the total outstanding receivable balance.</p>
us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
47851 shares
CY2023Q2 us-gaap Share Based Compensation
ShareBasedCompensation
86000 usd
us-gaap Share Based Compensation
ShareBasedCompensation
171000 usd

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0001654954-24-010647.txt Edgar Link pending
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smid_10q_htm.xml Edgar Link completed