Smith Midland Corp. Files 2023 Annual Report

TL;DR

SMID 10-K filed. Full year 2023 results out. Check financials.

AI Summary

Smith Midland Corp. filed its 2023 10-K on May 23, 2024, reporting on its fiscal year ending December 31, 2023. The company, based in Midland, VA, operates in the concrete products sector. Key financial details and operational aspects for the year are presented in this comprehensive filing.

Why It Matters

This filing provides investors and stakeholders with a detailed overview of Smith Midland Corp.'s financial performance and business operations for the fiscal year 2023, enabling informed decision-making.

Risk Assessment

Risk Level: low — The filing is a standard annual report (10-K) and does not indicate any immediate or unusual risks.

Key Numbers

• 0.01 — Revenue (Represents a small value, likely placeholder or specific segment reporting.)
• 8,000,000 — Notes Payable (Indicates outstanding debt obligations.)
• 40,920 — Restricted Stock Units (Relates to equity compensation for employees or directors.)

Key Players & Entities

• SMITH MIDLAND CORP (company) — Filer
• 0000924719 (company) — Central Index Key
• Midland, VA (location) — Company Address
• 20231231 (date) — Fiscal Year End
• 20240523 (date) — Filing Date

FAQ

Key Financial Figures

• $0.01 — nge on which registered Common Stock, $0.01 par value per share SMID NASDAQ S

Filing Documents

• smid_10k.htm (10-K) — 1055KB
• smid_ex231.htm (EX-23.1) — 2KB
• smid_ex232.htm (EX-23.2) — 2KB
• smid_ex311.htm (EX-31.1) — 10KB
• smid_ex312.htm (EX-31.2) — 11KB
• smid_ex321.htm (EX-32.1) — 7KB
• 0001654954-24-006855.txt ( ) — 4640KB
• smid-20231231.xsd (EX-101.SCH) — 40KB
• smid-20231231_lab.xml (EX-101.LAB) — 276KB
• smid-20231231_cal.xml (EX-101.CAL) — 48KB
• smid-20231231_pre.xml (EX-101.PRE) — 211KB
• smid-20231231_def.xml (EX-101.DEF) — 79KB
• smid_10k_htm.xml (XML) — 705KB

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This Annual Report and related documents include "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements involve known and unknown risks, uncertainties and other factors which could cause the Company's actual results, performance (financial or operating) or achievements expressed or implied by such forward looking statements not to occur or be realized. Such forward looking statements generally are based upon the Company's best estimates of future results, performance or achievement, based upon current conditions and the most recent results of operations. Forward-looking statements may be identified by the use of forward-looking terminology such as "may," "will," "expect," "believe," "estimate," "anticipate," "continue," or similar terms, variations of those terms or the negative of those terms. Potential risks and uncertainties include, among other things, such factors as: while the Company had net income for the years ended December 31, 2023 and 2022 there are no assurances that the Company can remain profitable in future periods; in line with this risk, the Company incurred losses from operations for the quarters ended June 30, 2023, December 31, 2022, and March 31, 2022, there can be no assurances of revenue growth; in line with this risk, the Company had lower revenues for the year ended December 31, 2022 than in the prior year, while we have expended significant funds in recent years to increase manufacturing capacity and the barrier rental fleet, and plan to continue to increase manufacturing capacity, there is no assurance that we will achieve significantly greater revenues, our debt level increased significantly in February 2022, and our ability to satisfy the same cannot be assured, our cash resources were significantly reduced during 2022 and through the first quarter of 2023 ref

Business

Item 1 Business General Smith-Midland Corporation (the "Company") invents, develops, manufactures, markets, leases, licenses, sells, and installs a broad array of precast concrete products and systems for use primarily in the construction, highway, utilities and farming industries through its six wholly-owned subsidiaries. The Company's precast, licensing, and barrier rental customers are primarily general contractors and federal, state, and local transportation authorities located in the Mid-Atlantic, Northeastern, Midwestern and Southeastern regions of the United States. The Company's operating strategy has involved producing and marketing innovative and proprietary products, including SlenderWall, a patented, lightweight, energy efficient concrete and steel exterior wall panel for use in building construction; J-J Hooks Highway Safety Barrier, a patented, positive-connected highway safety barrier; SoftSound, a proprietary sound absorptive finish used on the face of sound barriers to absorb traffic noise; Sierra Wall, a patented sound barrier primarily for roadside use; and Easi-Set and Easi-Span patented transportable concrete buildings. In addition, the Company's precast subsidiaries produce farm products such as cattleguards and water and feed troughs, custom order precast concrete products with various architectural surfaces, and generic highway sound barriers, retaining walls and utility vaults. The Company was incorporated in Delaware on August 2, 1994. Prior to a corporate reorganization completed in October 1994, the Company conducted its business primarily through Smith-Midland Virginia, which was incorporated in 1960 as Smith Cattleguard Company, a Virginia corporation, and which subsequently changed its name to Smith-Midland Corporation in 1985. The Company's principal offices are located at 5119 Catlett Road, Midland, Virginia 22728 and its telephone number is 540-439-3266. As used in this report, unless the context otherwise requires, the term th