Smith Midland Corp - SMID STOCK NEWS

Smith-Midland Corporation (NASDAQ:SMID) has announced that it has begun renting its J-J Hooks precast concrete barrier to the Virginia Department of Transportation (VDOT) as part of the I-64 Gap Widening Project in New Kent County, Virginia, with a total project value of approximately $3.8 million. The project, expected to last through 2026, will expand the major corridor between Central Virginia and Hampton Roads from two to three lanes. Smith-Midland's Concrete Safety Systems (CSS) rental division will deliver and install the barrier and crash cushions, highlighting the company's ability to efficiently handle large-scale projects. The company's strategic plan aims to shift the barrier market from a one-time purchase model to a recurring revenue rental model, with a recent barrier buy-back deal doubling the fleet of J-J Hooks rental barrier to more than 550,000 linear feet. The patented J-J Hooks Precast Concrete Safety Barrier system, designed by Easi-Set Industries, meets the Federal Highway Administration's MASH TL-3 testing standards and is recognized for its economic and easy installation, with over 16 million linear feet installed worldwide.

Smith-Midland Corporation (NASDAQ:SMID) has initiated production of precast concrete Utility Manholes for the North Norfolk International Terminal Optimization Project in Virginia, worth $1.1 million. The project, covering over 74 acres, will involve the delivery of multiple underground precast concrete utility boxes for electrical and communication uses, including cast iron frames and covers. Smith-Midland will design and manufacture multiple manholes with ten different sizes, 40% of which are engineered for heavy-duty loads up to 100,000 lbs. The company anticipates more large-scale projects following the passing of the Infrastructure Investment and Jobs Act by Congress.

Smith-Midland Corporation (NASDAQ: SMID) announced a 31% increase in revenue to $15.7 million for the third quarter of 2023, with a 54% increase in product sales to $10.9 million. The gross margin also saw a 550 basis point increase to 22.9%. Net income rose to $1.3 million from $5,000 in the same quarter of 2022. The company secured a $6.8 million architectural panel project for the Baltimore Harbor Tunnel and a $1.6 million contract for the rental of J-J Hook barrier for the I-64 Hampton Roads Express Lanes project. Chairman and CEO Ashley Smith attributes the strong results to increased infrastructure and construction spending, with the company's backlog reaching $60.2 million.

Smith-Midland receives $1.6 million contract for precast concrete barriers in Virginia

Smith-Midland Corporation reports Q2 2023 results with an 11% increase in revenue and a record backlog of $60.9 million.

Smith-Midland Corporation to begin $6.8M architectural precast panel project for Baltimore Harbor Tunnel

Smith-Midland Corporation received a letter from Nasdaq stating non-compliance with filing requirements. The delay is due to transitioning to a new accounting firm. BDO USA, LLP has been engaged as the new accounting firm.