Smith-Midland Announces Delayed Filing of 2024 Form 10-K and Announces Preliminary Full-Year Revenue
Smith-Midland (NASDAQ:SMID) announced a delay in filing its 2024 Form 10-K annual report, with an expected submission by April 15, 2025. The delay is attributed to the need for additional time to complete financial reporting processes and management's assessment of internal control, with potential material weakness to be disclosed.
On a positive note, the company released preliminary revenue guidance for 2024, projecting $77-79 million in full-year revenue. This represents a significant 31% increase year-over-year, driven primarily by higher Soundwall and utility sales, along with increased barrier rental and shipping/installation revenue.
Smith-Midland (NASDAQ:SMID) ha annunciato un ritardo nella presentazione del suo rapporto annuale del 2024, con una scadenza prevista per il 15 aprile 2025. Il ritardo è attribuito alla necessità di ulteriore tempo per completare i processi di reporting finanziario e la valutazione da parte della direzione dei controlli interni, con potenziali debolezze materiali da divulgare.
In nota positiva, l'azienda ha rilasciato una guida preliminare sui ricavi per il 2024, prevedendo 77-79 milioni di dollari di ricavi per l'intero anno. Questo rappresenta un significativo aumento del 31% rispetto all'anno precedente, principalmente trainato da vendite più elevate di Soundwall e di utility, insieme a un aumento dei ricavi da noleggio di barriere e spedizioni/installazioni.
Smith-Midland (NASDAQ:SMID) anunció un retraso en la presentación de su informe anual Form 10-K de 2024, con una presentación esperada para el 15 de abril de 2025. El retraso se atribuye a la necesidad de tiempo adicional para completar los procesos de informes financieros y la evaluación de la dirección sobre el control interno, con posibles debilidades materiales que se divulgarán.
En una nota positiva, la empresa publicó una guía preliminar de ingresos para 2024, proyectando 77-79 millones de dólares en ingresos anuales. Esto representa un aumento significativo del 31% interanual, impulsado principalmente por mayores ventas de Soundwall y utilidades, junto con un aumento en los ingresos por alquiler de barreras y envío/instalación.
스미스-미들랜드 (NASDAQ:SMID)는 2024년 Form 10-K 연례 보고서 제출이 지연되었음을 발표했으며, 제출은 2025년 4월 15일로 예상됩니다. 이 지연은 재무 보고 프로세스를 완료하고 내부 통제에 대한 경영진의 평가를 수행하기 위해 추가 시간이 필요하기 때문이며, 잠재적인 중대한 약점이 공개될 예정입니다.
긍정적인 소식으로, 회사는 2024년 매출에 대한 초기 가이드를 발표하여 연간 7,700만-7,900만 달러의 매출을 예상하고 있습니다. 이는 전년 대비 31%의 상당한 증가를 나타내며, 주로 Soundwall 및 유틸리티 판매 증가와 함께 장벽 임대 및 배송/설치 수익 증가에 의해 주도됩니다.
Smith-Midland (NASDAQ:SMID) a annoncé un retard dans le dépôt de son rapport annuel Form 10-K pour 2024, avec une soumission prévue d'ici le 15 avril 2025. Ce retard est attribué à la nécessité d'un temps supplémentaire pour finaliser les processus de reporting financier et l'évaluation par la direction du contrôle interne, avec des faiblesses matérielles potentielles devant être divulguées.
Sur une note positive, la société a publié des prévisions de revenus préliminaires pour 2024, projetant 77-79 millions de dollars de revenus annuels. Cela représente une augmentation significative de 31% d'une année sur l'autre, principalement tirée par des ventes plus élevées de Soundwall et de services publics, ainsi qu'une augmentation des revenus de location de barrières et d'expédition/installation.
Smith-Midland (NASDAQ:SMID) hat eine Verzögerung bei der Einreichung seines Jahresberichts Form 10-K für 2024 angekündigt, mit einer voraussichtlichen Einreichung bis zum 15. April 2025. Die Verzögerung wird durch die Notwendigkeit zusätzlicher Zeit zur Fertigstellung der finanziellen Berichterstattung und der Bewertung der internen Kontrollen durch das Management verursacht, wobei mögliche wesentliche Schwächen offengelegt werden sollen.
Positiv zu vermerken ist, dass das Unternehmen eine vorläufige Umsatzprognose für 2024 veröffentlicht hat, die 77-79 Millionen Dollar an Gesamterlösen prognostiziert. Dies stellt einen signifikanten Anstieg von 31% im Jahresvergleich dar, der hauptsächlich durch höhere Verkäufe von Soundwall und Versorgungsunternehmen sowie durch gestiegene Einnahmen aus Barrierenvermietung und Versand/Installation angetrieben wird.
- Projected revenue of $77-79 million for 2024
- 31% year-over-year revenue growth
- Increased sales in Soundwall and utility segments
- Growth in barrier rental and shipping/installation revenue
- Delayed filing of 2024 Form 10-K annual report
- Potential material weakness in internal control over financial reporting
- Additional time needed for financial reporting close process
MIDLAND, VA / ACCESS Newswire / March 31, 2025 / Smith-Midland Corporation (NASDAQ:SMID) (the "Company"), a provider of innovative, high-quality proprietary and patented precast concrete products and systems, today announced that it has filed a Form 12b-25 with the Securities and Exchange Commission to provide notice of the late filing of its Annual Report on Form 10-K ("Form 10-K") for the year ended December 31, 2024. The company expects to file its Form 10-K on or before April 15, 2025.
The Company requires additional time to complete its financial reporting close process, including management's assessment of the Company's internal control over financial reporting, as to which material weakness existence will be made, and to gather information required to complete auditing procedures.
Preliminary Full-Year Revenue Outlook
The Company also announced its 2024 full-year revenue is expected to be in the range of
About Smith-Midland
Smith-Midland develops, manufactures, licenses, rents, and sells a broad array of precast concrete products and systems for use primarily in the construction, transportation, and utility industries.
Smith-Midland Corporation has three manufacturing facilities in Midland, VA, Reidsville, NC, and Columbia, SC, and a J-J Hooks® Safety Barrier rental firm, Concrete Safety Systems. Easi-Set Worldwide, a wholly owned subsidiary of Smith-Midland Corporation, licenses the production and sale of Easi-Set products, including J-J Hooks and SlenderWall®, and provides diversification opportunities to the precast industry worldwide. For more information, please call (540) 439-3266 or visit www.smithmidland.com.
Forward-Looking Statements
This announcement contains forward-looking statements, which involve risks and uncertainties. The Company's actual results may differ significantly from the results discussed in the forward-looking statements. Factors which might cause such a difference include, but are not limited to, the risk that the coronavirus outbreak may adversely affect future operations, product demand, the impact of competitive products and pricing, capacity and supply constraints or difficulties, general business and economic conditions, out debt exposure, the effect of the Company's accounting policies and other risks detailed in the Company's Annual Report on Form 10-K and other filings with the Securities and Exchange Commission.
Investor Relations:
Steven Hooser
Three Part Advisors, LLC
(214) 872-2710
SOURCE: Smith-Midland
View the original press release on ACCESS Newswire
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