Smith-Midland - South Carolina Awarded $7.7 Million Soundwall Contract

Rhea-AI Summary

Smith-Midland Corporation (NASDAQ:SMID) has secured a significant $7.7 million contract with the North Carolina Department of Transportation to provide precast soundwall panels for the Hampstead Bypass in Pender County, NC. The contract includes approximately 329,000 square feet of soundwall and 46,000 linear feet of precast columns, enhancing the company's project backlog to a record $53.1 million. Production will commence in 2023 at their South Carolina facility. This contract underscores Smith-Midland's capabilities and product range in the precast concrete industry.

Positive

• Awarded a $7.7 million contract, indicating strong demand for precast concrete products.
• Increases project backlog to a record $53.1 million, providing future revenue visibility.
• Production will begin in 2023 at the South Carolina facility, indicating operational expansion.

Negative

• None.

Largest Contract in History of South Carolina Facility

MIDLAND, VA / ACCESSWIRE / November 15, 2022 / Smith-Midland Corporation (NASDAQ:SMID), a provider of innovative, high-quality proprietary and patented precast concrete products and systems, announced today that it has been awarded a contract with the North Carolina Department of Transportation (NCDOT) for soundwall along the Hampstead Bypass in Pender County, NC.

The $7.7 million contract will provide approximately 329,000 square feet of custom-designed precast soundwall panels and 46,000 linear feet of precast columns, as well as precast J-J Hooks barrier, along the Hampstead Bypass in Pender County, North Carolina. Production begins in 2023 at our South Carolina Plant. This project win increases the current backlog to $53.1 as of November 10, 2022, which is another record high for the Company.

"This latest contract reflects the breadth of our precast product lineup and the capabilities of our Columbia, South Carolina plant. We look forward to procuring more projects of this scale and gaining market share in the process," said Ashley Smith, President and Chief Executive Officer of Smith-Midland Corporation.

The General Contractor for this project is Conti Civil, LLC out of Hampstead, NC.

About Smith-Midland
Smith-Midland develops, manufactures, licenses, rents, and sells a broad array of precast concrete products for use primarily in the construction, transportation, and utility industries.

Smith-Midland Corporation has three manufacturing facilities located in Midland, VA, Reidsville, NC, and Columbia, SC, and operates Concrete Safety Systems, the Company's J-J Hooks Safety Barrier rental division. 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 that 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, delays in approvals of customer drawings, general business and economic conditions, including recessions, 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.

Media Inquiries:
scrandall@midlandadvertising.com
(540) 439-8056

Sales Inquiries:
info@smithmidland.com
(540) 439-3266

Investor Relations:
Steven Hooser or John Beisler
Three Part Advisors, LLC
(214) 872-2710

SOURCE: Smith-Midland Corporation

View source version on accesswire.com:
https://www.accesswire.com/725718/Smith-Midland--South-Carolina-Awarded-77-Million-Soundwall-Contract

FAQ

What is the recent contract awarded to Smith-Midland Corporation?

Smith-Midland Corporation was awarded a $7.7 million contract for precast soundwall panels for the Hampstead Bypass in Pender County, NC.

How much is the contract awarded to Smith-Midland Corporation?

The contract awarded to Smith-Midland Corporation is valued at $7.7 million.

What will the $7.7 million contract provide?

The contract will provide approximately 329,000 square feet of soundwall panels and 46,000 linear feet of precast columns.

What is the backlog amount for Smith-Midland Corporation after this contract?

The backlog for Smith-Midland Corporation has increased to a record $53.1 million.

When will production for the new contract begin?

Production for the new contract will begin in 2023 at the South Carolina plant.