Smith-Midland posts record FY2021 EPS of $1.45, revenue up 15% YoY

SMITH MIDLAND CORP

2022-Q1 EPS reported -$0.02 revenue$10,435,000

Net income for FY2021 grew 184% to $7.6M ($1.45 EPS) vs $0.51; PPP loan forgiveness contributed $0.51 EPS.
Total revenue up 15% to $50.6M; barrier rental revenue increased 44% to ~$10M; royalty revenue up 31% to $2.2M.
Q4 2021 revenue down 10% to $10.0M; operating loss of $179K vs income of $1.3M in Q4 2020.
Backlog rose to $29M from $19.6M; plans $5M for rental fleet expansion to ~550k linear feet.
Company expects slow Q1 2022 then increased sales in H2 2022; cites infrastructure bill as positive driver.

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