secwatch.observer — SEC 8-K summary
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Issuer:     SMITH MIDLAND CORP (SMID)
CIK:        0000924719
Form:       8-K
Filed at:   2023-04-18T23:59:59+00:00
Accession:  0001654954-23-004875
Event type: earnings
Sentiment:  neutral
Materiality: 0.65
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Smith-Midland Q4 revenue up 45% to $14.5M; record backlog of $52.4M
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- Q4 net income $4K (breakeven diluted EPS); full-year net income $800K ($0.15 EPS) vs $7.6M ($1.45) in 2021.
- Full-year revenue $50.1M, nearly flat vs $50.6M; gross margin fell to 18.9% from 28.5% on higher costs.
- Backlog rose 81% YoY to $52.4M; includes $8.6M NCDOT contract, $5M SoftSound noise walls, $6M architectural project.
- Rental barrier fleet expanded from 250K to 550K linear feet; capital spending $5.3M.
- Cash $6.7M vs $13.5M; debt $6.3M; management expects sales growth starting Q2-Q3 2023.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/924719/000165495423004875/0001654954-23-004875-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/924719/000165495423004875/smid_8k.htm
  HTML page:      https://secwatch.observer/filing/0001654954-23-004875

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer