Smith-Midland Q1 revenue up 23% to $12.8M; net income $0.02/share, backlog $51.4M

SMITH MIDLAND CORP

2023-Q1 EPS reported $0.02 revenue$12,842,000

Revenue $12.8M (+23% YoY); product sales $8.2M (+41%), service revenue flat at $4.6M.
Net income $80k ($0.02 diluted) vs net loss $119k in Q1 2022; operating income $54k.
Backlog $51.4M as of May 2023; awarded $6M architectural panels and $5M SoftSound noise wall contracts.
Cash $3.9M, debt $6.2M at March 31, 2023; capital spending $1.2M in Q1.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

SMITH MIDLAND CORP reported the period ended March 31, 2023 results: revenue $12.8 million, net income $80,000, EPS $0.02 per diluted share.

Period: the period ended March 31, 2023
Revenue: $12.8 million
Net income: $80,000
EPS: $0.02 per diluted share
Result: reported results

Exact text from the filing

· Revenue increased 23 percent to $12.8 million from $10.4 million · Product sales increased 41 percent to $8.2 million from $5.9 million · Service revenue unchanged at $4.6 million · Operating income of $54,000, a $227,000 improvement · Net income of $80,000, or $0.02 per diluted share

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Source: SEC EDGAR

accession 0001654954-23-006731

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