Smith-Midland Corporation Announces Q2 2023 Financial Results

In contrast to the drop in net income, Smith-Midland Corporation's revenue experienced remarkable growth. The company reported total revenue of $14,698,000 for the second quarter of 2023, a significant increase from the $13,253,000 reported during the same period in 2022. The revenue growth is driven by various sources, including product sales, barrier rentals, royalty income, and shipping and installation revenue.

Current Assets and Liabilities

To better understand the financial position of Smith-Midland Corporation, it's essential to look at the company's balance sheet. As of June 30, 2023, the company's current assets stood at $28,475,000. These assets include cash, accounts receivable (both billed and unbilled), inventories, prepaid expenses, and refundable income taxes.

On the other hand, the company reported current liabilities of $13,006,000. These include accounts payable, accrued expenses, deferred revenue, accrued compensation, and customer deposits.

Property and Equipment

Smith-Midland Corporation's property and equipment, net of depreciation, was valued at $26,886,000 as of June 30, 2023. This includes assets such as land, buildings, and machinery used in the production of precast concrete products.

Stockholders' Equity

The company's stockholders' equity as of June 30, 2023, was $32,461,000. This includes common stock, additional paid-in capital, treasury stock, and retained earnings.

Operating Activities

The company's cash flow from operating activities resulted in a net positive of $1,082,000 for the first six months of 2023. This figure reflects the cash generated by the company's core operations and is a critical indicator of financial health.

Investing Activities

Smith-Midland Corporation reported cash flows used in investing activities of $2,775,000 during the same period. These activities primarily relate to property and equipment purchases and deferred buy-back asset transactions.

Financing Activities

Cash flows from financing activities showed a net decrease of $306,000. This reflects the company's repayment of long-term borrowings during the first half of 2023.

Smith-Midland Corporation's financial results for the second quarter of 2023 indicate a decline in net income but substantial growth in revenue. The company continues to invest in its operations and manage its financial resources to support its business activities. These results provide valuable insights into the company's performance and financial stability. Smith-Midland Corporation remains committed to its mission as a leader in the precast concrete industry.