MIDLAND, VA / ACCESS Newswire / March 31, 2025 / Smith-Midland Corporation (NASDAQ:SMID) (the "Company"), a provider of innovative, high-quality proprietary and patented precast concrete products and systems, today announced that it has filed a Form 12b-25 with the Securities and Exchange Commission to provide notice of the late filing of its Annual Report on Form 10-K ("Form 10-K") for the year ended December 31, 2024. The company expects to file its Form 10-K on or before April 15, 2025.
The Company requires additional time to complete its financial reporting close process, including management's assessment of the Company's internal control over financial reporting, as to which material weakness existence will be made, and to gather information required to complete auditing procedures.
Preliminary Full-Year Revenue Outlook
The Company also announced its 2024 full-year revenue is expected to be in the range of $77 to $79 million, representing a 31% annual increase at the midpoint. The increase is primarily driven by higher Soundwall and utility sales as well as an increase in barrier rental and shipping and installation revenue.
About Smith-Midland
Smith-Midland develops, manufactures, licenses, rents, and sells a broad array of precast concrete products and systems for use primarily in the construction, transportation, and utility industries.
Smith-Midland Corporation has three manufacturing facilities in Midland, VA, Reidsville, NC, and Columbia, SC, and a J-J Hooks® Safety Barrier rental firm, Concrete Safety Systems. 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 which 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, general business and economic conditions, 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.
Investor Relations:
Steven Hooser
Three Part Advisors, LLC
(214) 872-2710
SOURCE: Smith-Midland
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