Smith-Midland Announces Delayed Filing of 2024 Form 10-K and Announces Preliminary Full-Year Revenue
Rhea-AI Summary
Smith-Midland (NASDAQ:SMID) announced a delay in filing its 2024 Form 10-K annual report, with an expected submission by April 15, 2025. The delay is attributed to the need for additional time to complete financial reporting processes and management's assessment of internal control, with potential material weakness to be disclosed.
On a positive note, the company released preliminary revenue guidance for 2024, projecting $77-79 million in full-year revenue. This represents a significant 31% increase year-over-year, driven primarily by higher Soundwall and utility sales, along with increased barrier rental and shipping/installation revenue.
Positive
- Projected revenue of $77-79 million for 2024
- 31% year-over-year revenue growth
- Increased sales in Soundwall and utility segments
- Growth in barrier rental and shipping/installation revenue
Negative
- Delayed filing of 2024 Form 10-K annual report
- Potential material weakness in internal control over financial reporting
- Additional time needed for financial reporting close process
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
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
View the original press release on ACCESS Newswire
FAQ
What is Smith-Midland's projected revenue for 2024?
Why is Smith-Midland (SMID) delaying its 2024 10-K filing?
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What drove Smith-Midland's revenue growth in 2024?
