Smith-Midland Corporation (the "Company") invents, develops, manufactures,
markets, leases, licenses, sells, and installs a broad array of precast concrete
products for use primarily in the construction, highway, utilities and farming
industries through its five wholly-owned subsidiaries. The Companys precast
and barrier rental customers are primarily general contractors and federal,
state, and local transportation authorities located in the Mid-Atlantic, Northeastern,
Midwestern and Southeastern regions of the United States. The Companys operating
strategy has involved producing innovative and proprietary products, including
SlenderWall™, a patented, lightweight, energy efficient concrete and steel
exterior wall panel for use in building construction; J-J Hooks® Highway
Safety Barrier, a patented, positive-connected highway safety barrier; SoftSound™,
a proprietary sound absorptive finish used on the face of sound barriers to
absorb some of the traffic noise; Sierra Wall™, a sound barrier primarily
for roadside use; Easi-Set™ and Easi-Span™ transportable concrete
buildings with patented features; and Beach Prisms™ erosion mitigating
modules. In addition, the Companys precast subsidiaries produce farm products
such as cattleguards and water and feed troughs as well as custom order precast
concrete products with various architectural surfaces, as well as generic highway
sound barriers, retaining walls and utility vaults.
The Company was incorporated in Delaware on August 2, 1994. Prior to a corporate
reorganization completed in October 1994, the Company conducted its business
primarily through Smith-Midland Virginia, which was incorporated in 1960 as
Smith Cattleguard Company, a Virginia corporation, and which subsequently changed
its name to Smith-Midland Corporation in 1985. The Company’s principal
offices are located at 5119 Catlett Road, Midland, Virginia 22728 and its telephone
number is 540-439-3266. As used in this report, unless the context otherwise
requires, the term the “Company” refers to Smith-Midland Corporation
and its subsidiaries. The Company’s wholly owned subsidiaries consist
of Smith-Midland Corporation, a Virginia corporation; Smith-Carolina Corporation,
a North Carolina corporation; Easi-Set Industries, Inc., a Virginia corporation;
Concrete Safety Systems, Inc., a Virginia corporation; and Midland Advertising
and Design, Inc., a Virginia corporation doing business as Midland Advertising
+ Design.
The Companys precast and barrier rental market primarily consists of general
contractors performing public and private construction contracts, including
the construction of commercial buildings, public and private roads and highways,
and airports, municipal utilities, and federal, state, and local transportation
authorities, primarily located in the Mid-Atlantic, Northeastern, Midwestern
and Southeastern states. Due to the lightweight characteristics of the SlenderWall™
exterior cladding system, the Company has expanded its competitive services
outside of the Mid-Atlantic states. The Companys licensing subsidiary licenses
its proprietary products to precast concrete manufacturers nationwide and internationally
in Canada, Belgium, New Zealand, Australia, Mexico, Trinidad, Spain, and Chile.
The precast concrete products market is affected by the cyclical nature of
the construction industry. In addition, the demand for construction varies depending
upon weather conditions, the availability of financing at reasonable interest
rates, overall fluctuations in the national and regional economies, past overbuilding,
labor relations in the construction industry, and the availability of material
and energy supplies. A substantial portion of the Companys business is derived
from local, state, and federal building projects, which are further dependent
upon budgets and, in many cases, voter-approved bonds.
41.98 %