Delaware | 54-1727060 |
(State or other jurisdiction of | |
incorporation or organization) | (I.R.S. EmployerIdentification No.) |
Large accelerated filer | ☐ | Accelerated filer | ☐ |
Non-accelerated filer | ☐ | Smaller reporting company | ☑ |
Emerging growth company | ☐ |
Title of each class | Trading Symbol | Name of each exchange on which registered |
Common Stock | SMID | OTCQX |
PART I. FINANCIAL INFORMATION | Page | ||
Item 1. | Financial Statements | ||
Condensed Consolidated Balance Sheets, March 31, 2019 (Unaudited) and December 31, 2018 | |||
Condensed Consolidated Statements of Operations (Unaudited) for the three months ended | |||
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) for the three months ended March 31, 2019 and | |||
Condensed Consolidated Statements of | |||
Condensed Consolidated Statements of Cash Flows (Unaudited) for the | |||
Notes to Condensed Consolidated Financial Statements (Unaudited) | |||
Item 2. | Management's Discussion and Analysis of Financial Condition and Results of Operations | ||
Item 3. | Quantitative and Qualitative Disclosures About Market Risk | ||
Item 4. | Controls and Procedures | ||
PART II. OTHER INFORMATION | |||
Item 1. | Legal Proceedings | ||
Item 1A. | Risk Factors | ||
Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | ||
Item 3. | Defaults Upon Senior Securities | ||
Item 4. | Mine Safety Disclosures | ||
Item 5. | Other Information | ||
Item 6. | Exhibits | ||
Signatures |
ASSETS | September 30, 2018 (Unaudited) | December 31, 2017 | March 31, 2019 (Unaudited) | December 31, 2018 | |||||
Current assets | |||||||||
Cash and cash equivalents | $ | 2,687 | $ | 3,390 | |||||
Cash | $3,033 | $1,946 | |||||||
Investment securities, available-for-sale, at fair value | 1,094 | 1,098 | 1,134 | 1,107 | |||||
Accounts receivable, net | |||||||||
Trade - billed (less allowance for doubtful accounts of $246 and $208) | 10,091 | 8,967 | |||||||
Trade - billed (less allowance for doubtful accounts of $228 and $214), including contract retentions | 9,540 | 12,281 | |||||||
Trade - unbilled | 496 | 251 | 564 | 1,313 | |||||
Inventories, net | |||||||||
Raw materials | 879 | 819 | 744 | 1,005 | |||||
Finished goods (less reserves of $39) | 2,383 | 2,696 | 2,303 | 2,555 | |||||
Prepaid expenses and other assets | 533 | 452 | 402 | 480 | |||||
Refundable income taxes | 1,325 | 1,359 | 394 | 909 | |||||
Total current assets | 19,488 | 19,032 | 18,114 | 21,596 | |||||
Property and equipment, net | 10,876 | 9,867 | 15,254 | 14,102 | |||||
Deferred buy-back lease asset, net | 4,321 | — | 5,531 | 5,304 | |||||
Other assets | 255 | 326 | 339 | 367 | |||||
Total assets | $ | 34,940 | $ | 29,225 | $39,238 | $41,369 |
LIABILITIES AND STOCKHOLDERS' EQUITY | September 30, 2018 (Unaudited) | December 31, 2017 | March 31, 2019 (Unaudited) | December 31, 2018 | |||||
Current liabilities | |||||||||
Accounts payable - trade | $ | 2,385 | $ | 3,059 | $2,730 | $4,212 | |||
Accrued expenses and other liabilities | 525 | 588 | 585 | 610 | |||||
Deferred revenue | 1,229 | 1,144 | 1,214 | 1,112 | |||||
Accrued compensation | 822 | 1,231 | 741 | 1,556 | |||||
Income taxes payable | 338 | — | |||||||
Dividend payable | — | 256 | — | 281 | |||||
Line-of-credit construction draw | 1,500 | 1,000 | |||||||
Deferred buy-back lease obligation | 755 | 720 | |||||||
Operating lease liabilities | 110 | — | |||||||
Current maturities of notes payable | 659 | 637 | 719 | 711 | |||||
Customer deposits | 1,415 | 919 | 544 | 1,658 | |||||
Total current liabilities | 7,373 | 7,834 | 8,898 | 11,860 | |||||
Deferred revenue | 651 | 570 | |||||||
Deferred buy-back lease obligation | 5,389 | — | 6,095 | 5,873 | |||||
Operating lease liabilities | 276 | — | |||||||
Notes payable - less current maturities | 2,744 | 2,896 | 2,606 | 2,792 | |||||
Deferred tax liability | 1,194 | 1,290 | 1,435 | 1,427 | |||||
Total liabilities | 16,700 | 12,020 | 19,961 | 22,522 | |||||
Stockholders’ equity | |||||||||
Preferred stock, $.01 par value; authorized 1,000,000 shares, none issued and outstanding | — | — | — | ||||||
Common stock, $.01 par value; authorized 8,000,000 shares; 5,225,648 and 5,214,148 issued and 5,080,395 and 5,047,895 outstanding, respectively | 52 | 51 | |||||||
Common stock, $.01 par value; authorized 8,000,000 shares; 5,225,245 and 5,223,245 issued and 5,134,492 and 5,112,825 outstanding, respectively | 51 | 51 | |||||||
Additional paid-in capital | 5,986 | 5,719 | 6,057 | 5,973 | |||||
Treasury stock, at cost, 40,920 shares | (102 | ) | (102 | ) | (102) | ||||
Accumulated other comprehensive loss | (41 | ) | (19 | ) | (22) | (37) | |||
Retained earnings | 12,345 | 11,556 | 13,293 | 12,962 | |||||
Total stockholders' equity | 18,240 | 17,205 | 19,277 | 18,847 | |||||
Total liabilities and stockholders' equity | $ | 34,940 | $ | 29,225 | $39,238 | $41,369 |
Three Months Ended March 31, | ||
2019 | 2018 | |
Revenue | ||
Product sales | $7,503 | $7,453 |
Barrier rentals | 573 | 309 |
Royalty income | 306 | 221 |
Shipping and installation revenue | 1,807 | 1,142 |
Total revenue | 10,189 | 9,125 |
�� | ||
Cost of goods sold | 7,967 | 7,534 |
Gross profit | 2,222 | 1,591 |
Operating expenses | ||
General and administrative expenses | 1,208 | 1,468 |
Selling expenses | 567 | 676 |
Total operating expenses | 1,775 | 2,144 |
Operating income (loss) | 447 | (553) |
Other income (expense) | ||
Interest expense | (44) | (46) |
Interest income | 11 | 10 |
Gain on sale of assets | 2 | 24 |
Other income | 14 | 8 |
Total other income (expense) | (17) | (4) |
Income (loss) before income tax expense | 430 | (557) |
Income tax expense (benefit) | 99 | (135) |
Net income (loss) | $331 | $(422) |
Basic and diluted earnings per share | $0.06 | $(0.08) |
Weighted average number of common shares outstanding: | ||
Basic | 5,134 | 5,114 |
Diluted | 5,142 | 5,114 |
Three Months Ended September 30, | |||||||
2018 | 2017 | ||||||
Revenue | |||||||
Product sales | $ | 6,828 | $ | 9,295 | |||
Barrier rentals | 540 | 319 | |||||
Royalty income | 465 | 483 | |||||
Shipping and installation revenue | 1,711 | 1,384 | |||||
Total revenue | 9,544 | 11,481 | |||||
Cost of goods sold | 6,951 | 8,303 | |||||
Gross profit | 2,593 | 3,178 | |||||
Operating expenses | |||||||
General and administrative expenses | 1,305 | 1,383 | |||||
Selling expenses | 624 | 564 | |||||
Total operating expenses | 1,929 | 1,947 | |||||
Operating income | 664 | 1,231 | |||||
Other income (expense) | |||||||
Interest expense | (44 | ) | (44 | ) | |||
Interest income | 10 | 9 | |||||
Gain on sale of assets | 51 | 15 | |||||
Other income | 11 | 11 | |||||
Total other income (expense) | 28 | (9 | ) | ||||
Income before income tax expense | 692 | 1,222 | |||||
Income tax expense | 172 | 474 | |||||
Net income | $ | 520 | $ | 748 | |||
Basic and diluted earnings per share | $ | 0.10 | $ | 0.15 | |||
Weighted average number of common shares outstanding: | |||||||
Basic | 5,080 | 5,054 | |||||
Diluted | 5,099 | 5,099 |
Three Months Ended September 30, | |||||||
2018 | 2017 | ||||||
Net income | $ | 520 | $ | 748 | |||
Other comprehensive loss, net of tax: | |||||||
Net unrealized holding loss (1) | (9 | ) | (1 | ) | |||
Comprehensive income | $ | 511 | $ | 747 | |||
Three Months Ended March 31, | ||
2019 | 2018 | |
Net income (loss) | $331 | $(422) |
Other comprehensive income (loss), net of tax: | ||
Net unrealized holding gain (loss) (1) | 15 | (14) |
Comprehensive income (loss) | $346 | $(436) |
Nine Months Ended September 30, | |||||||
2018 | 2017 | ||||||
Revenue | |||||||
Products sales | $ | 21,224 | $ | 21,853 | |||
Barrier rentals | 1,188 | 3,145 | |||||
Royalty income | 1,193 | 1,387 | |||||
Shipping and installation revenue | 4,897 | 5,321 | |||||
Total revenue | 28,502 | 31,706 | |||||
Cost of goods sold | 21,508 | 22,361 | |||||
Gross profit | 6,994 | 9,345 | |||||
Operating expenses | |||||||
General and administrative expenses | 4,059 | 3,840 | |||||
Selling expenses | 1,913 | 1,825 | |||||
Total operating expenses | 5,972 | 5,665 | |||||
Operating income | 1,022 | 3,680 | |||||
Other income (expense) | |||||||
Interest expense | (135 | ) | (135 | ) | |||
Interest income | 29 | 28 | |||||
Gain on sale of assets | 106 | 32 | |||||
Other income | 30 | 35 | |||||
Total other income (expense) | 30 | (40 | ) | ||||
Income before income tax expense | 1,052 | 3,640 | |||||
Income tax expense | 262 | 1,323 | |||||
Net income | $ | 790 | $ | 2,317 | |||
Basic income per share | $ | 0.16 | $ | 0.46 | |||
Diluted income per share | $ | 0.15 | $ | 0.46 | |||
Weighted average number of common shares outstanding: | |||||||
Basic | 5,078 | 5,036 | |||||
Diluted | 5,098 | 5,075 |
Common Stock | Additional Paid-in Capital | Treasury Stock | Accumulated Other Comprehensive Loss | Retained Earnings | Total | |
Balance, December 31, 2018 | $51 | $5,973 | $(102) | $(37) | $12,962 | $18,847 |
Net unrealized holding gain | — | — | — | 15 | — | 15 |
Vesting of restricted stock | — | 84 | — | — | — | 84 |
Net income | — | — | — | — | 331 | 331 |
Balance, March 31, 2019 | $51 | $6,057 | $(102) | $(22) | $13,293 | $19,277 |
Nine Months Ended September 30, | |||||||
2018 | 2017 | ||||||
Net income | $ | 790 | $ | 2,317 | |||
Other comprehensive income (loss), net of tax: | |||||||
Net unrealized holding gain (loss)(1) | (22 | ) | 6 | ||||
Comprehensive income | $ | 768 | $ | 2,323 | |||
Common Stock | Additional Paid-in Capital | Treasury Stock | Accumulated Other Comprehensive Loss | Retained Earnings | Total | |
Balance, December 31, 2017 | $51 | $5,719 | $(102) | $(19) | $11,556 | $17,205 |
Net unrealized holding loss | — | — | — | (14) | — | (14) |
Proceeds from options exercised | — | 6 | — | — | — | 6 |
Vesting of restricted stock | — | 117 | — | — | — | 117 |
Net loss | — | — | — | — | (422) | (422) |
Balance, March 31, 2018 | $51 | $5,842 | $(102) | $(33) | $11,134 | $16,892 |
Nine Months Ended September 30, | Three Months Ended March 31, | ||||||||
2018 | 2017 | 2019 | 2018 | ||||||
Cash flows from operating activities: | |||||||||
Net income | $ | 790 | $ | 2,317 | |||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||
Net income (loss) | $331 | $(422) | |||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||||||||
Depreciation and amortization | 840 | 694 | 426 | 248 | |||||
Gain on sale of assets | (106 | ) | (32 | ) | (2) | (24) | |||
Allowance for doubtful accounts | 39 | (119 | ) | 15 | 71 | ||||
Stock compensation | 256 | 290 | 84 | 117 | |||||
Deferred taxes | (97 | ) | (63 | ) | 3 | (142) | |||
(Increase) decrease in | |||||||||
Accounts receivable - billed | (1,163 | ) | (3,461 | ) | 2,727 | (937) | |||
Accounts receivable - unbilled | (246 | ) | 76 | 750 | (300) | ||||
Inventories | 254 | (419 | ) | 514 | 515 | ||||
Prepaid expenses and other assets | (44 | ) | (149 | ) | 514 | (31) | |||
Refundable income taxes | 33 | 96 | 92 | 31 | |||||
Increase (decrease) in | |||||||||
Accounts payable - trade | (674 | ) | 462 | (1,482) | (325) | ||||
Accrued expenses and other liabilities | (63 | ) | 179 | (25) | 107 | ||||
Deferred revenue | 85 | 622 | 182 | 101 | |||||
Accrued compensation | (409 | ) | 132 | (815) | (610) | ||||
Accrued income taxes payable | 339 | — | |||||||
Deferred buy-back lease obligation, net | 5,389 | — | |||||||
Deferred buy-back lease obligation | 258 | 1,344 | |||||||
Customer deposits | 495 | 1,051 | (1,113) | (170) | |||||
Net cash provided by operating activities | 5,718 | 1,676 | |||||||
Net cash provided by (used in) operating activities | 2,459 | (427) | |||||||
Cash flows from investing activities: | |||||||||
Purchases of investment securities available-for-sale | (24 | ) | (28 | ) | (8) | ||||
Purchases of property and equipment | (1,737 | ) | (2,569 | ) | (1,049) | (860) | |||
Deferred buy-back lease asset | (4,400 | ) | — | (358) | (1,076 ) | ||||
Proceeds from sale of fixed assets | 113 | 37 | 2 | 38 | |||||
Net cash used in investing activities | (6,048 | ) | (2,560 | ) | (1,413) | (1,906) | |||
Cash flows from financing activities: | |||||||||
Proceeds from the line-of-credit construction draw | 500 | — | |||||||
Proceeds from long-term borrowings | 350 | 183 | — | 350 | |||||
Repayments of long-term borrowings | (479 | ) | (435 | ) | (178) | (151) | |||
Dividends paid on common stock | (256 | ) | (49 | ) | (281) | (256) | |||
Proceeds from options exercised | 12 | 117 | — | 6 | |||||
Net cash used in financing activities | (373 | ) | (184 | ) | |||||
Net decrease in cash and cash equivalents | (703 | ) | (1,068 | ) | |||||
Cash and cash equivalents | |||||||||
Net cash provided by (used in) financing activities | 41 | (51) | |||||||
Net increase (decrease) in cash | 1,087 | (2,384) | |||||||
Cash | |||||||||
Beginning of period | 3,390 | 3,523 | 1,946 | 3,390 | |||||
End of period | $ | 2,687 | $ | 2,455 | $3,033 | $1,006 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||
2018 | 2017 | Change | % of Change | 2018 | 2017 | Change | % of Change | ||||||||||||||
Product Sales: | |||||||||||||||||||||
Soundwall Sales | $ | 2,334 | $ | 2,368 | $ | (34 | ) | (1)% | $ | 7,339 | $ | 5,024 | $ | 2,315 | 46% | ||||||
Architectural Panel Sales | 41 | 551 | (510 | ) | (93)% | 498 | 569 | (71 | ) | (12)% | |||||||||||
SlenderWall Sales | 1,637 | 913 | 724 | 79% | 4,203 | 912 | 3,291 | 361% | |||||||||||||
Miscellaneous Wall Sales | 87 | 639 | (552 | ) | (86)% | 846 | 2,012 | (1,166 | ) | (58)% | |||||||||||
Barrier Sales | 1,749 | 3,615 | (1,866 | ) | (52)% | 5,624 | 9,684 | (4,060 | ) | (42)% | |||||||||||
Easi-Set and Easi-Span Building Sales | 496 | 730 | (234 | ) | (32)% | 1,557 | 2,127 | (570 | ) | (27)% | |||||||||||
Utility and Farm Product Sales | 429 | 322 | 107 | 33% | 890 | 1,129 | (239 | ) | (21)% | ||||||||||||
Miscellaneous Product Sales | 55 | 157 | (102 | ) | (65)% | 267 | 396 | (129 | ) | (33)% | |||||||||||
Total Product Sales | 6,828 | 9,295 | (2,467 | ) | (27)% | 21,224 | 21,853 | (629 | ) | (3)% | |||||||||||
Barrier Rentals | 540 | 319 | 221 | 69% | 1,188 | 3,145 | (1,957 | ) | (62)% | ||||||||||||
Royalty Income | 465 | 483 | (18 | ) | (4)% | 1,193 | 1,387 | (194 | ) | (14)% | |||||||||||
Shipping and Installation Revenue | 1,711 | 1,384 | 327 | 24% | 4,897 | 5,321 | (424 | ) | (8)% | ||||||||||||
Total Service Revenue | 2,716 | 2,186 | 530 | 24% | 7,278 | 9,853 | (2,575 | ) | (26)% | ||||||||||||
Total Revenue | $ | 9,544 | $ | 11,481 | $ | (1,937 | ) | (17)% | $ | 28,502 | $ | 31,706 | $ | (3,204 | ) | (10)% |
Revenue by Type | Three Months Ended March 31, | |||
2019 | 2018 | Change | % of Change | |
Product Sales: | ||||
Soundwall Sales | $2,114 | $2,480 | $(366) | (15)% |
Architectural Panel Sales | — | 213 | (213) | (100)% |
SlenderWall Sales | 1,963 | 1,143 | 820 | 72% |
Miscellaneous Wall Sales | 363 | 493 | (130) | (26)% |
Barrier Sales | 1,591 | 2,285 | (694) | (30)% |
Easi-Set and Easi-Span Building Sales | 1,034 | 502 | 532 | 106% |
Utility Sales | 308 | 214 | 94 | 44% |
Miscellaneous Sales | 130 | 123 | 7 | 6% |
Total Product Sales | 7,503 | 7,453 | 50 | 1% |
Barrier Rentals | 573 | 309 | 264 | 85% |
Royalty Income | 306 | 221 | 85 | 38% |
Shipping and Installation Revenue | 1,807 | 1,142 | 665 | 58% |
Total Service Revenue | 2,686 | 1,672 | 1,014 | 61% |
Total Revenue | $10,189 | $9,125 | $1,064 | 12% |
Three Months Ended March 31, | ||
2019 | 2018 | |
Basic income (loss) per share | ||
Net income (loss) | $331 | $(422) |
Weighted average shares outstanding | 5,134 | 5,114 |
Basic income (loss) per share | $0.06 | $(0.08) |
Diluted income (loss) per share | ||
Net income (loss) | $331 | $(422) |
Weighted average shares outstanding | 5,134 | 5,114 |
Dilutive effect of stock options and restricted stock | 8 | — |
Total weighted average shares outstanding | 5,142 | 5,114 |
Diluted income (loss) per share | $0.06 | $(0.08) |
Three Months Ended September 30, | |||||||
2018 | 2017 | ||||||
Basic income per share | |||||||
Net income | $ | 520 | $ | 748 | |||
Weighted average shares outstanding | 5,080 | 5,054 | |||||
Basic income per share | $ | 0.10 | $ | 0.15 | |||
Diluted income per share | |||||||
Net income | $ | 520 | $ | 748 | |||
Weighted average shares outstanding | 5,080 | 5,054 | |||||
Dilutive effect of stock options and restricted stock | 19 | 45 | |||||
Total weighted average shares outstanding | 5,099 | 5,099 | |||||
Diluted income per share | $ | 0.10 | $ | 0.15 | |||
Nine Months Ended September 30, | |||||||
2018 | 2017 | ||||||
Basic income per share | |||||||
Net income | $ | 790 | $ | 2,317 | |||
Weighted average shares outstanding | 5,078 | 5,036 | |||||
Basic income per share | $ | 0.16 | $ | 0.46 | |||
Diluted income per share | |||||||
Net income | $ | 790 | $ | 2,317 | |||
Weighted average shares outstanding | 5,078 | 5,036 | |||||
Dilutive effect of stock options and restricted stock | 20 | 39 | |||||
Total weighted average shares outstanding | 5,098 | 5,075 | |||||
Diluted income per share | $ | 0.15 | $ | 0.46 |
Number of Shares | Weighted Average Exercise Price | ||||
Balance, December 31, 2017 | 10,333 | $ | 1.21 | ||
Granted | — | — | |||
Forfeited | — | — | |||
Exercised | (10,333 | ) | (1.21 | ) | |
Outstanding options at September 30, 2018 | — | $ | — | ||
Outstanding exercisable options at September 30, 2018 | — | $ | — | ||
Number of Shares | Weighted Average Grant Date Fair Value per Share | ||||||
Number of Shares | Weighted Average Grant Date Fair Value per Share | ||||||
Balance, December 31, 2017 | 125,333 | $ | 5.13 | ||||
Balance, December 31, 2018 | 69,500 | $5.19 | |||||
Granted | 2,500 | 7.00 | 2,000 | 7.43 | |||
Vested | (22,167 | ) | (5.62 | ) | (21,667) | (5.63) | |
Forfeited | (1,333 | ) | (4.95 | ) | — | ||
Non-vested, end of period | 104,333 | $ | 5.14 | 49,833 | $5.15 | ||
Revenue by Type (Disaggregated Revenue) | ||||
2019 | 2018 | Change | % of Change | |
Product Sales: | ||||
Soundwall Sales | $2,114 | $2,480 | $(366) | (15)% |
Architectural Panel Sales | — | 213 | (213) | (100)% |
SlenderWall Sales | 1,963 | 1,143 | 820 | 72% |
Miscellaneous Wall Sales | 363 | 493 | (130) | (26)% |
Barrier Sales | 1,591 | 2,285 | (694) | (30)% |
Easi-Set and Easi-Span Building Sales | 1,034 | 502 | 532 | 106% |
Utility Sales | 308 | 214 | 94 | 44% |
Miscellaneous Sales | 130 | 123 | 7 | 6% |
Total Product Sales | 7,503 | 7,453 | 50 | 1% |
Barrier Rentals | 573 | 309 | 264 | 85% |
Royalty Income | 306 | 221 | 85 | 38% |
Shipping and Installation Revenue | 1,807 | 1,142 | 665 | 58% |
Total Service Revenue | 2,686 | 1,672 | 1,014 | 61% |
Total Revenue | $10,189 | $9,125 | $1,064 | 12% |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||
2018 | 2017 | Change | % of Change | 2018 | 2017 | Change | % of Change | ||||||||||||||
Product Sales: | |||||||||||||||||||||
Soundwall Sales | $ | 2,334 | $ | 2,368 | $ | (34 | ) | (1)% | $ | 7,339 | $ | 5,024 | $ | 2,315 | 46% | ||||||
Architectural Panel Sales | 41 | 551 | (510 | ) | (93)% | 498 | 569 | (71 | ) | (12)% | |||||||||||
SlenderWall Sales | 1,637 | 913 | 724 | 79% | 4,203 | 912 | 3,291 | 361% | |||||||||||||
Miscellaneous Wall Sales | 87 | 639 | (552 | ) | (86)% | 846 | 2,012 | (1,166 | ) | (58)% | |||||||||||
Barrier Sales | 1,749 | 3,615 | (1,866 | ) | (52)% | 5,624 | 9,684 | (4,060 | ) | (42)% | |||||||||||
Easi-Set and Easi-Span Building Sales | 496 | 730 | (234 | ) | (32)% | 1,557 | 2,127 | (570 | ) | (27)% | |||||||||||
Utility and Farm Product Sales | 429 | 322 | 107 | 33% | 890 | 1,129 | (239 | ) | (21)% | ||||||||||||
Miscellaneous Product Sales | 55 | 157 | (102 | ) | (65)% | 267 | 396 | (129 | ) | (33)% | |||||||||||
Total Product Sales | 6,828 | 9,295 | (2,467 | ) | (27)% | 21,224 | 21,853 | (629 | ) | (3)% | |||||||||||
Barrier Rentals | 540 | 319 | 221 | 69% | 1,188 | 3,145 | (1,957 | ) | (62)% | ||||||||||||
Royalty Income | 465 | 483 | (18 | ) | (4)% | 1,193 | 1,387 | (194 | ) | (14)% | |||||||||||
Shipping and Installation Revenue | 1,711 | 1,384 | 327 | 24% | 4,897 | 5,321 | (424 | ) | (8)% | ||||||||||||
Total Service Revenue | 2,716 | 2,186 | 530 | 24% | 7,278 | 9,853 | (2,575 | ) | (26)% | ||||||||||||
Total Revenue | $ | 9,544 | $ | 11,481 | $ | (1,937 | ) | (17)% | $ | 28,502 | $ | 31,706 | $ | (3,204 | ) | (10)% |
Exhibit No. | Exhibit Description | |
Contract for Purchase and Sale, dated February 16, 2016, between Nelson Cherry Properties, LLC and Smith-Columbia Corporation (Incorporated by reference to the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on July 27, 2016). | ||
Promissory Note, dated July 19, 2016, in the amount of $1,317,500 issued by the Company to Summit Community Bank (Incorporated by reference to the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on July 27, 2016). | ||
Commercial Security Agreement, dated July 19, 2016, between the Company, as debtor, and Summit Community Bank, as secured party, related to Company’s note payable in the amount of $1,317,500 with Summit Community Bank (Incorporated by reference to the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on July 27, 2016). | ||
Commitment Letter, dated September | ||
Commitment Letter, dated September | ||
Promissory Note, dated October | ||
2016 Equity Incentive Plan (Incorporated by reference to the Registration Statement on Form S-8 (No. 333-214788) filed on November 23, 2016). | ||
Code of Professional Conduct (Incorporated by reference to the Company’s Annual Report on Form 10-KSB for the year ended December 31, 2003). | ||
Certification of the Chief Executive Officer pursuant to Rule 13a-14(a) or 15d-14(a) under the Securities Exchange Act of 1934. | ||
Certification of the Principal Financial Officer pursuant to Rule 13a-14(a) or 15d-14(a) under the Securities Exchange Act of 1934. | ||
Certification pursuant 18 U.S.C. Section 1350 as adapted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | ||
101.INS | XBRL Instance Document. | |
101.SCH | XBRL Taxonomy Extension Schema Document. | |
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document. | |
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document. | |
101.LAB | XBRL Taxonomy Extension Label Linkbase Document. | |
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document. |
SMITH-MIDLAND CORPORATION (Registrant) | ||||
Date: | By: | /s/ Ashley B. Smith | ||
Ashley B. Smith, Chief Executive Officer | ||||
(Principal Executive Officer) | ||||
Date: | By: | /s/ Adam J. Krick | ||
Adam J. Krick, Chief Financial Officer | ||||
(Principal Financial Officer) |