Smith-Midland Corporation (SMID)
NASDAQ (CM) NASDAQ (CM) Primary 
Smith-Midland Secures $7.5 Million Noise Wall Contract for Georgia Department of Transportation Project
COLUMBIA, SC / ACCESSWIRE / June 12, 2024 / Smith-Midland Corporation (NASDAQ:SMID), a provider of innovative, high-quality proprietary and patented precast concrete products and systems, has been awarded a new $7.5 million precast concrete noise wall contract for a Georgia Department of Transportation (GDOT) project. Smith-Midland South Carolina will manufacture more than 4,700 precast noise wall panels, with an Ashlar stone finish on both sides, for the I-285/I-20 interchange project, which is well known for having some of the worst traffic congestion in the country.
Smith-Midland Reports First Quarter 2024 Financial Results
Highest Quarterly Revenue of $16.8 Million; Backlog of $64.6 Million MIDLAND, VA / ACCESSWIRE / June 11, 2024 / Smith-Midland Corporation (NASDAQ:SMID) a provider of innovative, high-quality proprietary and patented precast concrete products and systems today announced its first quarter results for the period ended March 31, 2024. First Quarter 2024 Summary (compared to prior-year quarter) Revenue increased 30 percent to $16.8 million Product sales increased 30 percent to $10.8 million Service revenue increased 31 percent to $6.0 million Operating income of $1.5 million, compared to $54,000 Net income of $1.1 million, or $0.22 and $0.21 per basic and diluted share, respectively, compared to $80,000 or $0.02 per basic and diluted share Started construction to double the size of its North Carolina plant "We are off to a strong start in 2024, posting a 30 percent increase in revenue from the prior-year quarter and our highest quarterly revenue," said Ashley Smith, Chairman and Chief Executive Officer of Smith-Midland.
Otter Creek Rolls Out Strategic SMID ETF
On Monday, Otter Creek Advisors made its ETF debut with the Otter Creek Focus Strategy ETF (OCFS).The actively managed fund has a net expense ratio of 0.85%. It seeks to provide investors with access to long-term appreciation of capital. Securities within the portfolio are largely equities of small and midcap companies listed within the United States. This makes OCFS a beneficial option for investors seeking to avoid large and mega-cap overexposure. Otter Creek determines small to midcap companies as those that possess market caps between $500 million and $60 billion at the time of purchase. To choose assets to hold, Otter Creek employs a unique, vigorous screening process. First, companies across the small and midcap space get screened on competitive advantage, secular growth, a proven management team, and above-average financial profile. From there, remaining securities get then thinned out to prioritize long-term earnings growth, cash flow, and return on capital, amid other factors. This process continues until there are about 30-50 candidates remaining. In the final screening stage, the list of companies narrows based on growth outlook and internal rates of return. Otter Creek’s concentrated portfolio leaves room for about 20-35 small to midcap assets. Securities within the fund’s holdings will continue to be monitored to ensure optimal fund positioning. Additionally, the fund may invest up to 20% of assets toward U.S.-dollar-denominated foreign equity securities. These options include U.S. depository-issued American depositary receipts and global depositary receipts that trade on U.S. exchanges. The fund’s flexible strategy helps Otter Creek better position investments. OCFS aims to capture risk-adjusted opportunities by focusing on capital appreciation instead of growth or value The fund’s active management strategy bolsters this flexibility. An active management team can proactively reposition assets and shift portfolio weightings to best benefit from the current economic environment. For more news, information, and analysis, visit VettaFi | ETF Trends.
