MIDLAND, VA – Smith Midland Corp. (NASDAQ:SMID), a manufacturer of concrete products, announced the outcomes of its Annual Meeting of Stockholders held on Tuesday, August 7, 2024. The company confirmed the re-election of its board of directors and the ratification of its independent registered public accounting firm for the upcoming fiscal year.
During the meeting, stockholders cast their votes on several key proposals. Ashley B. Smith, James Russell Bruner, Matthew I. Smith, Read Van de Water, and Richard Gerhardt were elected to serve as directors until the next Annual Meeting, with Ashley B. Smith receiving the highest number of votes for re-election.
In addition to the election of directors, stockholders also voted on the appointment of BDO USA, LLP as the company's independent registered public accounting firm for the year ending December 31, 2024. This proposal was overwhelmingly approved with a significant majority of the votes cast in favor.
The detailed voting results for the election of directors were as follows:
- Ashley B. Smith: 2,890,006 votes for, 4,384 withheld
- James Russell Bruner: 2,846,330 for, 48,060 withheld
- Matthew I. Smith: 2,820,110 for, 74,280 withheld
- Read Van de Water: 2,850,549 for, 43,841 withheld
- Richard Gerhardt: 2,808,740 for, 85,650 withheld
The ratification of BDO USA, LLP as the accounting firm passed with 2,904,215 votes for, 47 against, and 670 abstained.
This news is based on a press release statement and reflects the events of the Annual Meeting as reported to the Securities and Exchange Commission.
In other recent news, Smith-Midland Corporation has secured a significant $7.5 million contract to produce noise-reducing walls for a Georgia Department of Transportation project. This project, one of the largest in the company's history, is aimed at improving traffic flow and safety at a notorious congestion point near Atlanta. The company's South Carolina facility is set to manufacture over 4,700 precast noise wall panels for this initiative.
In addition to this development, Smith-Midland has regained compliance with Nasdaq listing standards after facing potential listing issues due to delayed financial reporting. The company has now filed its Annual Report on Form 10-K for the year ending December 31, 2023.
Preliminary financial data from Smith-Midland suggests a promising outlook, with an increase in revenue and a significant rise in net income for the first quarter of 2024 compared to the same period in the previous year. However, these figures are tentative and subject to revisions.
These are the recent developments for Smith-Midland Corporation.
InvestingPro Insights
Smith Midland Corp. (NASDAQ:SMID), while navigating through pivotal corporate events such as securing substantial contracts and maintaining Nasdaq compliance, also presents an interesting financial profile according to InvestingPro metrics. As of the last twelve months leading up to Q1 2024, the company has exhibited a robust revenue growth of 20.85%, signaling a positive trajectory in its financial performance. This growth is further accentuated in the quarterly revenue increase of 30.48% for Q1 2024, highlighting the company's ability to generate sales and expand its market share.
The company's market capitalization stands at $152.53 million, with a notably high price-to-earnings (P/E) ratio of 82.24, reflecting investor confidence in its future earnings potential. This confidence may be bolstered by the company's ability to effectively manage its finances; an InvestingPro Tip notes that Smith Midland operates with a moderate level of debt, which could be a reassuring sign for investors concerned about financial risk.
Despite the positive revenue growth and sound debt management, the company's high earnings and EBITDA valuation multiples—P/E ratio at 91.79 and price/book ratio at 4.32—suggest that the stock is trading at a premium. This valuation is further supported by another InvestingPro Tip indicating that the company's liquid assets exceed its short-term obligations, providing a cushion for operational needs and potential investments.
For those interested in a deeper analysis, InvestingPro offers additional insights on Smith Midland Corp., with a total of 9 InvestingPro Tips available on their platform (https://www.investing.com/pro/SMID).
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