Smith-Midland Reports First Quarter 2024 Financial Results
Smith-Midland Reports First Quarter 2024 Financial Results
Highest Quarterly Revenue of $16.8 Million; Backlog of $64.6 Million
最高季度收入爲1,680萬美元；待辦事項爲6,460萬美元
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.
弗吉尼亞州米德蘭/ACCESSWIRE/2024年6月11日/創新、高質量專有和專利預製混凝土產品和系統的提供商史密斯-米德蘭公司（納斯達克股票代碼：SMID）今天公佈了截至2024年3月31日的第一季度業績。
First Quarter 2024 Summary (compared to prior-year quarter)
2024 年第一季度摘要（與去年同期相比）
- 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
- 收入增長了30％，達到1,680萬美元
- 產品銷售額增長了30％，達到1,080萬美元
- 服務收入增長了31％，達到600萬美元
- 營業收入爲150萬美元，而營業收入爲54,000美元
- 淨收益爲110萬美元，基本和攤薄每股收益分別爲0.22美元和0.21美元，而基本和攤薄後每股收益爲8萬美元，合0.02美元
- 開始施工，將其北卡羅來納州工廠的規模擴大一倍
"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. "The increase was primarily driven by increased production of our soundwall and utility products and increased shipping and installation. We are experiencing a strong demand for our utility vaults in response to the continued growth of data centers. Our prospects for the remainder of the year remain very favorable, thanks to the inflow of infrastructure funding expected in the latter half of 2024 at the state and local level, as well as our backlog. We remain well-positioned to deliver strong growth and create long-term value for our shareholders."
史密斯-米德蘭董事長兼首席執行官阿什利·史密斯表示：“我們在2024年有了一個良好的開端，收入比上年同期增長了30％，季度收入最高。”“增長主要是由我們的隔音牆和公用事業產品的產量增加以及運輸和安裝的增加所推動的。爲了應對數據中心的持續增長，我們對公用事業金庫的需求強勁。由於預計2024年下半年州和地方層面的基礎設施資金將流入以及我們的積壓，我們在今年剩餘時間內的前景仍然非常樂觀。我們仍然處於有利地位，可以實現強勁增長，爲股東創造長期價值。”
First Quarter 2024 Results
2024 年第一季度業績
The Company reported 2024 first quarter revenues of $16.8 million compared to revenues of $12.8 million in the first quarter of 2023. Product sales for the quarter were $10.8 million, a 30 percent increase from the prior-year quarter. Service revenue, which includes barrier rentals, royalty income and shipping and installation, increased 31 percent from the prior-year quarter to $6.0 million.
該公司報告稱，2024年第一季度收入爲1,680萬美元，而2023年第一季度的收入爲1,280萬美元。該季度的產品銷售額爲1,080萬美元，比上年同期增長30％。包括屏障租金、特許權使用費收入以及運輸和安裝在內的服務收入比上年同期增長了31％，達到600萬美元。
Gross profit increased to $3.9 million compared to $2.2 million in the prior year quarter due to the higher revenue base. Gross margin for the quarter improved by 480 basis points from the previous year's quarter to 23%, due primarily to higher production volume and better fixed cost absorption.
由於收入基礎的提高，毛利從上一季度的220萬美元增至390萬美元。該季度的毛利率比上年同期提高了480個點子，達到23％，這主要是由於產量的增加和固定成本吸收的改善。
Operating income for the quarter was $1.5 million compared to $54,000 in the prior-year quarter. Net income for the first quarter was $1.1 million, or $0.22 and $0.21 per basic and diluted share, respectively, compared to net income of $80,000, or $0.02 per basic and diluted share in the first quarter of 2023.
該季度的營業收入爲150萬美元，而去年同期爲54,000美元。第一季度的淨收益爲110萬美元，基本和攤薄後每股收益分別爲0.22美元和0.21美元，而2023年第一季度的淨收益爲8萬美元，基本和攤薄後每股收益爲0.02美元。
Product Sales
產品銷售
Total product sales for the first quarter of 2024 were $10.8 million compared to $8.2 million in the prior-year quarter. Soundwall sales were $3.0 million compared to $1.0 million in the first quarter of 2023. The increase is primarily related to higher production volumes, specifically at the North Carolina and South Carolina plants. Miscellaneous wall sales increased to $1.8 million from $1.2 million in the prior-year quarter due to increased production volumes at the Virginia and South Carolina plants. Utility product sales increase to $1.7 million for the first quarter of 2024 compared to $275,000 in the prior-year quarter. Barrier sales were $1.7 million compared to $2.8 million in the first quarter of 2023.
2024年第一季度的產品總銷售額爲1,080萬美元，而去年同期爲820萬美元。Soundwall的銷售額爲300萬美元，而2023年第一季度爲100萬美元。這一增長主要與產量的增加有關，特別是在北卡羅來納州和南卡羅來納州的工廠。由於弗吉尼亞州和南卡羅來納州工廠的產量增加，雜項牆銷售額從去年同期的120萬美元增至180萬美元。公用事業產品的銷售額從去年同期的27.5萬美元增至2024年第一季度的170萬美元。壁壘銷售額爲170萬美元，而2023年第一季度爲280萬美元。
Service Revenue
服務收入
Service revenue, which is comprised of royalty income, barrier rental revenue, and shipping and installation totaled $6.0 million, compared to $4.6 million in the first quarter of 2023. Shipping and installation revenue increased 48 percent from the previous year quarter to $4.5 million. The increase is mainly attributable to the shipping and installation of SlenderWall and architectural panels that were previously produced throughout 2023. Royalty income totaled $575,000 compared to $411,000 in the first quarter of 2023, due to higher barrier production volumes by the Company's licensees. Barrier rental revenue for the first quarter of 2024 was $893,000 compared to $1.1 million in the prior-year quarter due to a shift towards longer-term rental projects from short-term rental projects.
服務收入包括特許權使用費收入、障礙租金收入以及運輸和安裝，總額爲600萬美元，而2023年第一季度爲460萬美元。運輸和安裝收入比上一季度增長了48％，達到450萬美元。這一增長主要歸因於先前在2023年全年生產的SlenderWall和建築面板的運輸和安裝。特許權使用費收入總額爲57.5萬美元，而2023年第一季度爲41.1萬美元，這是由於公司被許可人的壁壘產量增加。由於短期租賃項目轉向長期租賃項目，2024年第一季度的障礙租金收入爲89.3萬美元，而去年同期爲110萬美元。
Balance Sheet and Liquidity
資產負債表和流動性
As of March 31, 2024, Smith-Midland's cash totaled $6.8 million compared to cash totaling $9.2 million at the end of 2023. Account receivables totaled $20.1 million and debt totaled $5.6 million as of March 31, 2024. Capital spending totaled $1.8 million for the first quarter of 2024.
截至2024年3月31日，史密斯-米德蘭的現金總額爲680萬美元，而2023年底的現金總額爲920萬美元。截至2024年3月31日，應收賬款總額爲2,010萬美元，債務總額爲560萬美元。2024年第一季度的資本支出總額爲180萬美元。
Macro Environment and Outlook
宏觀環境與展望
The Company anticipates increased sales volume for the full year of 2024 compared to 2023. Infrastructure initiatives across the United States is expected to drive greater bidding activity and a subsequent increase in backlog for its portfolio of patented, proprietary, and custom products. Backlog was approximately $64.6 million as of May 2024 compared to $51.4 million in backlog one year prior. The majority of the backlog is anticipated to be fulfilled within 12 months; however, some projects will have a multi-year timeline. The Company remains focused on long-term strategic growth initiatives to drive shareholder value.
該公司預計，與2023年相比，2024年全年的銷量將增加。預計美國各地的基礎設施計劃將推動更多的競標活動，並隨後增加其專利、專有和定製產品組合的待辦事項。截至2024年5月，積壓量約爲6,460萬美元，而去年同期的積壓量爲5140萬美元。預計大部分積壓工作將在12個月內完成；但是，有些項目將有多年期限。公司仍然專注於長期戰略增長計劃，以提高股東價值。
About Smith-Midland
關於史密斯-米德蘭
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 開發、製造、許可、租賃和銷售各種預製混凝土產品和系統，主要用於建築、運輸和公用事業行業。
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 .
史密斯-米德蘭公司在弗吉尼亞州米德蘭、北卡羅來納州里茲維爾和南卡羅來納州哥倫比亞有三個製造工廠，還有一家名爲混凝土安全系統的J-J Hooks安全屏障租賃公司。史密斯-米德蘭公司的全資子公司Easi-Set Worldwide許可生產和銷售包括J-J Hooks和SlenderWall在內的Easi-Set產品，併爲全球預製行業提供多元化機會。欲了解更多信息，請致電 (540) 439-3266 或訪問。
Forward-Looking Statements
前瞻性陳述
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, product demand, the impact of competitive products and pricing, capacity and supply constraints or difficulties, our material weaknesses in internal controls, inflationary factors including potential recession, general business and economic conditions, our debt exposure, our high level of accounts receivables, 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.
本公告包含前瞻性陳述，涉及風險和不確定性。該公司的實際業績可能與前瞻性陳述中討論的業績存在顯著差異。可能造成這種差異的因素包括但不限於產品需求、競爭產品和定價的影響、產能和供應限制或困難、我們在內部控制方面的重大弱點、包括潛在衰退、總體商業和經濟狀況在內的通貨膨脹因素、我們的債務敞口、我們的高額應收賬款、公司會計政策的影響以及公司10-K表年度報告和其他向證券公司提交的文件中詳述的其他風險交易委員會。
Company Contact:
公司聯繫人：
Stephanie Poe, CFO
540-439-3266
investors@smithmidland.com
首席財務官斯蒂芬妮·坡
540-439-3266
investors@smithmidland.com
Investor Relations:
投資者關係：
Steven Hooser or John Beisler
Three Part Advisors, LLC
214-872-2710
史蒂芬·胡瑟或約翰·貝斯勒
三部分顧問有限責任公司
214-872-2710
Smith-Midland Corporation
and Subsidiaries
史密斯-米德蘭公司
和子公司
Condensed Consolidated Balance Sheets
(in thousands, except share and per share data)
簡明合併資產負債表
（以千計，股票和每股數據除外）
ASSETS |
March 31, 2024
(Unaudited)
|
December 31,
2023
|
||||||
Current assets |
||||||||
Cash |
$ | 6,801 | $ | 9,175 | ||||
Accounts receivable, net |
||||||||
Trade - billed (less allowances of approximately $953 and $806, respectively), including contract retentions |
20,055 | 17,209 | ||||||
Trade - unbilled |
637 | 525 | ||||||
Inventories, net |
||||||||
Raw materials |
2,939 | 2,329 | ||||||
Finished goods |
4,012 | 2,821 | ||||||
Prepaid expenses |
1,246 | 1,266 | ||||||
Total current assets |
35,690 | 33,325 | ||||||
Property and equipment, net |
28,826 | 27,680 | ||||||
Other assets |
337 | 343 | ||||||
Total assets |
$ | 64,853 | $ | 61,348 | ||||
資產 |
2024 年 3 月 31 日
（未經審計）
|
十二月三十一日
2023
|
||||||
流動資產 |
||||||||
現金 |
$ | 6,801 | $ | 9,175 | ||||
應收賬款，淨額 |
||||||||
交易——已開單（分別減去約953美元和806美元的備抵金），包括合同保留 |
20,055 | 17,209 | ||||||
交易-未開票 |
637 | 525 | ||||||
庫存，淨額 |
||||||||
原材料 |
2,939 | 2,329 | ||||||
成品 |
4,012 | 2,821 | ||||||
預付費用 |
1,246 | 1,266 | ||||||
流動資產總額 |
35,690 | 33,325 | ||||||
財產和設備，淨額 |
28,826 | 27,680 | ||||||
其他資產 |
337 | 343 | ||||||
總資產 |
$ | 64,853 | $ | 61,348 | ||||
The accompanying notes are an integral part of the condensed consolidated financial statements.
所附附附註是簡明合併財務報表不可分割的一部分。
Smith-Midland Corporation
and Subsidiaries
史密斯-米德蘭公司
和子公司
Condensed Consolidated Balance Sheets
(in thousands, except share and per share data)
(continued)
簡明合併資產負債表
（以千計，股票和每股數據除外）
（續）
LIABILITIES AND STOCKHOLDERS' EQUITY |
March 31, 2024
(Unaudited)
|
December 31,
2023
|
||||||
Current liabilities |
||||||||
Accounts payable - trade |
$ | 6,944 | $ | 7,336 | ||||
Accrued expenses and other liabilities |
1,900 | 831 | ||||||
Deferred revenue |
3,217 | 2,717 | ||||||
Accrued compensation |
871 | 1,203 | ||||||
Accrued income taxes |
831 | 473 | ||||||
Operating lease liabilities |
34 | 43 | ||||||
Current maturities of notes payable |
640 | 636 | ||||||
Customer deposits |
2,950 | 2,779 | ||||||
Total current liabilities |
17,387 | 16,018 | ||||||
Deferred revenue |
5,572 | 4,424 | ||||||
Operating lease liabilities |
- | 2 | ||||||
Notes payable - less current maturities |
4,931 | 5,092 | ||||||
Deferred tax liability |
1,650 | 1,651 | ||||||
Total liabilities |
29,540 | 27,187 | ||||||
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; 5,349,599 and 5,349,599 issued and 5,308,679 and 5,308,679 outstanding, respectively |
54 | 54 | ||||||
Additional paid-in capital |
7,819 | 7,814 | ||||||
Treasury stock, at cost, 40,920 shares |
(102) | (102) | ||||||
Retained earnings |
27,542 | 26,395 | ||||||
Total stockholders' equity |
35,313 | 34,161 | ||||||
Total liabilities and stockholders' equity |
$ | 64,853 | $ | 61,348 | ||||
負債和股東權益 |
2024 年 3 月 31 日
（未經審計）
|
十二月三十一日
2023
|
||||||
流動負債 |
||||||||
應付賬款-貿易 |
$ | 6,944 | $ | 7,336 | ||||
應計費用和其他負債 |
1,900 | 831 | ||||||
遞延收入 |
3,217 | 2,717 | ||||||
應計補償 |
871 | 1,203 | ||||||
應計所得稅 |
831 | 473 | ||||||
經營租賃負債 |
34 | 43 | ||||||
應付票據的當前到期日 |
640 | 636 | ||||||
客戶存款 |
2,950 | 2,779 | ||||||
流動負債總額 |
17,387 | 16,018 | ||||||
遞延收入 |
5,572 | 4,424 | ||||||
經營租賃負債 |
- | 2 | ||||||
應付票據-減去當前到期日 |
4,931 | 5,092 | ||||||
遞延所得稅負債 |
1,650 | 1,651 | ||||||
負債總額 |
29,540 | 27,187 | ||||||
股東權益 |
||||||||
優先股，面值0.01美元；授權1,000,000股，未發行和流通 |
- | - | ||||||
普通股，面值0.01美元；授權8,000,000股；已發行5,349,599和5,349,599股，已發行5,308,679和5,308,679股 |
54 | 54 | ||||||
額外的實收資本 |
7,819 | 7,814 | ||||||
庫存股，按成本計算，40,920股 |
(102) | (102) | ||||||
留存收益 |
27,542 | 26,395 | ||||||
股東權益總額 |
35,313 | 34,161 | ||||||
負債和股東權益總額 |
$ | 64,853 | $ | 61,348 | ||||
The accompanying notes are an integral part of the condensed consolidated financial statements.
所附附附註是簡明合併財務報表不可分割的一部分。
Smith-Midland Corporation
and Subsidiaries
Condensed Consolidated Statements of Income
(unaudited)
(in thousands, except per share data)
史密斯-米德蘭公司
和子公司
簡明合併損益表
（未經審計）
（以千計，每股數據除外）
| Three Months Ended March 31, | ||||||||
| 2024 | 2023 | |||||||
Revenue |
||||||||
Product sales |
$ | 10,752 | $ | 8,242 | ||||
Barrier rentals |
893 | 1,120 | ||||||
Royalty income |
575 | 411 | ||||||
Shipping and installation revenue |
4,536 | 3,069 | ||||||
Total revenue |
16,756 | 12,842 | ||||||
Cost of sales |
12,845 | 10,676 | ||||||
Gross profit |
3,911 | 2,166 | ||||||
Operating expenses |
||||||||
General and administrative expenses |
1,549 | 1,350 | ||||||
Selling expenses |
853 | 762 | ||||||
Total operating expenses |
2,402 | 2,112 | ||||||
Operating income (loss) |
1,509 | 54 | ||||||
Other income (expense) |
||||||||
Interest expense |
(60) | (64) | ||||||
Interest income |
8 | 6 | ||||||
Gain on sale of assets |
3 | 82 | ||||||
Other income |
44 | 25 | ||||||
Total other income (expense) |
(5) | 49 | ||||||
Income (loss) before income tax expense (benefit) |
1,504 | 103 | ||||||
Income tax expense (benefit) |
357 | 23 | ||||||
Net income (loss) |
$ | 1,147 | $ | 80 | ||||
Basic earnings (loss) per common share |
$ | 0.22 | $ | 0.02 | ||||
Diluted earnings (loss) per common share |
$ | 0.21 | $ | 0.02 | ||||
Weighted average number of common shares outstanding: |
||||||||
Basic |
5,309 | 5,256 | ||||||
Diluted |
5,350 | 5,290 | ||||||
| 截至3月31日的三個月 | ||||||||
| 2024 | 2023 | |||||||
收入 |
||||||||
產品銷售 |
$ | 10,752 | $ | 8,242 | ||||
屏障租賃 |
893 | 1,120 | ||||||
特許權使用費收入 |
575 | 411 | ||||||
運費和安裝收入 |
4,536 | 3,069 | ||||||
總收入 |
16,756 | 12,842 | ||||||
銷售成本 |
12,845 | 10,676 | ||||||
毛利潤 |
3,911 | 2,166 | ||||||
運營費用 |
||||||||
一般和管理費用 |
1,549 | 1,350 | ||||||
銷售費用 |
853 | 762 | ||||||
運營費用總額 |
2,402 | 2,112 | ||||||
營業收入（虧損） |
1,509 | 54 | ||||||
其他收入（支出） |
||||||||
利息支出 |
(60) | (64) | ||||||
利息收入 |
8 | 6 | ||||||
出售資產的收益 |
3 | 82 | ||||||
其他收入 |
44 | 25 | ||||||
其他收入總額（支出） |
(5) | 49 | ||||||
所得稅支出（福利）前的收入（虧損） |
1,504 | 103 | ||||||
所得稅支出（福利） |
357 | 23 | ||||||
淨收益（虧損） |
$ | 1,147 | $ | 80 | ||||
普通股每股基本收益（虧損） |
$ | 0.22 | $ | 0.02 | ||||
普通股攤薄後每股收益（虧損） |
$ | 0.21 | $ | 0.02 | ||||
已發行普通股的加權平均數： |
||||||||
基本 |
5,309 | 5,256 | ||||||
稀釋 |
5,350 | 5,290 | ||||||
The accompanying notes are an integral part of the condensed consolidated financial statements.
所附附附註是簡明合併財務報表不可分割的一部分。
Smith-Midland Corporation
and Subsidiaries
Condensed Consolidated Statements of Stockholders' Equity
(unaudited)
(in thousands, except share data)
史密斯-米德蘭公司
和子公司
簡明合併股東權益表
（未經審計）
（以千計，共享數據除外）
|
Common
Stock
|
Treasury Stock |
Additional
Paid-in
Capital
|
Retained
Earnings
|
Total | ||||||||||||||||||||||||
| Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Balance, December 31, 2023 |
5,349,599 | $ | 54 | (40,920) | $ | (102) | $ | 7,814 | $ | 26,395 | $ | 34,161 | ||||||||||||||||
Restricted stock issued |
- | - | - | - | - | - | - | |||||||||||||||||||||
Vesting of restricted stock |
- | - | - | - | 5 | - | 5 | |||||||||||||||||||||
Net income (loss) |
- | - | - | - | - | 1,147 | 1,147 | |||||||||||||||||||||
Balance, March 31, 2024 |
5,349,599 | $ | 54 | (40,920) | $ | (102) | $ | 7,819 | $ | 27,542 | $ | 35,313 | ||||||||||||||||
Balance, December 31, 2022 |
5,345,189 | $ | 53 | (40,920) | $ | (102) | $ | 7,440 | $ | 25,664 | $ | 33,055 | ||||||||||||||||
Adoption of ASU 2016-13 |
- | - | - | - | - | (63) | (63) | |||||||||||||||||||||
Vesting of restricted stock |
- | - | - | - | 85 | - | 85 | |||||||||||||||||||||
Net income (loss) |
- | - | - | - | - | 80 | 80 | |||||||||||||||||||||
Balance, March 31, 2023 |
5,345,189 | $ | 53 | (40,920) | $ | (102) | $ | 7,525 | $ | 25,681 | $ | 33,157 | ||||||||||||||||
|
常見
股票
|
財政部 股票 |
額外
付費
資本
|
已保留
收益
|
總計 | ||||||||||||||||||||||||
| 股票 | 金額 | 股票 | 金額 | |||||||||||||||||||||||||
餘額，2023 年 12 月 31 日 |
5,349,599 | $ | 54 | (40,920) | $ | (102) | $ | 7,814 | $ | 26,395 | $ | 34,161 | ||||||||||||||||
已發行的限制性股票 |
- | - | - | - | - | - | - | |||||||||||||||||||||
限制性股票的歸屬 |
- | - | - | - | 5 | - | 5 | |||||||||||||||||||||
淨收益（虧損） |
- | - | - | - | - | 1,147 | 1,147 | |||||||||||||||||||||
餘額，2024 年 3 月 31 日 |
5,349,599 | $ | 54 | (40,920) | $ | (102) | $ | 7,819 | $ | 27,542 | $ | 35,313 | ||||||||||||||||
餘額，2022 年 12 月 31 日 |
5,345,189 | $ | 53 | (40,920) | $ | (102) | $ | 7,440 | $ | 25,664 | $ | 33,055 | ||||||||||||||||
2016-13 年通過 ASU |
- | - | - | - | - | (63) | (63) | |||||||||||||||||||||
限制性股票的歸屬 |
- | - | - | - | 85 | - | 85 | |||||||||||||||||||||
淨收益（虧損） |
- | - | - | - | - | 80 | 80 | |||||||||||||||||||||
餘額，2023 年 3 月 31 日 |
5,345,189 | $ | 53 | (40,920) | $ | (102) | $ | 7,525 | $ | 25,681 | $ | 33,157 | ||||||||||||||||
The accompanying notes are an integral part of the condensed consolidated financial statements.
所附附附註是簡明合併財務報表不可分割的一部分。
Smith-Midland Corporation
and Subsidiaries
史密斯-米德蘭公司
和子公司
Condensed Consolidated Statements of Cash Flows
(Unaudited)
(in thousands)
簡明合併現金流量表
（未經審計）
（以千計）
|
Three Months Ended
March 31,
|
||||||||
| 2024 | 2023 | |||||||
Cash flows from operating activities: |
||||||||
Net income (loss) |
$ | 1,147 | $ | 80 | ||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: |
||||||||
Depreciation and amortization |
641 | 594 | ||||||
(Gain) loss on sale of property and equipment |
(352) | (82) | ||||||
Allowance for credit losses |
147 | 92 | ||||||
Stock compensation |
5 | 85 | ||||||
Deferred taxes |
(1) | 1 | ||||||
(Increase) decrease in |
||||||||
Accounts receivable - billed |
(2,993) | (1,800) | ||||||
Accounts receivable - unbilled |
(112) | (1,544) | ||||||
Inventories |
(1,801) | (1,173) | ||||||
Prepaid expenses |
20 | (70) | ||||||
Refundable income taxes |
- | 2 | ||||||
Increase (decrease) in |
||||||||
Accounts payable - trade |
(392) | 624 | ||||||
Accrued expenses and other liabilities |
1,069 | (54) | ||||||
Deferred revenue |
1,648 | 59 | ||||||
Accrued compensation |
(332) | (148) | ||||||
Accrued income taxes |
358 | 22 | ||||||
Customer deposits |
171 | 1,757 | ||||||
Net cash provided by (used in) operating activities |
(777) | (1,555) | ||||||
Cash flows from investing activities: |
||||||||
Purchases of property and equipment |
(1,795) | (1,164) | ||||||
Proceeds from the sale of property and equipment |
355 | 82 | ||||||
Net cash provided by (used in) investing activities |
(1,440) | (1,082) | ||||||
Cash flows from financing activities: |
||||||||
Repayments of long-term borrowings |
(157) | (153) | ||||||
Net cash provided by (used in) financing activities |
(157) | (153) | ||||||
Net increase (decrease) in cash |
(2,374) | (2,790) | ||||||
Cash |
||||||||
Beginning of period |
9,175 | 6,726 | ||||||
End of period |
$ | 6,801 | $ | 3,936 | ||||
Supplemental Cash Flow Information: |
||||||||
Cash payments for interest |
$ | 60 | $ | 64 | ||||
Cash payments for income taxes |
$ | - | $ | - | ||||
Non-Cash Investing Activity: |
||||||||
Capital expenditures in accounts payable |
$ | 2,099 | $ | 2,052 | ||||
|
三個月已結束
三月三十一日
|
||||||||
| 2024 | 2023 | |||||||
來自經營活動的現金流： |
||||||||
淨收益（虧損） |
$ | 1,147 | $ | 80 | ||||
爲將淨收益（虧損）與（用於）經營活動提供的淨現金進行對賬而進行的調整： |
||||||||
折舊和攤銷 |
641 | 594 | ||||||
出售財產和設備的 (收益) 損失 |
(352) | (82) | ||||||
信用損失備抵金 |
147 | 92 | ||||||
股票補償 |
5 | 85 | ||||||
遞延稅 |
(1) | 1 | ||||||
（增加）減少 |
||||||||
應收賬款-已開單 |
(2,993) | (1,800) | ||||||
應收賬款-未開單 |
(112) | (1,544) | ||||||
庫存 |
(1,801) | (1,173) | ||||||
預付費用 |
20 | (70) | ||||||
可退還的所得稅 |
- | 2 | ||||||
增加（減少） |
||||||||
應付賬款-貿易 |
(392) | 624 | ||||||
應計費用和其他負債 |
1,069 | (54) | ||||||
遞延收入 |
1,648 | 59 | ||||||
應計補償 |
(332) | (148) | ||||||
應計所得稅 |
358 | 22 | ||||||
客戶存款 |
171 | 1,757 | ||||||
由（用於）經營活動提供的淨現金 |
(777) | (1,555) | ||||||
來自投資活動的現金流： |
||||||||
購買財產和設備 |
(1,795) | (1,164) | ||||||
出售財產和設備的收益 |
355 | 82 | ||||||
由（用於）投資活動提供的淨現金 |
(1,440) | (1,082) | ||||||
來自融資活動的現金流： |
||||||||
長期借款的償還 |
(157) | (153) | ||||||
由（用於）融資活動提供的淨現金 |
(157) | (153) | ||||||
現金淨增加（減少） |
(2,374) | (2,790) | ||||||
現金 |
||||||||
期初 |
9,175 | 6,726 | ||||||
期末 |
$ | 6,801 | $ | 3,936 | ||||
補充現金流信息： |
||||||||
用現金支付利息 |
$ | 60 | $ | 64 | ||||
所得稅的現金支付 |
$ | - | $ | - | ||||
非現金投資活動： |
||||||||
應付賬款中的資本支出 |
$ | 2,099 | $ | 2,052 | ||||
The accompanying notes are an integral part of the condensed consolidated financial statements.
所附附附註是簡明合併財務報表不可分割的一部分。
SOURCE: Smith-Midland Corporation
來源：史密斯-米德蘭公司
譯文內容由第三人軟體翻譯。