MIDLAND, VA - Smith-Midland Corporation (NASDAQ:SMID), a producer of precast concrete products, disclosed today that it has received a notification from Nasdaq concerning noncompliance with the exchange's filing requirements. The letter, dated April 19, 2024, indicates that the company failed to file its Annual Report on Form 10-K for the fiscal year ending December 31, 2023, on time.
The delay in the filing is attributed to the company needing extra time to finalize its financial reporting process, an issue referenced in their recent Form 12b-25 filing. Smith-Midland has stated it intends to submit the overdue report shortly.
The company, which operates three manufacturing facilities in Virginia, North Carolina, and South Carolina, and runs a rental service for safety barriers, had previously reported an expected increase in revenue and net income for 2023 compared to the previous year.
Smith-Midland's portfolio includes proprietary and patented products utilized mainly in construction, transportation, and utilities. Its subsidiary, Easi-Set Worldwide, licenses the production and sale of its products, such as J-J Hooks and SlenderWall, to diversify the precast industry on a global scale.
The Nasdaq listing rule 5250(c)(1) mandates that all listed companies must file their periodic financial reports with the Securities and Exchange Commission (SEC) within the stipulated timeframes. Noncompliance with this rule can lead to various consequences, including potential delisting from the exchange if the issue is not resolved in a timely manner.
The company's press release also contains forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those projected. Smith-Midland's full financial details will become available upon the filing of its Form 10-K, which is expected soon according to the company's statement.
This news is based on a press release statement from Smith-Midland Corporation.
InvestingPro Insights
As Smith-Midland Corporation (NASDAQ:SMID) navigates its recent noncompliance issue with Nasdaq's filing requirements, investors are closely monitoring the company's financial health and market performance. According to InvestingPro data, Smith-Midland boasts a market capitalization of $197.13 million and has experienced a notable 26.32% revenue growth over the last twelve months as of Q3 2023. This growth is further underscored by a quarterly revenue growth of 30.9% in Q3 2023, reflecting the company's upward trajectory in sales.
Despite the delay in filing its annual report, the company's stock has shown a striking one-year price total return of 130.03%, signaling strong market confidence. This is complemented by a six-month price total return of 88.99%, showcasing a significant uptick in its stock price over this period. These figures suggest that while the company faces compliance challenges, its market performance has been robust.
InvestingPro Tips highlight that Smith-Midland is trading at a high earnings multiple, with a P/E ratio (adjusted for the last twelve months as of Q3 2023) at 546.46, which could indicate a premium market valuation. Additionally, the stock has fared poorly over the last month, with a one-month price total return of -18.13%. Investors may weigh these metrics as they assess the potential risks and rewards associated with the company's stock.
For those considering an investment in Smith-Midland or seeking more detailed analysis, InvestingPro offers additional tips and insights. Currently, there are 13 more InvestingPro Tips available, which can be accessed at https://www.investing.com/pro/SMID. To deepen your investment research, use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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