Reported Late Monday April 17, Greenbrook Smith-Midland Year End 2022 Financial Results; EPS $0.15; Revenue $50.1M

Full Year 2022 Summary

• Revenue of $50.1 million versus $50.6 million in 2021
• Net income of $800,000, or $0.15 per diluted share
• Expanded rental barrier fleet from 250,000 to 550,000 linear feet
• Awarded updated approval for J-J Hooks barrier by the Florida DOT

"We closed 2022 on a very strong note, with full year revenue nearly matching 2021 full year revenue, which included significant revenue from multiple high-profile, short-term barrier rental projects at the beginning of the prior year," said Ashley Smith, Chairman and Chief Executive Officer of Smith-Midland. "Fourth quarter revenue increased 45 percent from the prior-year quarter, thanks to increased shipping and installation revenue related to SlenderWall and architectural projects that were produced in the second half of 2021, and higher barrier sales due to large barrier projects in North Carolina and South Carolina. We also announced multiple contract awards during and immediately after the end of 2022, including an $8.6 million award for a project with the North Carolina Department of Transportation, a $5 million award for SoftSound noise walls in Virginia, and a $6 million project for architectural walls and columns in Virginia and New Jersey."

"We believe our prospects for 2023 remain strong thanks to regulatory tailwinds, infrastructure spending, and our record backlog. The ongoing replacement cycle, due to increased safety mandates, provides opportunities for our patented JJ-Hooks MASH-TL3 compliant highway barrier system. Our backlog increased 81 percent on a year-over-year basis, thanks to healthy funding programs at the state and federal levels, as well as a continued vibrant commercial market throughout our geographic footprint. The previously mentioned projects will be manufactured across all three of our facilities. We have also made investments at our rental barrier storage yard and placed an order for a new concrete batch plant at our Columbia, SC location to improve our capacity and efficiency. In addition, the expansion of our rental barrier fleet increases the quantity and scale of projects we can service, which can also increase our revenues," Smith continued.

"We expect our steady increase in project bid activity and bid margins will drive higher revenues through 2023 and into next year. We will also continue to invest in improving our offerings, including SlenderWall and Easi-Set precast concrete products. Overall, we remain well-positioned to build on the momentum within our business, positioning us with multiple, strong long term growth opportunities to create shareholder value," concluded Smith.