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Smith - Midland Reports First Quarter 2021 Financial Results Exhibit 99.1 MIDLAND , VA - May 11 , 2021 – Smith - Midland Corporation ( NASDAQ : SMID ) provider of innovative , high - quality proprietary and patented precast concrete products and systems today announced first quarter results for 2021 . First Quarter 2021 Highlights as compared to First Quarter 2020 • 679 percent increase in Barrier Rentals • 57 percent increase in Royalty Income • 55 percent increase in Revenue " Smith - Midland continues to deliver in our areas of strategic focus . The Company is driving a higher mix of rental business , and the benefits are cascading throughout the organization delivering higher margins and yielding cost reductions , " said Ashley B. Smith , Chief Executive Officer . We expanded our geographic reach into California with the approval of our patented JJ - Hooks interlocking highway barrier system and we recently announced an exciting project win for our proprietary , lightweight SlenderWall cladding system for a 19 story multi - family structure in New York . With the expected increase in infrastructure spend over the next several years , we should directly benefit with an opportunity to see increased spending across the full portfolio of our businesses , including increasing our licensee count and growing our royalty revenues , " concluded Ashley . First Quarter 2021 Results The Company reported 2021 first quarter revenues of $ 15.2 million compared to $ 9.8 million for first quarter 2020. Pre - tax income for first quarter 2021 increased to $ 3.8 million compared to a loss of $ 49,000 in 2020. Net income increased to $ 2.9 million for the first quarter 2021 compared to a loss of $ 38,000 for the same period the prior year . Diluted earnings per share for the first quarter 2021 grew to $ 0.55 cents per share , compared to a loss of $ 0.01 cent per share in the first quarter of 2020 . Product Sales Smith - Midland reports revenue in two categories , products sales and service revenue . Total product sales for first quarter 2021 equaled $ 7.4 million compared to $ 6.9 million first quarter 2020. Barrier sales posted $ 1.5 million in sales compared to $ 1.3 million in sales compared to the first quarter of the prior year . While the Company is proactively shifting away from barrier sales , barrier sales customers are still serviced , and the Company saw a temporary increase in production at the South Carolina plant to meet demand during the first quarter . Smith - Midland saw another round of strong results in architectural panel sales posting an increase of 185 percent year - over - year . The Company sustained significant production efforts related to the large architectural panel project awarded in the fourth quarter 2020. Smith - Midland also continues to fulfill the largest Soundwall contract in the Company's history which is expected to be completed in late 2021. Smith - Midland has a significant number of active bids out for our lightweight , proprietary SlenderWall cladding system and the Company expects production increases around the third quarter of 2021. Movement in end markets are evidenced by the SlenderWall project win recently reported . Another sign of increasing end market activity are the results posted by Easi - Set products totaling a 35 percent increase over first quarter 2020 . Service Revenue Barrier rentals jumped 679 percent and were the primary driver behind Smith - Midland's increase in service revenues , which totaled $ 7.8 million for first quarter 2021 compared to $ 3.0 million in the prior year . Smith - Midland serviced an elevated need for special projects during the first quarter 2021 ; given their limited nature , the Company does not anticipate this will recur at the same levels moving forward . The Company will continue to shift the business mix to barrier rentals versus barrier sales in accordance with the long - term strategy . Royalty revenue improved a notable 57 percent compared to first quarter 2020. The royalty increase is primarily attributed to increases in licensee production of the Company's proprietary , interlocking JJ - Hooks highway barriers . Smith - Midland's licensee expansion opportunities help reach new geographies with the Company's patented and proprietary product offerings . Smith - Midland continues to look to expand the Company's stream of royalty revenues . Balance Sheet and Liquidity As of March 31 , 2021 , Smith - Midland's cash position totaled $ 12.5 million , a 470 percent increase over first quarter 2020. Investments remained flat year- over - year equaling $ 1.2 million dollars . The Company's improved cash position is primarily a result of positive operating results . Account receivables total $ 11.7 million while total debt , excluding the Company's PPP loan , at the end of the first quarter totaled $ 4.7 million . Capital spending also slowed , decreasing 44 percent over the prior year . Macro Environment and Outlook Smith - Midland is well positioned to capitalize on multiple infrastructure tailwinds . Smith - Midland continues to expand the Company's geographic reach through licensees and is entering new markets with patented and proprietary products . The strategic shift to strengthen the Company's barrier rental business is paying dividends and the Company is winning new projects with its light weight , proprietary SlenderWall cladding system . Backlog is moving in the right direction with approximately $ 29.0 million recorded as of April 30 , 2021 compared to $ 26.6 million at the same time in 2020. Smith - Midland is innovative , strategically positioned for success , and focused on the future . Smith - Midland is mindful of the current macro challenges , focusing on the things within the Company's control . Smith - Midland leverages the Company's deep background in lean manufacturing to continuously optimize operations and drive long - term shareholder value . About Smith - Midland 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 utilities industries . Management and the board own approximately 20 percent of SMID stock , aligning with shareholder values . Forward - Looking Statements 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 , the risk that the coronavirus outbreak may adversely affect future operations , product demand , the impact of competitive products and pricing , capacity and supply constraints or difficulties , general business and economic conditions , our debt exposure , 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 .