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MIDLAND, VA - Smith-Midland Corporation (NASDAQ:SMID), a prominent player in the precast concrete industry with a market capitalization of $160 million, has announced the appointment of Dominic L. Hunter as its new Chief Financial Officer. The appointment, effective since Monday, is part of the company’s strategy to enhance its financial operations and long-term strategic planning. According to InvestingPro data, the company maintains excellent financial health with strong liquidity and moderate debt levels.
With over two decades of financial leadership, Hunter brings a wealth of experience to his new role at Smith-Midland. His background includes significant positions such as Vice President at SRA International and CFO of O’Gara-Hess & Eisenhardt Armoring Company. Hunter’s expertise is expected to be instrumental in driving Smith-Midland’s growth strategy and strengthening its financial profile.
Ashley B. Smith, CEO of Smith-Midland, expressed confidence in Hunter’s ability to contribute to the company’s strategic initiatives, noting his proven track record and deep industry knowledge. Hunter’s role will encompass overseeing accounting, treasury, financial reporting, and investor relations.
Hunter, a University of Virginia McIntire School of Commerce graduate and a licensed Certified Public Accountant, also has a distinguished military background. He served in the United States Army and the National Guard’s 29th Infantry Division as an intelligence analyst. His professional and military service is aligned with Smith-Midland’s commitment to leadership, integrity, and quality.
In his statement, Hunter conveyed his enthusiasm for joining Smith-Midland during a transformative period for the company. He emphasized his commitment to working with the team to unlock new growth opportunities and accelerate financial performance, aiming to create value for customers, employees, and shareholders.
Smith-Midland, with its headquarters in Midland, Virginia, operates three manufacturing facilities and a safety barrier rental firm. Its subsidiary, Easi-Set Worldwide, diversifies the precast industry by licensing the production and sale of innovative products globally.
This announcement is based on a press release statement and is intended to inform investors and the public about Smith-Midland’s latest executive team enhancement. The company’s full range of precast concrete products and systems continues to serve the construction, transportation, and utility sectors.
In other recent news, Smith-Midland Corporation has been notified by Nasdaq of non-compliance with its filing requirements due to a delay in submitting its annual report for the fiscal year ending December 31, 2024. The company has up to 60 days to propose a plan to regain compliance, with a possible extension until October 13, 2025, if accepted. Despite this, Smith-Midland announced that its revenue for 2024 is projected to be between $77 and $79 million, reflecting a 31% increase from the previous year, primarily driven by higher sales in Soundwall and utility products, along with increased revenue from barrier rentals and related services.
Additionally, Smith-Midland has secured a contract to supply over $5 million worth of its SlenderWall architectural precast concrete panels for the FBI’s dormitories in Quantico, Virginia. Production is set to begin in June 2025, with installation planned for October. The project aims to enhance the structural integrity and security of the buildings while providing aesthetic improvements. The company’s collaboration with BL Harbert Construction is expected to streamline the design and installation processes, keeping the project on schedule. These developments highlight Smith-Midland’s ongoing efforts to expand its market presence and product offerings.
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