2 unchanged sentences
The Company’s precast, licensing, and barrier rental customers are primarily general contractors and federal, state, and local transportation authorities located in the Mid-Atlantic, Northeastern, Midwestern and Southeastern regions of the United States.
−Removed: The Company's operating strategy has involved producing and marketing innovative and proprietary products, including SlenderWall ® , a patented, lightweight, energy efficient concrete and steel exterior wall panel for use in building construction;
−Removed: J-J Hooks ® Highway Safety Barrier, a patented, positive-connected highway safety barrier;
+Added: The Company’s operating strategy has involved producing and marketing innovative and proprietary products, including SlenderWall®, a lightweight, energy efficient concrete and steel exterior wall panel for use in building construction;
+Added: J-J Hooks® Highway Safety Barrier, a positive-connected highway safety barrier;
SoftSound™, a proprietary sound absorptive finish used on the face of sound barriers to absorb traffic noise;
−Removed: Sierra Wall™, a patented sound barrier primarily for roadside use;
−Removed: and Easi-Set ® and Easi-Span ® patented transportable concrete buildings.
+Added: Sierra Wall™, a sound barrier primarily for roadside use;
+Added: and Easi-Set® and Easi-Span® transportable concrete buildings.
In addition, the Company’s precast subsidiaries produce farm products such as cattleguards and water and feed troughs, custom order precast concrete products with various architectural surfaces, and generic highway sound barriers, retaining walls and utility vaults.
+Added: The Company’s product lines include products that are proprietary and protected by patents, trademarks, crash tests, state and federal approvals, and other proprietary processes and systems, which are continually being developed and improved.
The Company was incorporated in Delaware on August 2, 1994.
14 unchanged sentences
A substantial portion of the Company’s business is derived from local, state, and federal building projects, which are further dependent upon budgets and, in some cases, voter-approved bonds.
−Removed: It is not certain at this time how the policies of the New Administration and DOGE, such as tariffs and cost cutting, will affect our business.
+Added: It is not certain at this time how tariffs and continued governmental cost cutting will affect our business.
The Company’s precast concrete products are cast in manufacturing facilities and delivered to a site for installation, in contrast to ready-mix concrete, which is produced offsite in a “batch plant,” and delivered with a concrete mixer truck where it is mixed and delivered to a construction site to be poured and set at the site.
3 unchanged sentences
SlenderWall ® Lightweight Construction Panels
−Removed: The SlenderWall ® system is a patented prefabricated, energy-efficient, lightweight exterior cladding system that is offered as a cost-effective alternative to the traditional cladding used for the exterior walls of buildings.
+Added: The SlenderWall® system is a proprietary prefabricated, energy-efficient, lightweight exterior cladding system that is offered as a cost-effective alternative to the traditional cladding used for the exterior walls of buildings.
The Company’s SlenderWall® system combines the essential components of a wall system into a single panel ready for interior drywall mounting upon installation.
20 unchanged sentences
J-J Hooks® Highway Safety Barrier
−Removed: The J-J Hooks ® highway safety barriers (the "J-J Hooks Barriers") are crash-tested (privately funded), positively connected, safety barriers that the Company sells, rents, delivers, installs, and licenses for use on roadways to separate lanes of traffic (in free-standing, bolted, or pinned installations) in construction work zones or for traffic control.
+Added: The proprietary J-J Hooks® highway safety barriers (the “J-J Hooks Barriers”) are crash-tested (privately funded), positively connected, safety barriers that the Company sells, rents, delivers, installs, and licenses for use on roadways to separate lanes of traffic (in free-standing, bolted, or pinned installations) in construction work zones or for traffic control.
Barriers are deemed to be positively connected when the connectors on each end of the barrier sections are interlocked with one another.
4 unchanged sentences
The Company has been issued patents with respect to J-J Hooks in the United States, Canada, and other countries.
+Added: The patents for certain products have expired, however the regulatory testing, capital resources, and regulatory approvals needed to enter these markets has minimized new competitors entering the market with similar products, and new crash tests and patents have been granted and are continuing to be pursued.
The Company has received “design protection” in the U.S for the “end taper” on each end of the barrier sections.
24 unchanged sentences
The FHWA Eligibility letters B300 and B307 have been issued as of February 2018 and September 2018, respectively.
+Added: The Company believes that evolving federal and state highway safety standards may create favorable long-term demand conditions for its MASH-compliant barrier systems, although no assurance can be given and the timing and magnitude of these opportunities are uncertain and subject to state-level implementation and funding priorities.
Easi-Set Precast Buildings and Easi-Span ® Expandable Precast Buildings
5 unchanged sentences
The Company has been issued patents in connection with this product in the United States and Canada.
+Added: Certain patents for this product have expired, however the regulatory testing, capital resources, and regulatory approvals needed to enter these markets has minimized new competitors entering the market with similar products.
The Company also offers Easi-Span® a line of expandable precast concrete buildings.
34 unchanged sentences
The Company produces and distributes advertising & promotional materials and promotes the licensed products through its own advertising subsidiary, Midland Advertising + Design.
−Removed: The Company maintains 61 licensing agreements in the United States, 8 in Canada, 2 in New Zealand, and 1 each in Australia, Belgium, Mexico, and Trinidad, for a total of 75 licenses worldwide.
+Added: The Company maintains approximately 70 licensing agreements, with 57 in the United States, 7 in Canada, and agreements in New Zealand, Australia, Belgium, Mexico and Trinidad.
The Company is continually discussing new license arrangements with potential precast companies and, although no assurance can be given, expects to increase its licensing activities.
33 unchanged sentences
The Company’s employees in its manufacturing division operate complicated machinery that may cause substantial injury or death upon malfunction or improper operation.
−Removed: The Company's manufacturing facilities are subject to the workplace safety rules and regulations of OSHA.
−Removed: The Company believes that it is in compliance with the requirements of OSHA.
+Added: The Company’s manufacturing facilities are subject to the workplace safety rules and regulations and inspection of the Occupational Safety and Health Administration (“OSHA”).
+Added: The Company is currently addressing several OSHA citations and is working cooperatively with OSHA to resolve these matters.
+Added: While the Company believes it maintains appropriate safety policies and procedures and is committed to workplace safety, the outcome of these matters could result in fines, penalties, or required remedial measures.
+Added: The Company does not currently expect these matters to have a material adverse effect on its business, financial condition, or results of operations.
During the normal course of its operations, the Company uses and disposes of materials, such as solvents and lubricants used in equipment maintenance, that are classified as hazardous by government agencies that regulate environmental quality.
3 unchanged sentences
Human Capital Resources
−Removed: As of March 3, 2025, the Company had a total of 264 employees, of which 166 are full-time, 11 are part-time, and 87 are temporary workers, with 172 located at the Company's Midland, Virginia facility, 38 are located at the Company's facility in Reidsville, North Carolina and 54 are located at the Company's facility in Hopkins (Columbia), South Carolina.
+Added: As of March 3, 2026, the Company had a total of 285 employees, of which 179 are full-time, 9 are part-time, and 97 are contract labor, with 186 located at the Company’s Midland, Virginia facility, 46 are located at the Company’s facility in Reidsville, North Carolina and 53 are located at the Company’s facility in Hopkins (Columbia), South Carolina.
None of the Company’s employees are represented by labor organizations and the Company is not aware of any activities seeking such organization.
Employees are competitively compensated with the local job markets at each facility.
−Removed: The Company considers its relationships with its employees to be satisfactory.
+Added: The Company considers its relationship with its employees to be satisfactory.
We manage our Company according to our vision, mission, and core principles.
6 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.