Berger Holdings, Ltd. Reports Record Revenue and Cash Flow
PHILADELPHIA--(BUSINESS WIRE)--March 10, 1999--Berger Holdings, Ltd. (NASDAQ:BGRH - news) reported revenue of $35,608,309 for the year ended December 31, 1998 vs. $20,748,017 for the year ended December 31, 1997, an increase of 72%.
EBITDA was $3,975,000 vs. $2,450,000, an increase of 62%. Net income before preferred dividends for 1998 was $1,690,828 vs. $2,020,377 FOR 1997. Cash flow from operations during 1998 was $2,689,300 vs. $1,867,566 for 1997.
Theodore A. Schwartz, Chairman, CEO, stated, ''Ninety Eight was a major transitional year for our company. On January 2, 1998 we acquired the roof drainage business of our biggest competitor. We also completed a $6.5 million private placement of convertible preferred stock and subordinated debentures, which added a potential 1,241,777 common shares at a conversion or exercise price of $4.25 per share.
During the year we increased our manufacturing, administrative and warehouse capacity from 105,000 sq. ft. to over 260,000 sq. ft.
''December 7, 1998 we acquired Sheet Metal Mfg. Co., our second biggest competitor. This was accomplished by using working capital and bank financing. Sheet Metal had 1998 revenue of approximately $11 million. No real estate or employees were assumed and no additional shares or warrants were issued. We therefore expect this acquisition will have a very positive impact on our 1999 results.''
Schwartz further stated, ''We will continue to seek additional strategic acquisitions that will help us further utilize our recently increased capacity.'' |
