Berger Holdings, Ltd. Posts Record Revenue and Operating Income
PHILADELPHIA--(BUSINESS WIRE)--July 27, 1999--Berger Holdings,
Ltd. (NASDAQ: "BGRH") reported the best quarterly and six month
operating results in the Company's 125 year history.
Revenue for the quarter ending June 30, 1999 was $11,091,149 vs.
$9,739,325 for the quarter ending June 30, 1998, an increase of 14%.
Pre-tax net income available to common shareholders was $789,157 for
the current quarter vs. $453,123 for the comparable 1998 quarter, an
increase of 74%.
Revenue for the six months ending June 30, 1999 was $19,299,131
vs. $16,753,779 for the six months ending June 30, 1998, an increase
of 15%. Pre-tax net income available to common shareholders for the
current six-month period was $716,660 vs. $299,612 for the comparable
1998 period, an increase of 139%.
Though the Company is required to report a provision for income
taxes of $284,096, there is no federal income tax actually being paid
since the Company still has approximately $5.5M in federal tax loss
carry-forward available. EBITDA (operating cash flow) for the current
quarter was $1,715,564 (.23 per diluted share) and $2,589,021 (.35 per
diluted share) for the current six month period.
Mr. Theodore A. Schwartz, Chairman and CEO of the Company stated,
"Historically the second half results are stronger than the first
half. We are particularly pleased with the rapid growth of our
high-end copper roof drainage products and we expect this growth to
continue."
Mr. Schwartz further stated, "We are actively seeking additional
accretive acquisitions and are continuing our previously announced
stock repurchase program." |
