Berger Holdings Ltd. Reports Record Revenue and Net Income For Year Ending Dec. 31, 1997
PHILADELPHIA--(BUSINESS WIRE)--March 3, 1998--Berger Holdings Ltd. (NASDAQ:BGRH) reports 1997 revenue increased 5.08% to $20,748,017 vs. $19,745,890 reported in 1996.
Net Income increased 22.11% to $2,020,377 from $1,654,501. -0- *T Fourth Quarter Ending Dec. 31: 1997 1996
Revenue $4,861,000 $4,902,000 Net Income $596,915 $664,677 Basic weighted average Number of Common Shares 5,190,887 3,994,432 Basic Income per Common Share $0.11 $0.17 Fully diluted number of Shares 6,673,894 4,487,544 Net Income per Common Share $0.09 $0.15
Year Ended Dec. 31: -----------------------
Revenue $20,748,017 $19,745,890 Net Income $2,020,377 $1,654,501 Basic weighted average Number of Common Shares 5,057,828 3,720,149 Basic Income per Common Share $0.40 $0.44 Fully diluted number of Shares 6,559,937 3,720,149 Net Income per Common Share $0.31 $0.44
Outstanding Common Shares At year end 5,228,973 4,858,150
Note: Net Income includes tax benefits of $1 million in 1997
and $500,000 in 1996. Per share earnings were effected by new
accounting guidelines *T -0- Theodore A. Schwartz chairman, CEO stated "Our cash flow from operations (net operating income plus depreciation and amortization) was approximately $1.9 million. This is our second consecutive year of strong positive cash flow.
"We have completed the integration of $1.5 million of equipment and $2.4 million of inventory from the acquisition of the roof drainage business of our former major competitor, which closed on Jan. 2, 1998. During 1997 the acquired business had sales of $19.8 million."
He further stated "We have added a new National Director of Marketing with 20 years experience in the industry along with a new Chief Engineer with specialized expertise in roll forming equipment. We also expect to move into our new 10,400 square foot office addition by the end of March.
Schwartz concluded "We feel we have now put into place the infrastructure necessary to achieve our long-term goals. We are confident that with the assistance of our two new institutional private investors, the financial community will come to appreciate the current progress and future potential of Berger Holdings Ltd." |
