Wednesday June 17, 8:52 am Eastern Time
Company Press Release
Berger Holdings Ltd. Predicts Record Results
Berger Holdings Ltd. (NASDAQ: "BGRH")
PHILADELPHIA--(BUSINESS WIRE)--June 17, 1998-- Joseph F. Weiderman, president and C.O.O. reported to shareholders at the annual meeting held at the company's new offices that revenue for the second quarter ending June 30, 1998 would be between $9 and $10 million vs. $5.5 million for the comparable 1997 period.
He also indicated that net operating income should be approximately $500,000 vs. a loss $153,000 in the first quarter of 1998. EBITDA (earnings before interest, taxes, depreciation and amortization) for this quarter will exceed $1 million. He also indicated that, historically, the third quarter is stronger than the second quarter. Berger has 5.3 million shares currently outstanding.
Theodore A. Schwartz, chairman, C.E.O. stated, ''Berger has now completed the integration of the acquisition of our major competitor which took place on Jan. 2, 1998. We will now show a 3-year 50% annualized compounded rate of growth in revenue along with strong increases in net income and cash flow.
''The management of Berger is confident that we have built the infrastructure and earning power necessary to allow us to maintain or accelerate the progress we have demonstrated during this period.''
Schwartz further stated, ''We intend to use every available means to convince the investment community of the underlying value and future potential of this recently reinvented 125 year old company. |
