Berger Holdings, Ltd. Reports Record First Quarter Revenue, Hires Additional Staff
PHILADELPHIA--(BUSINESS WIRE)--April 8, 1999--Berger Holdings, Ltd. (NASDAQ:BGRH) reported revenue of $8,208,000 for the first quarter ending March 31, 1999 vs. $7,015,000 for the comparable prior period, an increase of 17%.
Historically, the first quarter is the Company's slowest period.
Separately, the Company announced that it has added new senior personnel to accommodate anticipated continued growth. The new positions include a Human Resources Manager, an Information Technology Manager, and an inside Administrative Sales Manager.
Mr. Theodore A. Schwartz, Chairman, CEO, stated, "We are confident that 1999 will be the fourth consecutive year of record revenue and strong cash flow (EBITDA). This should be particularly relevant since, according to the Heard on the Street column of the Wall Street Journal dated April 1, 1999, a number of stock analysts are beginning to look at cash flow to 'help flush out companies' true growth rates.' Based upon our first quarter results, projected revenue for 1999 should be in excess of $40 million. This represents a 150% increase from the $15.7 million revenue in 1995. We expect EBITDA will increase to approximately $6 million in 1999, which would be an 1100% increase from $438,000 in 1995. Berger's recognition by the investment community should increase as this trend continues."
Berger Holdings, Ltd. is the parent company of Berger Bros Co. which was founded in 1874 and is a manufacturer of roof drainage products and a complete line of residential and commercial snow guards used in new construction, remodeling and renovation markets. |
