Berger Holdings, Ltd. Accelerates Stock Repurchase Program
PHILADELPHIA--(BUSINESS WIRE)--June 20, 2000--Berger Holdings, Ltd. (NASDAQ:BGRH) announced that it has purchased on the open market 251,700 shares of its common stock, or 4.7% of the shares currently outstanding.
The Board of Directors has approved an initial purchase of up to 540,000 shares.
Mr. Theodore A. Schwartz, Chairman and CEO of the Company, stated, "During the first half of this year in addition to buying back stock, Berger also acquired Copper Craft, Inc. of Keller Texas for cash." He further stated, "We intend to utilize our growing cash flow to continue repurchasing our publicly held shares and to seek additional acquisitions only if, as in the case of Copper Craft, they are immediately accretive. According to our recent proxy statement, our officers and directors beneficially own approximately 43% of our common stock, and our goal is to keep increasing the intrinsic (enterprise) value of our Company so that our loyal shareholders will ultimately reap the benefit." |
