Berger Holdings, Ltd. Reports Six Month Net Income Increases 21% Despite Decrease in Second Quarter
PHILADELPHIA--(BUSINESS WIRE)--Aug. 8, 2002--Berger Holdings, Ltd. (NASDAQ:BGRH) reported an increase in net income for the six months ended June 30, 2002.
The exceptionally mild winter in its core market adversely affected the second quarter comparisons because of damage caused by the prior year's more normal winter. In addition, the Company reported that revenue and operating margins in 2002 has been affected by the weak economy, increased competition and rising raw material costs.
However, the Company was able to significantly offset reduced revenue by a corresponding reduction of expenses, increased operating efficiencies, and the elimination of goodwill amortization. The Company also reported that since completion of the reorganization of its Sales and Marketing Department in the fourth quarter of 2001, it has opened over 100 new or re-established customers.
Mr. Theodore A. Schwartz, Chairman and CEO of the Company stated, "During the twelve months ended June 30, 2002, our strong cash flow enabled us to reduce our bank debt by approximately $3.4 million. During that same period, the Company also bought back 293,125 shares of common stock on the open market at a cost of $1,086,365."
He further stated, "Berger has grown substantially during the last five years and in order to sustain that growth we are continuing to penetrate new markets while expanding and servicing our current customer base. The Company's management is committed to using every effort to achieve our goals which we believe results in increasing intrinsic shareholder value." |
