Berger Holdings, Ltd. Continues Stock Repurchase Program
PHILADELPHIA--(BUSINESS WIRE)--Aug. 26, 1999--Berger Holdings, Ltd. (NASDAQ: "BGRH") announced that as of August 25, 1999 it had purchased 83,000 shares on the open market pursuant to its previously announced stock repurchase program.
The Company is currently authorized by its Board of Directors to buy up to 540,000 shares.
Mr. Theodore A. Schwartz, Chairman and CEO of the Company, stated, "Our management is convinced that the market is grossly undervaluing our Company and we intend to continue our stock repurchase program, subject to market conditions."
He further noted, "As previously reported, Berger had cash flow from operations (EBITDA) of $.47 per basic share and $.35 per fully diluted share for the six months ended June 30, 1999. Historically, the second half is stronger than the first half. Furthermore, we are aggressively continuing our search for additional accretive acquisitions and have established financing sources which we believe will help to achieve these goals." |
