Berger Holdings, Ltd. Reports Record Revenue
PHILADELPHIA--(BUSINESS WIRE)--March 3, 2000--Berger Holdings,
Ltd. (NASDAQ: "BGRH") reported revenue of $39,966,301 for the year
ended December 31, 1999 vs. $35,608,309 for the year ended December
31, 1998, an increase of 12%.
Cash flow from operating activities (EBITDA) was $4,648,791 vs.
$3,974,061, an increase of 17%. Net income before taxes available to
common shareholders (on a comparable basis) increased 28% to $823,463
in 1999 vs. $643,627 in 1998. Reported net income available to common
shareholders was $381,797 in 1999 vs. $1,290,828 in 1998, primarily as
a result of an income tax provision in 1999 and an income tax benefit
in 1998.
1999 is the first year Berger is reporting on a fully taxed
basis, although the Company still has approximately $5.5 million in
federal net operating loss carryforwards. Total taxes actually paid on
1999 income will be approximately $54,000.
Mr. Theodore A. Schwartz, Chairman and CEO of the Company,
stated, "During 1999 we assimilated the operations of our two major
competitors which we acquired during 1998. We completed the expansion
of our infrastructure to accommodate anticipated further growth and
acquisitions, while at the same time, reducing the combined amount of
debt and preferred stock outstanding. We reduced our basic and fully
diluted capitalizations by 314,494 shares or 4.3%."
He further stated, "We are very pleased that we were able to
renegotiate and extend our bank financing facility with Summit Bank at
one-half below prime, which includes an $8 million acquisition fund.
Our goal for 2000 is to increase both revenue and income, seek and
consummate accretive acquisitions, while continuing our stock buy-back
program." |
