Berger Holdings, Ltd. Reports Quarterly Revenue Increases 17.4% Pre-Tax Operating Income Increases 84.2%
PHILADELPHIA--(BUSINESS WIRE)--Oct. 24, 2000--Berger Holdings, Ltd. (NASDAQ:BGRH) reported record revenue for the quarter ending September 30, 2000 of $12,658,223 vs. $10,786,675 for the quarter ending September 30, 1999, an increase of 17.4%.
The Company's newly acquired subsidiary, Copper Craft, Inc., accounted for 57% of the increase in current quarter sales of $1,871,588, while same store sales accounted for 43% of the current quarter's increase. Pre-tax net income was $606,038 for the current quarter vs. $329,010 for the comparable 1999 quarter, an increase of 84.2%.
Revenue for the nine months ending September 30, 2000 was $33,470,963 vs. $30,085,765 for the nine months ending September 30, 1999, an increase of 11.3%. Pre-tax net income for the current nine-month period was $1,275,248 vs. $1,045,669 for the comparable 1999 perio\, an increase of 22.0%.
Though the Company is required to report a provision for income taxes of $612,112 for the nine months ending September 30, 2000, there is no federal income tax actually being paid since the Company still has approximately $4.2 million in federal loss carry-forward available.
EBITDA (operating cash flow) for the current quarter was $1,701,652 ($.28 per diluted share) and $4,364,853 ($.69 per diluted share) for the current nine-month period.
Mr. Theodore A. Schwartz, Chairman and CEO of the Company stated, "We are very pleased that our growing revenue and strong cash flow is beginning to be reflected in our reported earnings per share comparisons for the quarter." He further stated, "We are continuing our Stock Repurchase Program which has reached 395,000 shares. The Board of Directors has authorized the repurchase of 1,060,000 shares (including the already purchased shares)." |
