Berger Holdings, Ltd. Reports 15% Increase in Revenue; 129% Increase in Earnings Per Share
PHILADELPHIA--(BUSINESS WIRE)--March 8, 2001--Berger Holdings, Ltd. (NASDAQ:BGRH) reported record revenue for the year ended December 31, 2000 of $46,200,662 vs. $40,101,367 for year ended December 31, 1999, an increase of 15%.
Net income after provision for taxes was $862,379 vs. $381,797 for the prior year, an increase of 126%.
Though the company is required to report a provision for income taxes of $677,903, the actual amount of taxes to be paid is approximately $110,000. The Company still has an approximate $3.5 million federal tax loss carry-forward available. Net income per fully diluted common share was $.16 vs. $.07, an increase of 129%. EBITDA (operating cash flow) for the year 2000 was $5,768,750 ($1.01 per diluted share) vs. $4,648,791 ($0.63 per diluted share) for the prior year, an increase of 24%, (60% per diluted common share).
Mr. Theodore A. Schwartz, Chairman and CEO of the Company, stated, "We are very pleased with the progress we made during the year 2000. We are also optimistic that this positive trend will continue during the current year. This optimism is based on the following factors. We expect to have the accretive benefit of Copper Craft (acquired April 1, 2000) and Walker Metal Products (acquired November 1, 2000) for the entire 2001 year. We have also endured the first severe winter in our core market in several years. Though this could have an adverse effect on our first quarter, we anticipate that the underlying damage revealed by this winter's weather will have a very positive impact on our future revenue and earnings."
He further stated, "As reported in our 8K filed on February 7, 2001, a total of 611,800 shares of common stock has been repurchased by the Company pursuant to our ongoing stock repurchase program. In addition, since September 30, 2000 through transactions involving the repurchase and/or cancellation of warrants and conversion rights, the potential for the issuance of up to a total of 1,341,176 new shares of the Company's common stock has been eliminated. |
