Berger Holdings, Ltd. Reports Soft First Quarter Due to Severe Winter
PHILADELPHIA--(BUSINESS WIRE)--May 9, 2001--Berger Holdings, Ltd. (NASDAQ:BGRH). Berger Holding, Ltd. reported that, as anticipated, the first severe winter in several years in its core East Coast market resulted in a soft first quarter.
However, it is expected that the underlying roof damage exposed by this winter's weather will have a very positive effect going forward.
First quarter revenue was a record $10,382,737 vs. $8,903,868 for the first quarter of 2000, a gain of 16%. This was the result of two acquisitions completed during 2000. First quarter after tax loss was $205,773 ($.04 per fully diluted share) vs. a gain of $49,805 ($.01 per fully diluted share) in the first quarter of 2000.
Mr. Theodore A. Schwartz, Chairman and CEO of the Company, stated, "Historically, Berger's first quarter is the weakest of the year. However, the combined effect of last year's two acquisitions helped to minimize this year's impact of inclement weather during the first quarter." He further stated, "We anticipate record results for the balance of the year." |
