Berger Holdings, Ltd. Reports Quarterly Revenue Increases 18%; Net Income Increases 102%
PHILADELPHIA--(BUSINESS WIRE)--July 31, 2001--Berger Holdings, Ltd. (NASDAQ:BGRH) reported record revenue for the quarter ended June 30, 2001 of $14,118,099 vs. $11,965,032 for the quarter ended June 30, 2000, an increase of 18.0%.
Net income for the current quarter ended June 30, 2001 was $603,473 vs. $298,191 for the comparable period of 2000, an increase of 102%. Revenue for the six months ended June 30, 2001 was $24,500,835 vs. $20,868,899 for the comparable period of 2000, an increase of 17.4%.
Net income for the current six-month period was $397,700 vs. $347,996 for the comparable 2000 period, an increase of 14.3%.
Mr. Theodore A. Schwartz, Chairman and CEO of the Company stated, "We are very pleased with the second quarter results which more than compensated for the soft first quarter which was adversely affected by severe weather conditions in our core market. We remain optimistic for the balance of the year. Historically, Berger's revenue and earnings are stronger during the second half. Our cash flow is continuing to be positively impacted due to our federal tax-loss carry-forward."
He further stated, "Pursuant to our ongoing stock repurchase program, as of July 29, 2001, we have purchased 715,000 shares. During the six month period ended June 30, 2001, we were only able to purchase 63,700 shares. In addition, as previously reported, 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 approximately 1,341,000 additional shares of the Company's common stock has been eliminated. These actions represent a continuation of our stated goal of utilizing our growing cash flow to reduce our outstanding shares, thus increasing our intrinsic value for the remaining shareholders." |
