Berger Holdings, Ltd. Reports Record Third Quarter Results
PHILADELPHIA--(BUSINESS WIRE)--Oct. 23, 2001--Berger Holdings, Ltd. (NASDAQ:BGRH) reported record revenue for the quarter ended September 30, 2001 of $14,203,824 vs. $12,443,917 for the quarter ended September 30, 2000, an increase of 14.1%
Net income for the current quarter ended September 30, 2001 was $831,965 vs. $315,140 for the comparable period of 2000, an increase of 164%. Revenue for the nine months ended September 30, 2001 was $38,299,095 vs. $32,959,257 for the comparable period of 2000, an increase of 16.2%. Net income for the current nine-month period was $1,229,665 vs. $663,136 for the comparable 2000 period, an increase of 85.4%.
Mr. Theodore A. Schwartz, Chairman and CEO of the Company stated, "We are very pleased with the way we have been able to reduce costs and increase efficiency primarily through economies of scale. We feel we have now completed the integration of the various acquisitions we have made during the last several years. In addition, we have been upgrading our manufacturing capability and have reorganized our Sales Department to better serve our expanding customer base. We are hopeful that these factors will help to offset any future impact of a soft economy."
He further stated, "The Board of Directors on October 17, 2001 increased the stock repurchase program by an additional 500,000 shares from the previous 1,060,000 to 1,560,000 shares. Pursuant to this ongoing stock repurchase program, as of October 16, 2001, we have purchased 836,725 shares. During the three month period ended September 30, 2001, we purchased 130,225 shares. 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." |
