Berger Holdings, Ltd. Forecasts Record Revenue and Operating Income for Year Ended 12/31/01
PHILADELPHIA--(BUSINESS WIRE)--Jan. 3, 2002--Berger Holdings, Ltd. (NASDAQ:BGRH - news) will report by early March its fifth consecutive year of record revenue, which will be in excess of $50,000,000. It will also report record net income from operations for the fourth quarter and year ended December 31, 2001.
The Company had previously reported net income for the nine months ended September 30, 2001 of $1,229,665 ($.20 per diluted share) vs. $663,136 ($.11 per diluted share) for the comparable 2000 period, an increase of 85.4%.
The Company also reports that on December 17, 2001 a new four year agreement was ratified with its union members, some of whom are second and third generation Berger employees.
Mr. Theodore A. Schwartz, Chairman and CEO of the Company stated, ``We are very pleased with our results, particularly because this was achieved despite the sluggish economy. Obviously, the Market is beginning to recognize our progress. The closing price of our stock was $1.44 on December 31, 2000 and it closed at $4.10 on December 31, 2001.''
He further stated, ``Since June, 1999, pursuant to our ongoing stock repurchase program as of December 31, 2001, we have purchased 902,475 shares. During the three month period ended December 31, 2001, we purchased 96,750 shares. In addition to the above, 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 pay down debt and reduce our outstanding shares, thus increasing our intrinsic value for the remaining shareholders.'' |
