Berger Holdings, Ltd. Reports Record Results
PHILADELPHIA--(BUSINESS WIRE)--March 7, 2002--Berger Holdings, Ltd. (NASDAQ:BGRH) reported record revenue for the quarter ended December 31, 2001 of $12,829,001 vs. $12,516,920 for the quarter ended December 31, 2000, an increase of 2.5%.
Net income for the quarter ended December 31, 2001 was $522,302 vs. $199,243 for the comparable period of 2000, an increase of 162.1%. Revenue for the year ended December 31, 2001 was $51,128,096 vs. $45,372,283 for the comparable period of 2000, an increase of 12.7%. Net income for the year ended December 31, 2001 was $1,751,967 vs. $862,379 for the comparable 2000 period, an increase of 103.2%.
Mr. Theodore A. Schwartz, Chairman and CEO of the Company stated, "We are very pleased with the progress we made during 2001. Our goal is to continue increasing efficiency while decreasing costs. This will allow us to continue providing the best possible service to our expanding customer base and enhance the bottom line for our shareholders."
He further stated, "Pursuant to our ongoing stock repurchase program, as of March 6, 2002, we have purchased 931,275 shares. In addition, since September 30, 2000 through transactions involving the repurchase and/or cancellation of warrants, options and conversion rights, the potential for the issuance of up to approximately 1,384,000 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 to reduce our outstanding shares, thus increasing our intrinsic value for the remaining shareholders."
Quarter Ended Dec. 31: Year Ended Dec. 31:
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2001 2000 2001 2000
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Revenue $12,829,001 $12,516,920 $51,128,096 $45,372,283
Operating
income $1,260,557 $744,172 $4,704,641 $3,313,306
Net income
before taxes $932,681 $265,034 3,128,512 $1,540,282
Provision for
income tax $410,380 $65,791 $1,376,545 $677,903
Net income $522,302 $199,243 $1,751,967 $862,379
Basic shares 5,122,134 5,291,876 5,271,971 5,364,497
Basic earnings
per share $.10 $.04 $.33 $.16
Diluted shares 6,579,998 5,955,192 6,369,481 6,755,925
Diluted earnings
per share $.08 $.04 $.28 $.16 |
