Berger Holdings Ltd. 1998 Revenue Up 71.7
PHILADELPHIA--(BUSINESS WIRE)--Jan. 13, 1999--Berger Holdings Ltd. (NASDAQ:"BGRH") reported revenue of $35,634,000 for the year ended Dec. 31, 1998 vs. $20,752,000 in 1997, an increase of 71.7%.
The 1998 revenue does not include the acquisition of Sheet Metal Inc. completed on Dec. 7, 1998, which had revenue of approximately $11 million during 1998. No new equity was issued for this acquisition. Since 1995 Berger has achieved an average annualized revenue growth of 43%. Net income, as in the past, will be reported after the company's annual audit, which is expected around the end of February.
Product, marketing and investor information can be obtained at Berger's Internet website, www.bergerbros.com.
Theodore A. Schwartz, Chairman, CEO, stated, "We feel the addition of the Sheet Metal acquisition along with anticipated internal growth will have a very positive impact on 1999 earnings. During 1998 we increased our manufacturing, administrative and warehouse capacity from 105,000 sq. ft. to over 250,000 sq. ft. The accretive impact of the Sheet Metal deal and any future acquisitions will benefit substantially from the fact that we have already built the infrastructure of Berger to accommodate future growth." He further stated, "We are particularly pleased that we accomplished this while continuing to increase our available cash flow generated from operations."
Berger Holdings Ltd. is the parent company of Berger Bros Co. founded in 1874 and is a manufacturer of roof drainage products and a complete line of residential and commercial snow guards used in new construction, remodeling and renovation markets. |
