Berger Holdings Ltd. Reports 2nd Quarter Profit of $553,123 on Revenue of $9,739,325
PHILADELPHIA--(BUSINESS WIRE)--July 30, 1998--Berger Holdings Ltd. (NASDAQ; "BGRH") reported net income before dividends of $553,123(a) for the quarter ending June 30, 1998 vs. a reported $641,332 for the comparable 1997 period.
The 1997 period included a $200,000 non-operational tax benefit. Berger had reported a $53,000(a) loss for the first quarter of 1998. EBITDA during the 2nd quarter was $1,275,590 vs. $780,191 for the comparable year earlier period, an increase of 63.5%. -0- *T
Quarter Ending June 30: 1998 1997
Revenues $ 9,739,325 $ 5,514,006 Net Income 553,123 641,332(a) Income available to Common Shareholders 453,123 641,332(a) Basic weighted average number of Common Shares 5,368,454 5,019,044 Basic income per Common Share $0.08 $0.13 Diluted number of Common Shares 7,706,623 6,561,756(b) Net income per Common Share $0.07 $0.10
Six Months Ending June 30: 1998 1997
Revenues $16,753,779 $10,013,329 Net Income 499,612 805,756(a) Income available to Common Shareholders 299,612 805,756(a) Basis weighted average number of Common Shares 5,362,540 4,981,017 Basic income per Common Share $0.06 $0.16 Diluted number of Common Shares 7,700,709 6,580,064(b) Net income Per Common Share $0.06 $0.12
(a) Includes a $200,000 non-operational tax benefit in both 2nd quarter and 6 months respectively. (b) 1997 Diluted shares were restated to conform to current period presentation.
*T -0- Joseph F. Weiderman, president and C.O.O., stated, "As previously reported, during the first half we have absorbed the transition costs of our first major acquisition, which closed on January 2, 1998. We also have added significantly to our overall infrastructure so that additional acquisitions should have a more immediate accretive effect."
Theodore A. Schwartz, chairman, C.E.O., commented, "Berger has shown substantial improvement during this second quarter and we expect to show further improvement in the third quarter. We remain confident that the investment community will ultimately recognize our current progress and future growth prospects." |
