Berger Holdings, Ltd. Completes New Financing Package.Business Editors PHILADELPHIA--(BUSINESS WIRE)--Dec. 28, 1999 Berger Holdings, Ltd. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : "BGRH") announced that it has extended its bank financing facility with Summit Bank for an additional three years. The total line has been increased from $11.9 million to $19 million plus, and includes an $8 million acquisition fund. The interest rate has been reduced from one-half above the existing prime rate to one-half below the existing prime rate. Mr. Theodore A. Schwartz, Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of the Company, stated, "During the last two years Berger's revenue has increased from $19.7 million to approximately $40 million. Cash flow from operations Cash flow from operations A firm's net cash inflow resulting directly from its regular operations (disregarding extraordinary items such as the sale of fixed assets or transaction costs associated with issuing securities), calculated as the sum of net income plus noncash expenses (EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become ) has grown from $2.4 million to an anticipated $5 million in 1999. We are very pleased that Summit Bank, with whom we have had a three year relationship, has recognized the current strength of our Company and has agreed to help implement our aggressive plans for future growth." Berger Holdings, Ltd. is the parent company of Berger Bros BROS Brothers BROS Benefits and Retirement Operations Section (King County, Washington) BROS Barnes and Richmond Operatic Society (London, UK) Co. which was founded in 1874 and is a manufacturer of a complete line of roof drainage products specializing in copper as well as residential and commercial snow guards. All of the Company's products are used in new construction, remodeling remodeling /re·mod·el·ing/ (re-mod´el-ing) reorganization or renovation of an old structure. bone remodeling and renovation markets. Forward-looking statements in this release are made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Investors are cautioned that actual results may differ substantially from such forward-looking statements. Forward-looking statements involve risk and uncertainties including but not limited to, continued acceptance of the company's products in the marketplace, competitive factors, new products and technological changes, the Company's dependence upon third-party suppliers and other risks detailed in the company's periodic reports filing with the Securities and Exchange Commission. |
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