Berger Holdings, Ltd. Reports Record First Half Revenue And EBITDA Per Share.Business Editors PHILADELPHIA--(BUSINESS WIRE)--Aug. 14, 2000 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") reports second quarter and six month operating results for the period ending June 30, 2000.
Quarter Ending June 30: Six Months Ending June 30:
----------------------- -------------------------
2000 1999 2000 1999
----- ---- ---- ----
Revenue $11,938,253 $11,091,149 $20,812,739 $19,299,131
Operating
income $ 1,021,159 $ 1,246,186 $ 1,518,722 $ 1,644,035
Net income
before taxes $ 573,445 $ 789,157 $ 669,210 $ 716,660
Provision for
income tax (1) $ 275,254 $ 284,096 $ 321,214 $ 258,096
Net income $ 298,191 $ 505,061 $ 347,996 $ 458,564
Basic shares 5,403,645 5,525,529 5,429,891 5,516,666
Basic income
per common
share $ .06 $ .09 $ .06 $ .08
Diluted number
of common
shares 7,037,308 7,439,078 6,949,278 7,525,901
Earnings per
diluted common
share $ .05 $ .08 $ .06 $ .08
EBITDA $ 1,677,700 $ 1,715,564 $ 2,663,201 $ 2,589,021
EBITDA per
basic share $ .31 $ .31 $ .49 $ .47
EBITDA per
diluted share $ .24 $ .23 $ .38 $ .34
(1) The Company has an approximate $5.2 million Federal tax loss carry
forward.
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, "Our cash generated from operations (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 ) for the six months ended June 30, 2000 was $.49 per basic share outstanding. We anticipate that Copper Craft, Inc., which was acquired on March 31, 2000, will have a positive impact on revenue and net income for the balance of the year. Furthermore, revenue from Berger's core business is historically stronger during the second half of the year." He further stated, "Our previously announced 540,000 stock repurchase Stock repurchase A firm's repurchase of outstanding shares of its common stock. program as of today has now resulted in over 300,000 shares being acquired on the open market. We intend to continue taking steps to reduce our overall capitalization while continuing to grow the Company both internally and through strategic acquisitions." 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 the most 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 forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. in this release are made pursuant to the "safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " 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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