Berger Holdings, Ltd. Reports Record Third Quarter Results.Business Editors PHILADELPHIA--(BUSINESS WIRE)--Oct. 23, 2001 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) reported record revenue for the quarter ended September 30, 2001 of $14,203,824 vs. $12,443,917 for the quarter ended September 30, 2000, an increase of 14.1% Net income for the current quarter ended September 30, 2001 was $831,965 vs. $315,140 for the comparable period of 2000, an increase of 164%. Revenue for the nine months ended September 30, 2001 was $38,299,095 vs. $32,959,257 for the comparable period of 2000, an increase of 16.2%. Net income for the current nine-month period was $1,229,665 vs. $663,136 for the comparable 2000 period, an increase of 85.4%. 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, "We are very pleased with the way we have been able to reduce costs and increase efficiency primarily through economies of scale. We feel we have now completed the integration of the various acquisitions we have made during the last several years. In addition, we have been upgrading our manufacturing capability and have reorganized re·or·gan·ize v. re·or·gan·ized, re·or·gan·iz·ing, re·or·gan·iz·es v.tr. To organize again or anew. v.intr. To undergo or effect changes in organization. our Sales Department to better serve our expanding customer base. We are hopeful that these factors will help to offset any future impact of a soft economy." He further stated, "The Board of Directors on October 17, 2001 increased the stock repurchase Stock repurchase A firm's repurchase of outstanding shares of its common stock. program by an additional 500,000 shares from the previous 1,060,000 to 1,560,000 shares. Pursuant to this ongoing stock repurchase program, as of October 16, 2001, we have purchased 836,725 shares. During the three month period ended September 30, 2001, we purchased 130,225 shares. These actions represent a continuation of our stated goal of utilizing our growing cash flow to reduce our outstanding shares, thus increasing our intrinsic value Intrinsic Value 1. The value of a company or an asset based on an underlying perception of the value. 2. For call options, this is the difference between the underlying stock's price and the strike price. for the remaining shareholders."
Quarter Ended Nine Months
Sept. 30: Ended Sept. 30:
----------------- -----------------
2001 2000 2001 2000
---- ---- ---- ----
Revenue $14,203,824 $12,443,917 $38,299,095 $32,959,257
Operating income $ 1,886,708 $ 1,050,411 $ 3,444,085 $ 2,573,179
Net income before
taxes $ 1,485,651 $ 606,038 $ 2,195,831 $ 1,275,248
Provision for
income tax $ 653,686 $ 290,898 $ 966,166 $ 612,112
Net income $ 831,965 $ 315,140 $ 1,229,665 $ 663,136
Basic shares 5,272,450 5,307,751 5,322,465 5,309,465
Basic earnings
per share $ .16 $ .06 $ .23 $ .12
Diluted shares 6,545,351 6,171,885 6,238,027 6,298,415
Diluted earnings
per share $ .13 $ .05 $ .20 $ .11
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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