Berger Holdings, Ltd. Reports Soft First Quarter Due to Severe Winter.Business Editors PHILADELPHIA--(BUSINESS WIRE)--May 9, 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). Berger Holding, Ltd. reported that, as anticipated, the first severe winter in several years in its core East Coast market resulted in a soft first quarter. However, it is expected that the underlying roof damage exposed by this winter's weather will have a very positive effect going forward. First quarter revenue was a record $10,382,737 vs. $8,903,868 for the first quarter of 2000, a gain of 16%. This was the result of two acquisitions completed during 2000. First quarter after tax loss was $205,773 ($.04 per fully diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share) vs. a gain of $49,805 ($.01 per fully diluted share) in the first quarter of 2000. 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, "Historically, Berger's first quarter is the weakest of the year. However, the combined effect of last year's two acquisitions helped to minimize this year's impact of inclement in·clem·ent adj. 1. Stormy: inclement weather. 2. Showing no clemency; unmerciful. in·clem weather during the first quarter." He further stated, "We anticipate record results for the balance of the year."
QUARTER ENDED MARCH 31:
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2001 2000
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Revenue $ 10,382,737 $ 8,903,868
Operating income $ 65,641 $ 497,564
Net income (loss) before taxes $ (367,452) $ 95,765
Provision for income tax $ (161,679) $ 45,960
Net income (loss) $ (205,773) $ 49,805
Basic shares 5,341,676 5,456,138
Basic income (loss) per common share $ (.04) $ .01
Diluted number of common shares 5,713,656 7,187,942
Earnings (loss) per diluted common
share $ (.04) $ .01
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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