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Burnham Holdings, Inc. reports developments tied to its role as an OTC-listed parent company of subsidiaries that manufacture boilers, furnaces and related HVAC products and accessories. Its businesses serve residential boiler applications and commercial and industrial boiler markets through boiler products, rental trailers and boiler room services.
Recurring company news covers dividends on common and preferred stock, annual meeting voting results, director elections, auditor appointments, operating initiatives and capital-structure matters. Updates also address portfolio optimization, legacy-liability actions, the Crown Boiler subsidiary's Chapter 11 process, and manufacturing activity at U.S. Boiler, including high-efficiency condensing boiler production and the Alta boiler line.
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Burnham Holdings, Inc. (OTC-PINK: BURCA), a leading manufacturer of HVAC products, held its Annual Meeting on April 24, 2023, in Lancaster, PA. Shareholders voted in favor of three key proposals: the election of William F. Dodge II, John W. Lyman, and E. Philip Wenger as directors through 2026; approval of the 2023 Incentive Compensation Plan; and the appointment of Baker Tilly US, LLP, as independent auditors for 2023. The Board declared a quarterly common stock dividend of $0.22 per share, along with a semi-annual preferred stock dividend of $1.50 per share, both payable on June 13, 2023, with a record date of June 6, 2023.
Additionally, the company announced its financial results for Q1 2023.
Burnham Holdings, Inc. (OTC-Pink: BURCA) reported its financial results for Q1 2023, showing a 13.5% increase in net sales, reaching $59.5 million, compared to the same quarter in 2022. The gross profit margin improved to 23.5% from 15.9%, driven by effective pricing strategies. The company transitioned from a net loss of ($0.8 million) in Q1 2022 to a net income of $3.0 million in Q1 2023, marking a significant turnaround. Earnings per share rose from ($0.16) to $0.64. Residential product sales grew by 7.8%, while commercial product sales surged by 33.6%. Despite this positive performance, challenges such as material inflation, supply chain issues, and rising interest rates persist. The company advised caution in interpreting these results as an indicator of future performance.
Burnham Holdings, Inc. (BURCA) reported strong financial results for the year ending December 31, 2022. Net sales reached $240.5 million, a 10.1% increase from 2021, driven by robust demand in both residential and commercial sectors. The gross profit margin improved to 19.0% from 16.0%, thanks to pricing adjustments amid inflation. Net income saw a significant rise to $5.1 million, compared to $1.0 million in 2021, with earnings per share at $1.10. Despite challenges, including rising interest expenses and supply chain issues, the company remains committed to maintaining profitability and has declared a quarterly dividend of $0.22 per share, payable March 10, 2023.
Burnham Holdings, Inc. (BURCA) announced that Douglas S. Brossman will retire as CEO on April 24, 2023, after 15 years, while Christopher R. Drew will take over as CEO. Drew, who has been with the company since 1989 and has significant HVAC industry experience, is currently President and COO. The company also promoted three executives: Melissa Devitz to VP of Human Resources, Paul D. Spradling to VP of Operations, and Bryan O'Toole to VP of Business Development, strengthening its leadership team.