Welcome to our dedicated page for Burnham Cp Cl A news (Ticker: BURCA), a resource for investors and traders seeking the latest updates and insights on Burnham Cp Cl A stock.
Burnham Holdings, Inc. (BURCA) is a holding company for domestic manufacturers of boilers, furnaces and related HVAC products and accessories serving residential, commercial and industrial applications. Its news flow provides insight into how the company is reshaping its boiler-focused operations and managing financial and legal risks.
Recent press releases highlight strategic portfolio adjustments, including the divestiture of substantially all assets of Thermo Pride and Norwood Manufacturing, the planned winddown of Crown Boiler manufacturing operations, and the expansion of commercial and industrial boiler service and installation activities, including mobile boiler room offerings. News items also cover the opening and expansion of U.S. Boiler Company’s Condensing Center of Excellence in Lancaster, Pennsylvania, which is dedicated to advanced high-efficiency condensing boiler production.
Investors and industry observers can follow quarterly and annual financial results that detail net sales, margins, non-GAAP metrics such as EBITDA and Adjusted EBITDA, and commentary on residential, commercial and service and rentals performance. The company’s releases also discuss debt levels, working capital management and pension-related actions, such as the transfer of a portion of defined benefit obligations to a third-party insurer.
Additional news includes dividend declarations on common and preferred stock, annual meeting results, and updates on litigation involving certain subsidiaries, including asbestos-related matters and the subsequent transfer of legacy asbestos liabilities to Burnham Industries, LLC. Ownership disclosures by institutional investors, such as GAMCO’s announcement of its stake in Burnham Holdings, also appear in the news flow.
This page aggregates these updates so readers can review BHI’s financial performance, strategic transactions, manufacturing developments and corporate actions over time.
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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.
On December 8, 2022, Burnham Holdings, Inc. (OTC: BURCA) declared a $0.22 quarterly common stock dividend and a $1.50 semi-annual preferred stock dividend, both payable on December 29, 2022, with a record date of December 22, 2022. This move reflects the company's commitment to returning value to shareholders. The annual meeting is scheduled for April 24, 2023, at the Lancaster Marriott, indicating ongoing investor engagement.
Burnham Holdings, Inc. (BURCA) reported its financial results for Q3 and the first nine months of 2022, showing a 12.0% increase in net sales for Q3 and 16.9% year-to-date compared to 2021. Gross profit rose to 18.1% for Q3 and 16.3% year-to-date. The company achieved a net income of $0.8 million in Q3, a turnaround from a $1.3 million loss in 2021. Residential and commercial product sales grew by 15.0% and 22.6%, respectively. Challenges remain due to material inflation and staffing issues, impacting profitability.