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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.
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.
Burnham Holdings, Inc. (OTC-Pink: BURCA) reported a 20% increase in net sales for the first half of 2022, alongside a quarterly common stock dividend of $0.22 per share, payable on August 17, 2022. Despite this growth, the company experienced a net loss of $1.8 million for the first half, improving from a $3.1 million loss in 2021. Gross profit margins rose to 15.2% as price adjustments countered inflation. Staffing and supply chain challenges, along with rising interest expenses, remain critical concerns.
Burnham Holdings, Inc. (OTC-Pink: BURCA) held its Annual Meeting on April 25, 2022, where stockholders approved the election of three directors and appointed Baker Tilly US, LLP as independent auditors for 2022. The Board declared a regular quarterly common stock dividend of $0.22 per share and a semi-annual preferred stock dividend of $1.50 per share, both payable on June 14, 2022, with a record date of June 7, 2022. These actions reflect the company’s ongoing commitment to shareholder returns while maintaining governance structures.
Burnham Holdings, Inc. (OTC-Pink: BURCA) reported a net loss of $0.8 million for Q1 2022, compared to a loss of $0.6 million in Q1 2021. However, net sales rose 19.2% to $52.4 million due to strong demand for heating equipment. Gross profit was stable at 15.9% of sales, with higher expenses from interest and inflation affecting profitability. Total debt increased by $11.2 million to $30.9 million, primarily due to material cost inflation. First-quarter results typically represent only 20% of the annual total, warranting caution in interpreting financial outcomes.
Burnham Holdings, Inc. (OTC-Pink: BURCA) reported financial results for the year ended December 31, 2021. Net sales reached $218.5 million, a 16.5% increase from 2020, driven by improved winter weather and recovering demand post-COVID-19. However, gross profit declined to $35.0 million, a 9.1% drop, largely due to rising material costs. Net income fell 85% to $1.0 million. The company declared a quarterly dividend of $0.22 per share, payable on March 11, 2022. The annual meeting is scheduled for April 25, 2022.
Burnham Holdings, Inc. (OTC-Pink: BURCA) announced dividends for common and preferred stock on December 9, 2021. A quarterly common stock dividend of $0.22 per share and a semi-annual preferred stock dividend of $1.50 per share were declared, both payable on December 30, 2021, with a record date of December 23, 2021. Additionally, the company’s Annual Meeting is scheduled for April 25, 2022. Due to potential COVID-19 restrictions, the meeting may be virtual, with further details to be provided in March 2022.
Burnham Holdings, Inc. (BURCA) reported Q3 2021 financial results showing a net sales increase of $4.6 million (9.5%) year-over-year, with YTD sales climbing 19.3% to $140.8 million. Despite higher sales, the company faced a net loss of $1.34 million compared to a profit of $1.47 million in Q3 2020. Gross profit margin also declined to 12.6% from 18.5% due to rising raw material costs and manufacturing inefficiencies. The commercial product backlog grew by $6.6 million, indicating potential future revenue growth.
On July 22, 2021, Burnham Holdings, Inc. announced the appointment of Christopher E. Pruitt to its Board of Directors, effective September 1, 2021. Mr. Pruitt is currently the President/CEO of East Penn Manufacturing, a major battery manufacturer, and brings extensive financial and leadership experience to the role. His term will conclude at the Company’s Annual Meeting in 2022, where he may be nominated for a three-year term. Burnham Holdings is a leading manufacturer of HVAC products and employs around 800 people nationwide.
Burnham Holdings, Inc. (BURCA) reported financial results for the six months ending June 27, 2021, showing a significant increase in net sales, up 34.7% to $43.6 million in Q2 and 26.3% to $87.6 million YTD. Despite rising sales, the company faced a net loss of $(2.48) million in Q2 compared to $(368) thousand in 2020, with gross profit margins decreasing from 18.1% to 13.0%. A quarterly dividend of $0.22 per share was declared, payable on August 18, 2021, with a record date of August 11, 2021.