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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.
Burnham Holdings, Inc. (OTC-Pink: BURCA) announced the results of its Annual Meeting on April 26, 2021, held virtually in Lancaster, PA. Stockholders approved the election of directors Douglas S. Brossman, Christopher R. Drew, and Laura T. Wand for three-year terms. The Board declared a 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 15, 2021, with a record date of June 8, 2021. Financial results for Q1 2021 were also disclosed earlier that day.
Burnham Holdings, Inc. (OTC-Pink: BURCA) reported a net sales increase of 18.9% to $44.0 million for Q1 2021, driven by improved demand for residential heating equipment. However, gross profit margin fell to 15.9% due to rising material costs. The company experienced a net loss of $(0.58) million, an improvement from $(1.07) million in Q1 2020. Total debt decreased to $19.8 million. While residential sales rose by 30.3%, commercial product sales dropped 9.9% due to COVID-19 impacts. Despite challenges, incoming orders for commercial products have surged recently.
Burnham Holdings, Inc. (OTC-Pink: BURCA) reported a net sales decline of 11.7%, totaling $187.5 million for 2020, impacted significantly by warmer weather and COVID-19. Gross profit fell 15.5% to $38.5 million, with a net income of $6.55 million, down from $8.74 million in 2019. Despite a decrease in residential heating sales by 10.5%, there was a 1.5% sales growth in the second half. SG&A expenses decreased by 11.3% to $30.5 million. The company declared a quarterly dividend of $0.22 per share, payable on March 12, with a record date of March 5, 2021.
Burnham Holdings, trading as BURCA, reported its third quarter financial results for 2020, revealing net sales of $48.7 million, down from $52.1 million in the same period last year. However, quarterly sales showed a recovery, rising 3% year-over-year. YTD sales declined 15%, largely due to a 17% drop in residential product sales. Notably, the company achieved a pre-tax profit of $1.9 million, 85% higher than last year. Debt decreased to $33.3 million, while earnings per share rose to $0.33 from $0.18.