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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Burnham Holdings Inc (PK) | USOTC:BURCA | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 13.00 | 12.50 | 13.00 | 27 | 22:00:00 |
PR Newswire
LANCASTER, Pa., Feb. 20, 2013
LANCASTER, Pa., Feb. 20, 2013 /PRNewswire/ -- Burnham Holdings, Inc., (Pink Sheets: BURCA), the parent company of fourteen subsidiaries that are leading domestic manufacturers of boilers, and related HVAC products and accessories for residential, commercial and industrial applications, today reported its financial results for the year ended December 31, 2012.
We are pleased to report a year of strong financial performance. Earnings for 2012 were $1.83 per share, our highest earnings since the height of the housing boom and a 61.9% increase from 2011. Sales and margins were up for the third straight year. The balance sheet ended the year with almost no debt and high liquidity. We paid common stock dividends of $0.72 per share during 2012, a 5.9% increase over the 2011 rate, which had remained constant at $0.68 per share since 2007. Details of results mentioned in this release are discussed fully in the Company's audited Annual Report, which will be available on or about March 15, 2013.
Net sales for 2012 were $204.8 million, up 3.0% from $198.8 million in 2011. The residential portion of the business experienced the third straight year of improvement after the market low in 2009. The decline in the 2009 market was the result of an economic cycle that not only impacted Burnham Holdings but also the entire industry. We feel our growth in the residential business over the last three years has been accomplished through our focus on satisfying the needs of the consumer through the continual introduction of new equipment and controls (including highly efficient, energy saving products), commitment to our long-term distribution channels, and the aggressive pursuit of new opportunities. The commercial portion of our business provides heating applications for large commercial, institutional, and industrial facilities such as hospitals, factories, hotels, and schools. Commercial revenue experienced a modest improvement in 2011 and the trend in business activity through the first half of 2012, while still below past levels, was encouraging for this portion of our business. Activity slowed down in the third quarter however, as we believe the United States political elections, fiscal cliff implications, and economic uncertainty abroad led to a lowering of consumer confidence, which tends to delay replacements or upgrades to equipment for both commercial and residential customers. Demand for residential boiler products significantly increased in the fourth quarter as a result of Super Storm Sandy, which devastated coastal areas of the metro-New York City area, a core geographic area for hydronic heating equipment. Our subsidiaries reacted immediately by providing increased volumes of replacement equipment to the impacted regions, while still providing high levels of service to other market areas.
Operating income for 2012 was $13.8 million, up 56.8% from the $8.8 million reported in 2011. Recent efforts by our subsidiaries to consolidate and streamline operations have enabled them to improve quality and productivity, reduce material handling, and control inventory levels while providing a very high level of customer service. Actual cost of goods sold as a percentage of sales was 75.9% in 2012 versus 77.3% in 2011, the lowest in over five years. Selling, administrative and general expenses, in addition to interest expense, have declined in both dollars and as a percentage of sales compared to 2011. Actions taken at Burnham Holdings and its subsidiaries over the last several years have lowered our cost structure and thereby increased our competitiveness. Net income for 2012 was $8.2 million, or $1.83 per share compared to 2011 results of $5.1 million, or $1.13 per share
The balance sheet is sound, with appropriate levels of working capital and our lowest debt level in over fifteen years. Cash flow from operations, 2012 was the second highest amount in the last ten years, provides the ability to fund operating expenses while also providing the funds to develop new products, make necessary investments in capital assets, make principal repayments, and pay dividends to our stockholders.
At its meeting on February 20, 2013, the Burnham Holdings, Inc. Board of Directors declared a regular quarterly common stock dividend of $0.20 per share payable March 12, 2013 with a record date of March 5, 2013. This would be an annual dividend rate of $0.80 per share, a 11.1% increase over 2012 and the second straight year of increased dividends. These increases reflect the financial strength and improved profitability of the Company. The annual dividend rate for preferred stock is $3.00 per share.
The Company's directors have scheduled the 2013 Annual Meeting for Monday, April 22nd. The meeting will be held at the Eden Resort and Suites in Lancaster beginning at 11:30 a.m.
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SOURCE Burnham Holdings, Inc.
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