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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% | 12.80 | 12.75 | 13.05 | 0.00 | 13:01:01 |
PR Newswire
LANCASTER, Pa., April 22, 2013
LANCASTER, Pa., April 22, 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 (including furnaces, radiators, and air conditioning systems) for residential, commercial and industrial applications, today reported its financial results for the quarter ended March 31, 2013.
First quarter sales were $41.1 million, a 12% increase from 2012, and our highest first quarter sales in the last five years. Net Income for the first quarter was $623 thousand, or $0.14 per share, compared to a loss of $(947) thousand, or $(0.21) per share, reported for the same quarter of 2012, and is our first profitable first quarter since 2004. Cost of goods sold ("COGS") as a percentage of sales for the current quarter was 76.4%, better than last year's first quarter of 80.7%. This COGS percentage decline reflects our efforts to continually and systematically match our product pricing and our cost structure to remain competitive in the market, while maintaining our gross profit margins, as well as a favorable product mix. Selling, administrative, and general expenses were higher in dollars from the prior year (mainly from the increased sales volume), but 1.8% lower as a percentage of sales, 20.7% versus the prior year's 22.5%. Other income (expense) was a net expense of $186 thousand for the quarter, lower than the prior year's net of $302 thousand as interest expense declined from the lower borrowing levels.
This strong first quarter versus last year was influenced by carry-over demand for residential boilers resulting from the October, 2012 Super Storm Sandy (discussed in the 2012 Annual Report), and the ongoing recovery efforts in the impacted areas. Our residential businesses were able to quickly respond to the un-forecasted demand, and to maintain this level of support into 2013. While we believe this recovery effort will continue throughout 2013, we do not believe that we will continue to see the same level of demand as we saw in late 2012 and early 2013. We therefore caution using the first quarter results as an indicator of total year expectations as the impacts of the storm may distort the normal seasonal nature of our businesses.
Although current general business conditions remain challenging in many of our markets, we are optimistic about longer-term prospects for the business. Existing boilers and furnaces will continue to be replaced, and systems will be upgraded over time due to age or operating costs. Our broad lineup of high-efficiency residential and commercial products, offered through our subsidiaries, positions us well in the market. We are able to provide top-quality, high-value equipment for virtually any application.
The Company's balance sheet has appropriate levels of working capital consistent with current business activity. Our long-term debt of $13.0 million was comprised of $10.7 million of bank debt ($6.5 million lower than last year) and $2.3 million of the mark-to-market of interest rate derivatives. The Statement of Cash Flows presents net cash used in operations of $4.2 million compared to prior year's cash used of $2.0 million. This increase in the use of funds for the quarter results from the payment of higher income taxes (from the strong 2012 results) and other normal changes in working capital levels. Inventory levels have increased from the prior year as we replenish stock from the high demand incurred within the residential subsidiaries, combined with optimizing manufacturing schedules in light of the current market estimates, which are regularly evaluated and adjusted as needed.
The Burnham Holdings, Inc. 2013 Annual Meeting of Stockholders is being held today in Lancaster, PA beginning at 11:30 a.m. An announcement regarding the results of today's Stockholder voting and the Board of Directors determination regarding declaration of a quarterly dividend will be released later this afternoon.
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SOURCE Burnham Holdings, Inc.
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