Burnham Holdings, Inc. Announces First Quarter 2025 Financial Results
Burnham Holdings reported strong Q1 2025 financial results with net sales reaching $64.8 million, a 15.8% increase from Q1 2024. The company's residential product sales grew by 20.1%, commercial products by 2.6%, and service/rentals business surged by 40.1%.
Key financial highlights:
- Gross profit margin improved to 25.4% (from 24.9% in Q1 2024)
- EBITDA reached $6.0 million (9.3% of net sales)
- Net income increased to $3.4 million (vs $3.0 million in Q1 2024)
- Diluted earnings per share rose to $0.72 (from $0.64)
The company demonstrated strong financial management by reducing total debt by $8.2 million and lowering inventory levels by $8.1 million year-over-year. A strategic decision to wind down production at Crown Boiler in Philadelphia aims to improve manufacturing efficiency. The company maintains a positive outlook, with order flow and backlogs following expected seasonal patterns for 2025.
Burnham Holdings ha riportato solidi risultati finanziari nel primo trimestre 2025, con vendite nette che hanno raggiunto 64,8 milioni di dollari, registrando un aumento del 15,8% rispetto al primo trimestre 2024. Le vendite dei prodotti residenziali sono cresciute del 20,1%, quelle dei prodotti commerciali del 2,6%, mentre il settore servizi/noleggi ha registrato un'impennata del 40,1%.
Punti chiave finanziari:
- Il margine di profitto lordo è migliorato al 25,4% (dal 24,9% del primo trimestre 2024)
- L'EBITDA ha raggiunto 6,0 milioni di dollari (9,3% delle vendite nette)
- L'utile netto è salito a 3,4 milioni di dollari (rispetto ai 3,0 milioni del primo trimestre 2024)
- L'utile diluito per azione è aumentato a 0,72 dollari (da 0,64)
L'azienda ha dimostrato una solida gestione finanziaria riducendo il debito totale di 8,2 milioni di dollari e abbassando le scorte di magazzino di 8,1 milioni di dollari su base annua. La decisione strategica di cessare la produzione presso Crown Boiler a Philadelphia mira a migliorare l'efficienza produttiva. L'azienda mantiene una prospettiva positiva, con ordini e arretrati che seguono i consueti andamenti stagionali previsti per il 2025.
Burnham Holdings reportó sólidos resultados financieros en el primer trimestre de 2025, con ventas netas que alcanzaron los 64,8 millones de dólares, un aumento del 15,8% respecto al primer trimestre de 2024. Las ventas de productos residenciales crecieron un 20,1%, las de productos comerciales un 2,6%, y el negocio de servicios/alquileres se disparó un 40,1%.
Aspectos financieros clave:
- El margen bruto mejoró al 25,4% (desde 24,9% en el primer trimestre de 2024)
- El EBITDA alcanzó los 6,0 millones de dólares (9,3% de las ventas netas)
- La utilidad neta aumentó a 3,4 millones de dólares (frente a 3,0 millones en el primer trimestre de 2024)
- Las ganancias diluidas por acción subieron a 0,72 dólares (desde 0,64)
La compañía demostró una sólida gestión financiera al reducir la deuda total en 8,2 millones de dólares y disminuir los niveles de inventario en 8,1 millones año tras año. La decisión estratégica de cerrar la producción en Crown Boiler en Filadelfia busca mejorar la eficiencia manufacturera. La empresa mantiene una perspectiva positiva, con el flujo de pedidos y atrasos siguiendo los patrones estacionales esperados para 2025.
Burnham Holdings는 2025년 1분기 강력한 재무 실적을 보고했으며, 순매출액은 6480만 달러로 2024년 1분기 대비 15.8% 증가했습니다. 주거용 제품 매출은 20.1% 성장했고, 상업용 제품은 2.6%, 서비스/렌탈 사업은 40.1% 급증했습니다.
주요 재무 하이라이트:
- 총이익률이 25.4%(2024년 1분기 24.9%에서)로 개선됨
- EBITDA는 600만 달러(순매출의 9.3%)에 도달
- 순이익은 340만 달러로 증가(2024년 1분기 300만 달러 대비)
- 희석 주당순이익은 0.72달러로 상승(0.64달러에서)
회사는 총 부채를 820만 달러 줄이고 재고 수준을 전년 대비 810만 달러 낮추는 등 강력한 재무 관리를 보여주었습니다. 필라델피아의 Crown Boiler 생산 중단이라는 전략적 결정을 통해 제조 효율성을 개선할 계획입니다. 회사는 2025년 예상되는 계절적 패턴에 따라 주문 흐름과 미수주 잔고가 유지되면서 긍정적인 전망을 유지하고 있습니다.
Burnham Holdings a annoncé de solides résultats financiers pour le premier trimestre 2025, avec un chiffre d'affaires net atteignant 64,8 millions de dollars, soit une hausse de 15,8 % par rapport au premier trimestre 2024. Les ventes de produits résidentiels ont augmenté de 20,1 %, celles des produits commerciaux de 2,6 %, tandis que le secteur des services/location a connu une croissance spectaculaire de 40,1 %.
Points financiers clés :
- La marge brute s'est améliorée à 25,4 % (contre 24,9 % au premier trimestre 2024)
- L'EBITDA a atteint 6,0 millions de dollars (9,3 % du chiffre d'affaires net)
- Le bénéfice net est passé à 3,4 millions de dollars (contre 3,0 millions au premier trimestre 2024)
- Le bénéfice dilué par action a augmenté à 0,72 dollar (contre 0,64)
L'entreprise a fait preuve d'une gestion financière rigoureuse en réduisant sa dette totale de 8,2 millions de dollars et en diminuant ses stocks de 8,1 millions d'une année sur l'autre. La décision stratégique de cesser la production chez Crown Boiler à Philadelphie vise à améliorer l'efficacité de la fabrication. La société reste optimiste, avec un flux de commandes et des arriérés conformes aux tendances saisonnières attendues pour 2025.
Burnham Holdings meldete starke Finanzergebnisse für das erste Quartal 2025, mit Nettoumsätzen von 64,8 Millionen US-Dollar, was einem Anstieg von 15,8 % gegenüber dem ersten Quartal 2024 entspricht. Der Verkauf von Wohnprodukten stieg um 20,1 %, der von Gewerbeprodukten um 2,6 % und das Service-/Vermietungsgeschäft wuchs um 40,1 %.
Wichtige finanzielle Highlights:
- Die Bruttogewinnmarge verbesserte sich auf 25,4 % (von 24,9 % im ersten Quartal 2024)
- Das EBITDA erreichte 6,0 Millionen US-Dollar (9,3 % des Nettoumsatzes)
- Der Nettogewinn stieg auf 3,4 Millionen US-Dollar (gegenüber 3,0 Millionen im ersten Quartal 2024)
- Der verwässerte Gewinn je Aktie stieg auf 0,72 US-Dollar (von 0,64)
Das Unternehmen zeigte eine starke Finanzdisziplin, indem es die Gesamtschulden um 8,2 Millionen US-Dollar reduzierte und die Lagerbestände im Jahresvergleich um 8,1 Millionen US-Dollar senkte. Die strategische Entscheidung, die Produktion bei Crown Boiler in Philadelphia einzustellen, zielt darauf ab, die Fertigungseffizienz zu verbessern. Das Unternehmen bleibt optimistisch, wobei der Auftragseingang und Rückstände den erwarteten saisonalen Mustern für 2025 folgen.
- Net sales increased 15.8% to $64.8M in Q1 2025 vs Q1 2024
- Gross profit margin improved to 25.4% from 24.9% year-over-year
- Net income grew to $3.4M from $3.0M in Q1 2024
- Residential product sales up 20.1%, commercial products up 2.6%
- Service and Rentals business sales increased 40.1%
- Total debt reduced by $8.2M compared to Q1 2024
- Inventory levels decreased by $8.1M year-over-year, improving cash flow
- SG&A expenses increased as percentage of sales to 18.4% from 17.9%
- EBITDA margin declined to 9.3% from 9.9% year-over-year
- Temporary inefficiencies reported at some manufacturing facilities
- Winddown of Crown Boiler production in Philadelphia indicates consolidation costs
- Other expenses increased to $195K from $49K in Q1 2024
- Net sales were
$64.8 million $8.8 million 15.8% , versus the first quarter of 2024. - Gross profit margin was
25.4% and24.9% for the first quarters of 2025 and 2024, respectively. Operating efficiencies in the Commercial businesses were offset by product mix and temporary inefficiencies at certain of our vertically integrated manufacturing facilities. - Selling, general, and administrative expenses (SG&A) were flat versus the prior year. SG&A as a percentage of sales in the first quarter of 2025 was
18.4% compared to17.9% for the first quarter of 2024. Although higher on a percentage basis quarter over quarter, SG&A spend for 2025 was in line with expectations of planned initiative spending. - Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) was
$6.0 million 9.3% of net sales, for the first quarter of 2025 versus$5.6 million 9.9% of net sales, for the first quarter of 2024. - Net income for the first quarter of 2025 was
$3.4 million $3.0 million - Diluted earnings per share were
$0.72 $0.64
For the first quarter of 2025, net sales of residential products were higher by
Average debt levels of the Company's revolving credit facility for the first quarter of 2025 were approximately
Earlier this month, we announced the winddown of production efforts at Crown Boiler in
Burnham Holdings, Inc.'s 2025 Annual Meeting of Shareholders is being held today virtually via a secure website meeting platform at 11:30 a.m. Eastern Time. A press release regarding today's shareholder voting and the Board of Directors determination regarding declaration of a quarterly dividend will be released later this afternoon.
About Burnham Holdings, Inc.: BHI is the parent company of multiple subsidiaries that are leading domestic manufacturers of boilers, furnaces and related HVAC products and accessories for residential, commercial, and industrial applications. BHI is listed on the OTC Exchange under the ticker symbol "BURCA". For more information, please visit www.burnhamholdings.com.
Safe Harbor Statement: This Press Release contains forward-looking statements. Other reports, letters, press releases and investor presentations distributed or made available by the Company may also contain forward-looking statements. Statements that are not historical facts, including statements about our beliefs and expectations, are forward-looking statements. These statements are based on current plans, estimates, and projections, and you should therefore not place undue reliance on them. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update publicly any of them in light of new information or future events. Forward-looking statements involve inherent risks and uncertainties. We caution you that a number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Such factors include, but are not limited to, variations in weather, changes in the regulatory environment, litigation, customer preferences, general economic conditions, technology, product performance, raw material costs, and increased competition.
Non-GAAP Financial Information: This press release may contain certain non-GAAP financial measures, including, but not limited to, adjusted SG&A, EBITDA, Adjusted EBITDA, Adjusted Net Income and adjusted diluted earnings per share. These non-GAAP financial measures do not provide investors with an accurate measure of, and should not be used as a substitute for, the comparable financial measures as determined in accordance with accounting principles generally accepted in
Burnham Holdings, Inc. | |||||
Consolidated Statements of Income | |||||
(In thousands, except per share amounts) | |||||
(Unaudited) | |||||
Three Months Ended | |||||
March 30, | March 31, | ||||
2025 | 2024 | ||||
Net sales | $ 64,834 | $ 56,003 | |||
Cost of goods sold | 48,334 | 42,047 | |||
Gross profit | 16,500 | 13,956 | |||
Selling, general and administrative expenses | 11,929 | 10,022 | |||
Investment impairment loss | - | - | |||
Operating income | 4,571 | 3,934 | |||
Other (expense) / income: | |||||
Non-service related pension credit | 50 | 137 | |||
Interest and investment gain (loss) | (6) | 110 | |||
Interest expense | (239) | (296) | |||
Other expense | (195) | (49) | |||
Income before income taxes | 4,376 | 3,885 | |||
Income tax expense | 1,005 | 894 | |||
Net income | $ 3,371 | $ 2,991 | |||
Earnings per share: | |||||
Basic | $ 0.72 | $ 0.65 | |||
Diluted | $ 0.72 | $ 0.64 | |||
Cash dividends per share | $ 0.23 | $ 0.23 | |||
Burnham Holdings, Inc. | ||||||||
Consolidated Balance Sheets | ||||||||
(In thousands) | ||||||||
(Unaudited) | (Unaudited) | |||||||
March 30, | December 31, | March 31, | ||||||
ASSETS | 2025 | 2024 | 2024 | |||||
Current Assets | ||||||||
Cash and cash equivalents | $ 6,284 | $ 6,350 | $ 5,930 | |||||
Trade accounts receivable, net | 21,667 | 28,606 | 19,188 | |||||
Inventories, net | 59,171 | 54,908 | 67,297 | |||||
Costs in excess of billings | 203 | 141 | 790 | |||||
Prepaid expenses and other current assets | 2,949 | 4,426 | 5,080 | |||||
Total Current Assets | 90,274 | 94,431 | 98,285 | |||||
Property, plant and equipment, net | 71,691 | 70,144 | 66,203 | |||||
Lease assets | 5,633 | 6,005 | 4,060 | |||||
Other long-term assets | 23,296 | 23,756 | 19,063 | |||||
Total Assets | $ 190,894 | $ 194,336 | $ 187,611 | |||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||
Current Liabilities | ||||||||
Accounts payable & accrued expenses | $ 29,312 | $ 35,509 | $ 31,046 | |||||
Billings in excess of costs | 1,304 | 1,698 | 218 | |||||
Current portion of: | ||||||||
Long-term liabilities | 772 | 772 | 1,171 | |||||
Lease liabilities | 1,312 | 1,348 | 1,043 | |||||
Long-term debt | 184 | 184 | 184 | |||||
Total Current Liabilities | 32,884 | 39,511 | 33,662 | |||||
Long-term debt | 23,883 | 22,273 | 32,125 | |||||
Lease liabilities | 4,321 | 4,657 | 3,017 | |||||
Other long-term liabilities | 4,581 | 4,823 | 5,907 | |||||
Deferred income taxes | 9,736 | 9,793 | 9,186 | |||||
Shareholders' Equity | ||||||||
Preferred Stock | 530 | 530 | 530 | |||||
Class A Common Stock | 3,642 | 3,633 | 3,633 | |||||
Class B Convertible Common Stock | 1,302 | 1,311 | 1,311 | |||||
Additional paid-in capital | 10,918 | 10,799 | 11,869 | |||||
Retained earnings | 131,183 | 128,884 | 123,217 | |||||
Accumulated other comprehensive loss | (21,028) | (20,820) | (24,415) | |||||
Treasury stock, at cost | (11,058) | (11,058) | (12,431) | |||||
Total Shareholders' Equity | 115,489 | 113,279 | 103,714 | |||||
Total Liabilities and Shareholders' Equity | $ 190,894 | $ 194,336 | $ 187,611 | |||||
Burnham Holdings, Inc. | |||||
Consolidated Statements of Cash Flows | |||||
(In thousands) | |||||
(Unaudited) | |||||
Three Months Ended | |||||
March 30, | March 31, | ||||
2025 | 2024 | ||||
Cash flows from operating activities: | |||||
Net income | $ 3,371 | $ 2,991 | |||
Adjustments to reconcile net income to net cash provided | |||||
by operating activities: | |||||
Depreciation and amortization | 1,393 | 1,370 | |||
Deferred income taxes | 5 | 17 | |||
Provision for long-term employee benefits | (50) | (125) | |||
Share-based compensation expense | 119 | 100 | |||
Other reserves and allowances | (2,206) | (1,226) | |||
Changes in current assets and liabilities, net of acquisition: | |||||
Decrease in accounts receivable, net | 6,920 | 11,817 | |||
Increase in inventories, net | (4,263) | (9,279) | |||
Decrease (increase) in other current assets | 726 | (3,214) | |||
Decrease in other current liabilities | (3,666) | (3,087) | |||
Net cash provided by (used by) operating activities | 2,349 | (636) | |||
Cash flows from investing activities: | |||||
Capital expenditures | (2,953) | (3,134) | |||
Other investing activities | - | (8) | |||
Net cash used by investing activities | (2,953) | (3,142) | |||
Cash flows from financing activities: | |||||
Net proceeds from revolver | 1,656 | 4,939 | |||
Repayment of term loan | (46) | (46) | |||
Dividends paid | (1,072) | (1,065) | |||
Net cash provided by financing activities | 538 | 3,828 | |||
Net (decrease) increase in cash and cash equivalents | $ (66) | $ 50 | |||
Cash and cash equivalents, beginning of period | $ 6,350 | $ 5,880 | |||
Net increase (decrease) in cash and cash equivalents | (66) | 50 | |||
Cash and cash equivalents, end of period | $ 6,284 | $ 5,930 | |||
Burnham Holdings, Inc. | ||||||||||||||||
Consolidated Statements of Shareholders' Equity | ||||||||||||||||
(In thousands) | ||||||||||||||||
(Unaudited) | ||||||||||||||||
Class B | Accumulated | |||||||||||||||
Class A | Convertible | Additional | Other | Treasury | ||||||||||||
Preferred | Common | Common | Paid-in | Retained | Comprehensive | Stock, | Shareholders' | |||||||||
Stock | Stock | Stock | Capital | Earnings | Loss | at Cost | Equity | |||||||||
Balance at December 31, 2023 | $ 530 | $ 3,633 | $ 1,311 | $ 11,769 | $ 121,291 | $ (24,668) | $ (12,431) | $ 101,435 | ||||||||
Net income | - | - | - | - | 2,991 | - | - | 2,991 | ||||||||
Other comprehensive income, | ||||||||||||||||
net of tax | - | - | - | - | - | 253 | - | 253 | ||||||||
Cash dividends declared: | ||||||||||||||||
Common stock - ( | - | - | - | - | (1,065) | - | - | (1,065) | ||||||||
Share-based compensation: | ||||||||||||||||
Expense recognition | - | - | - | 100 | - | - | - | 100 | ||||||||
Balance at March 31, 2024 | $ 530 | $ 3,633 | $ 1,311 | $ 11,869 | $ 123,217 | $ (24,415) | $ (12,431) | $ 103,714 | ||||||||
Class B | Accumulated | |||||||||||||||
Class A | Convertible | Additional | Other | Treasury | ||||||||||||
Preferred | Common | Common | Paid-in | Retained | Comprehensive | Stock, | Shareholders' | |||||||||
Stock | Stock | Stock | Capital | Earnings | Loss | at Cost | Equity | |||||||||
Balance at December 31, 2024 | $ 530 | $ 3,633 | $ 1,311 | $ 10,799 | $ 128,884 | $ (20,820) | $ (11,058) | $ 113,279 | ||||||||
Net income | - | - | - | - | 3,371 | - | - | 3,371 | ||||||||
Other comprehensive loss, | ||||||||||||||||
net of tax | - | - | - | - | - | (208) | - | (208) | ||||||||
Cash dividends declared: | ||||||||||||||||
Common stock - ( | - | - | - | - | (1,072) | - | - | (1,072) | ||||||||
Share-based compensation: | ||||||||||||||||
Expense recognition | - | - | - | 119 | - | - | - | 119 | ||||||||
Conversion of common stock | - | 9 | (9) | - | - | - | - | - | ||||||||
Balance at March 30, 2025 | $ 530 | $ 3,642 | $ 1,302 | $ 10,918 | $ 131,183 | $ (21,028) | $ (11,058) | $ 115,489 | ||||||||
The accompanying notes are integral to the consolidated financial statements. | ||||||||||||||||
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SOURCE Burnham Holdings, Inc.
FAQ
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