Burnham Holdings, Inc. Announces Third Quarter 2024 Financial Results
Burnham Holdings (OTC-Pink: BURCA) reported Q3 2024 financial results with net sales of $64.7 million, an 8.3% increase from Q3 2023. Year-to-date net sales reached $176.1 million. Gross profit margin decreased to 19.3% from 20.5% in Q3 2023. Adjusted diluted earnings per share were $0.37 for Q3 2024, up from $0.17 in Q3 2023. Commercial product sales grew 20.8% while residential sales increased 2.2% in Q3. The company's average debt levels decreased by $10.6 million compared to Q3 2023. Product mix and unplanned downtime negatively impacted gross margins, while SG&A expenses increased due to uninsured litigation settlements.
Burnham Holdings (OTC-Pink: BURCA) ha riportato i risultati finanziari del terzo trimestre del 2024, con vendite nette di 64,7 milioni di dollari, un aumento dell'8,3% rispetto al terzo trimestre del 2023. Le vendite nette dal principio dell'anno hanno raggiunto i 176,1 milioni di dollari. Il margine di profitto lordo è diminuito al 19,3% rispetto al 20,5% del Q3 2023. Gli utili diluiti aggiustati per azione sono stati di 0,37 dollari per il terzo trimestre del 2024, in aumento rispetto a 0,17 dollari nel terzo trimestre del 2023. Le vendite di prodotti commerciali sono aumentate del 20,8%, mentre le vendite residenziali sono cresciute del 2,2% nel terzo trimestre. I livelli medi di debito dell'azienda sono diminuiti di 10,6 milioni di dollari rispetto al terzo trimestre del 2023. La composizione dei prodotti e i tempi di inattività pianificati hanno avuto un impatto negativo sui margini lordi, mentre le spese SG&A sono aumentate a causa di accordi di contenzioso non assicurati.
Burnham Holdings (OTC-Pink: BURCA) reportó los resultados financieros del tercer trimestre de 2024, con ventas netas de 64,7 millones de dólares, un incremento del 8,3% respecto al tercer trimestre de 2023. Las ventas netas acumuladas desde enero alcanzaron los 176,1 millones de dólares. El margen de beneficio bruto disminuyó al 19,3% desde el 20,5% en el tercer trimestre de 2023. Las ganancias diluidas ajustadas por acción fueron de 0,37 dólares para el tercer trimestre de 2024, en comparación con 0,17 dólares en el tercer trimestre de 2023. Las ventas de productos comerciales crecieron un 20,8%, mientras que las ventas residenciales aumentaron un 2,2% en el tercer trimestre. Los niveles medios de deuda de la compañía disminuyeron en 10,6 millones de dólares en comparación con el tercer trimestre de 2023. La mezcla de productos y el tiempo de inactividad no planificado afectaron negativamente los márgenes brutos, mientras que los gastos de SG&A aumentaron debido a acuerdos de litigios sin seguro.
Burnham Holdings (OTC-Pink: BURCA)는 2024년 3분기 재무 결과를 보고하였으며, 순매출 6,470만 달러로 2023년 3분기 대비 8.3% 증가했습니다. 연간 누적 순매출은 1억 7,610만 달러에 달했습니다. 총 이익률은 2023년 3분기 20.5%에서 19.3%로 감소했습니다. 조정된 희석주당순이익은 2024년 3분기에 0.37달러로, 2023년 3분기 0.17달러에서 증가했습니다. 상업 제품의 판매는 20.8% 증가했으며, 주거용 판매는 3분기에 2.2% 증가했습니다. 회사의 평균 부채 수준은 2023년 3분기 대비 1,060만 달러 감소했습니다. 제품 믹스와 계획되지 않은 가동 중지 시간이 총 이익률에 부정적인 영향을 미쳤고, SG&A 비용은 보험에 가입되지 않은 소송 합의로 인해 증가했습니다.
Burnham Holdings (OTC-Pink: BURCA) a rapporté les résultats financiers du troisième trimestre 2024, avec un chiffre d'affaires net de 64,7 millions de dollars, soit une augmentation de 8,3 % par rapport au troisième trimestre 2023. Les ventes nettes cumulées depuis le début de l'année ont atteint 176,1 millions de dollars. La marge brute de profit a diminué à 19,3 % contre 20,5 % au troisième trimestre 2023. Le bénéfice par action dilué ajusté était de 0,37 $ pour le troisième trimestre 2024, en hausse par rapport à 0,17 $ au troisième trimestre 2023. Les ventes de produits commerciaux ont augmenté de 20,8 %, tandis que les ventes résidentielle ont progressé de 2,2 % au troisième trimestre. Le niveau moyen d'endettement de l'entreprise a diminué de 10,6 millions de dollars par rapport au troisième trimestre 2023. La composition des produits et les temps d'arrêt imprévus ont eu un impact négatif sur les marges brutes, tandis que les dépenses SG&A ont augmenté en raison des règlements de litiges non assurés.
Burnham Holdings (OTC-Pink: BURCA) berichtete über die Finanz Ergebnisse des dritten Quartals 2024, mit netto Umsätzen von 64,7 Millionen Dollar, was einem Anstieg von 8,3% im Vergleich zum dritten Quartal 2023 entspricht. Die Nettoverkäufe seit Jahresbeginn beliefen sich auf 176,1 Millionen Dollar. Die Bruttomarge fiel von 20,5% im dritten Quartal 2023 auf 19,3%. Der bereinigte verwässerte Gewinn pro Aktie betrug 0,37 Dollar für das dritte Quartal 2024, was einem Anstieg gegenüber 0,17 Dollar im dritten Quartal 2023 entspricht. Der Umsatz mit gewerblichen Produkten stieg um 20,8%, während der Umsatz im Wohnbereich im dritten Quartal um 2,2% zunahm. Die durchschnittlichen Schulden des Unternehmens sanken im Vergleich zum dritten Quartal 2023 um 10,6 Millionen Dollar. Die Produktzusammensetzung und ungeplante Ausfallzeiten wirkten sich negativ auf die Bruttomargen aus, während die SG&A-Ausgaben aufgrund unversicherter Rechtsstreitausgleichszahlungen zunahmen.
- Net sales increased 8.3% to $64.7 million in Q3 2024
- Commercial product sales grew 20.8% in Q3 2024
- Adjusted diluted EPS increased to $0.37 from $0.17 year-over-year
- Average debt levels decreased by $10.6 million compared to Q3 2023
- Gross profit margin declined to 19.3% from 20.5% year-over-year
- SG&A expenses increased by $1.4 million due to litigation settlements
- Residential sales growth to 2.2% in Q3 2024
- Product mix and unplanned downtime impacted margins negatively
- Net sales were
$64.7 million $5.0 million 8.3% , versus the third quarter of 2023. Year to date net sales were$176.1 million $171.4 - Gross profit margin was
19.3% and20.5% for the third quarters of 2024 and 2023, respectively. Year to date gross profit margins were21.6% for 2024 versus22.0% for 2023. Product mix and temporary inefficiencies from unplanned downtime adversely impacted third quarter 2024 gross profit margins. - Selling, general, and administrative expenses (SG&A) were higher by
$1.4 million $2.0 million 15.6% compared to17.1% for the third quarter of 2023. - Adjusted EBITDA was
$12.8 million 7.3% , for the nine months of 2024 versus$12.0 million 7.0% , for the first nine months of 2023. Adjusted EBITDA excludes the impact of the reserve adjustments noted above. - Adjusted net income, excluding reserve adjustments, for the third quarter of 2024 was
$1.7 million $0.8 million - Adjusted diluted earnings per share were
$0.37 $0.17 $1.18 $1.03 $0.25
For the third quarter of 2024, sales of residential products were higher by
Average debt levels of the Company's revolving credit facility for the third quarter of 2024 were approximately
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.
Non-GAAP Financial Information: This press release contains certain non-GAAP financial measures, including 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 | Nine Months Ended | ||||||||
September 29, | October 1, | September 29, | October 1, | ||||||
2024 | 2023 | 2024 | 2023 | ||||||
Net sales | $ 64,689 | $ 59,705 | $ 176,083 | $ 171,406 | |||||
Cost of goods sold | 52,217 | 47,489 | 138,035 | 133,613 | |||||
Gross profit | 12,472 | 12,216 | 38,048 | 37,793 | |||||
Selling, general and administrative expenses | 11,605 | 10,182 | 32,115 | 30,164 | |||||
Operating income | 867 | 2,034 | 5,933 | 7,629 | |||||
Other (expense) / income: | |||||||||
Non-service related pension credit | 124 | 137 | 374 | 412 | |||||
Interest and investment gain | 423 | (222) | 912 | 267 | |||||
Interest expense | (697) | (921) | (1,526) | (2,107) | |||||
Other expense | (150) | (1,006) | (240) | (1,428) | |||||
Income before income taxes | 717 | 1,028 | 5,693 | 6,201 | |||||
Income tax expense | 165 | 236 | 1,309 | 1,426 | |||||
Net income | $ 552 | $ 792 | $ 4,384 | $ 4,775 | |||||
Earnings per share: | |||||||||
Basic | $ 0.12 | $ 0.17 | $ 0.94 | $ 1.03 | |||||
Diluted | $ 0.12 | $ 0.17 | $ 0.93 | $ 1.03 | |||||
Cash dividends per share | $ 0.23 | $ 0.22 | $ 0.69 | $ 0.66 | |||||
Burnham Holdings, Inc. | ||||||||
Consolidated Balance Sheets | ||||||||
(In thousands) | ||||||||
(Unaudited) | (Unaudited) | |||||||
September 29, | December 31, | October 1, | ||||||
ASSETS | 2024 | 2023 | 2023 | |||||
Current Assets | ||||||||
Cash and cash equivalents | $ 6,280 | $ 5,880 | $ 6,638 | |||||
Trade accounts receivable, net | 29,573 | 31,023 | 27,704 | |||||
Inventories, net | 70,158 | 58,017 | 72,043 | |||||
Costs in Excess of Billings | 1,425 | 621 | 544 | |||||
Prepaid expenses and other current assets | 3,038 | 1,954 | 3,130 | |||||
Total Current Assets | 110,474 | 97,495 | 110,059 | |||||
Property, plant and equipment, net | 70,040 | 64,437 | 63,728 | |||||
Lease assets | 6,410 | 4,119 | 4,171 | |||||
Other long-term assets | 18,592 | 18,620 | 17,831 | |||||
Total Assets | $ 205,516 | $ 184,671 | $ 195,789 | |||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||
Current Liabilities | ||||||||
Accounts payable & accrued expenses | $ 29,663 | $ 35,365 | $ 26,620 | |||||
Billings in excess of costs | 3,497 | 137 | - | |||||
Current portion of: | ||||||||
Long-term liabilities | 71 | 1,171 | 1,252 | |||||
Lease liabilities | 1,175 | 1,051 | 1,036 | |||||
Long-term debt | 184 | 184 | - | |||||
Total Current Liabilities | 34,590 | 37,908 | 28,908 | |||||
Long-term debt | 48,390 | 27,232 | 53,713 | |||||
Lease liabilities | 5,235 | 3,068 | 3,135 | |||||
Other long-term liabilities | 5,847 | 5,933 | 6,726 | |||||
Deferred income taxes | 9,039 | 9,095 | 8,423 | |||||
Shareholders' Equity | ||||||||
Preferred Stock | 530 | 530 | 530 | |||||
Class A Common Stock | 3,633 | 3,633 | 3,630 | |||||
Class B Convertible Common Stock | 1,311 | 1,311 | 1,314 | |||||
Additional paid-in capital | 10,625 | 11,769 | 11,549 | |||||
Retained earnings | 122,397 | 121,291 | 117,667 | |||||
Accumulated other comprehensive loss | (25,023) | (24,668) | (27,331) | |||||
Treasury stock, at cost | (11,058) | (12,431) | (12,475) | |||||
Total Shareholders' Equity | 102,415 | 101,435 | 94,884 | |||||
Total Liabilities and Shareholders' Equity | $ 205,516 | $ 184,671 | $ 195,789 | |||||
Burnham Holdings, Inc. | ||||
Consolidated Statements of Cash Flows | ||||
(In thousands) | ||||
(Unaudited) | ||||
Nine Months Ended | ||||
September 29, | October 1, | |||
2024 | 2023 | |||
Cash flows from operating activities: | ||||
Net income | $ 4,384 | $ 4,775 | ||
Adjustments to reconcile net income to net cash related | ||||
to operating activities: | ||||
Depreciation and amortization | 4,031 | 3,730 | ||
Deferred income taxes | 50 | 162 | ||
Provision for long-term employee benefits | (375) | (375) | ||
Share-based compensation expense | 300 | 482 | ||
Other reserves and allowances | (33) | 977 | ||
Changes in current assets and liabilities, net of acquisition: | ||||
Decrease in accounts receivable, net | 947 | 1,491 | ||
Increase in inventories, net | (12,141) | (10,495) | ||
Decrease / (increase) in other current assets | 1,954 | (891) | ||
Decrease in accounts payable and accrued expenses | (6,889) | (7,681) | ||
Net cash used by operating activities | (7,772) | (7,825) | ||
Cash flows from investing activities: | ||||
Capital expenditures | (9,638) | (7,614) | ||
Purchase of CSI | - | (1,750) | ||
Other investing activities | - | (8) | ||
Net cash used by investing activities | (9,638) | (9,372) | ||
Cash flows from financing activities: | ||||
Net proceeds from revolver | 21,251 | 19,992 | ||
Repayment of term loan | (92) | - | ||
Share-based compensation activity | (71) | (44) | ||
Dividends paid | (3,278) | (3,107) | ||
Net cash provided by financing activities | 17,810 | 16,841 | ||
Net increase (decrease) in cash and cash equivalents | $ 400 | $ (356) | ||
Cash and cash equivalents, beginning of period | $ 5,880 | $ 6,994 | ||
Net increase (decrease) in cash and cash equivalents | 400 | (356) | ||
Cash and cash equivalents, end of period | $ 6,280 | $ 6,638 | ||
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 | $ (24,668) | $ 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 | $ (24,415) | $ 103,714 | ||||||||||
Net income | - | - | - | - | 841 | - | - | 841 | ||||||||
Other comprehensive income, | ||||||||||||||||
net of tax | - | - | - | - | - | (27) | - | (27) | ||||||||
Cash dividends declared: | ||||||||||||||||
Preferred stock - | - | - | - | - | (9) | - | - | (9) | ||||||||
Common stock - ( | - | - | - | - | (1,132) | - | - | (1,132) | ||||||||
Share-based compensation: | ||||||||||||||||
Expense recognition | - | - | - | 100 | - | - | - | 100 | ||||||||
Issuance of vested shares | - | - | - | (1,444) | - | - | 1,373 | (71) | ||||||||
Balance at June 30, 2024 | $ 530 | $ 3,633 | $ 1,311 | $ 10,525 | $ (24,442) | $ 103,416 | ||||||||||
Net income | - | - | - | - | 552 | - | - | 552 | ||||||||
Other comprehensive income, | ||||||||||||||||
net of tax | - | - | - | - | - | (581) | - | (581) | ||||||||
Cash dividends declared: | ||||||||||||||||
Common stock - ( | - | - | - | - | (1,072) | - | - | (1,072) | ||||||||
Share-based compensation: | ||||||||||||||||
Expense recognition | - | - | - | 100 | - | - | - | 100 | ||||||||
Balance at September 29, 2024 | $ 530 | $ 3,633 | $ 1,311 | $ 10,625 | $ (25,023) | $ 102,415 | ||||||||||
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, 2022 (as restated) | $ 530 | $ 3,626 | $ 1,318 | $ 11,928 | $ (27,549) | $ 92,560 | ||||||||||
Net income | - | - | - | - | 2,969 | - | - | 2,969 | ||||||||
Other comprehensive income, | ||||||||||||||||
net of tax | - | - | - | - | - | (296) | - | (296) | ||||||||
Cash dividends declared: | ||||||||||||||||
Common stock - ( | - | - | - | - | (1,012) | - | - | (1,012) | ||||||||
Share-based compensation: | ||||||||||||||||
Expense recognition | - | - | - | 75 | - | - | - | 75 | ||||||||
Balance at April 2, 2023 | $ 530 | $ 3,626 | $ 1,318 | $ 12,003 | $ (27,845) | $ 94,296 | ||||||||||
Net income | - | - | - | - | 1,014 | - | - | 1,014 | ||||||||
Other comprehensive income, | ||||||||||||||||
net of tax | - | - | - | - | - | 316 | - | 316 | ||||||||
Cash dividends declared: | ||||||||||||||||
Preferred stock - | - | - | - | - | (9) | - | - | (9) | ||||||||
Common stock - ( | - | - | - | - | (1,068) | - | - | (1,068) | ||||||||
Share-based compensation: | ||||||||||||||||
Expense recognition | - | - | - | 357 | - | - | - | 357 | ||||||||
Issuance of vested shares | - | - | - | (861) | - | - | 817 | (44) | ||||||||
Balance at July 2, 2023 | $ 530 | $ 3,626 | $ 1,318 | $ 11,499 | $ (27,529) | $ 94,862 | ||||||||||
Net income | - | - | - | - | 792 | - | - | 792 | ||||||||
Other comprehensive income, | ||||||||||||||||
net of tax | - | - | - | - | - | 198 | - | 198 | ||||||||
Cash dividends declared: | ||||||||||||||||
Common stock - ( | - | - | - | - | (1,018) | - | - | (1,018) | ||||||||
Share-based compensation: | ||||||||||||||||
Expense recognition | - | - | - | 50 | - | - | - | 50 | ||||||||
Conversion of common stock | - | 4 | (4) | - | - | - | - | - | ||||||||
Balance at October 1, 2023 | $ 530 | $ 3,630 | $ 1,314 | $ 11,549 | $ (27,331) | $ 94,884 | ||||||||||
Burnham Holdings, Inc. | ||||||||||||
Non-GAAP Reconciliations | ||||||||||||
(In thousands, except per share amounts) | ||||||||||||
(Unaudited) | ||||||||||||
Three Months Ended, | Nine Months Ended, | |||||||||||
September 29, | September 29, | |||||||||||
2024 | 2024 | |||||||||||
GAAP | Adjustments | Adjusted | GAAP | Adjustments | Adjusted | |||||||
Selling, general and administrative expenses | $ 11,605 | $ (1,536) | $ 10,069 | $ 32,115 | $ (1,536) | $ 30,579 | ||||||
Net sales | $ 64,689 | $ - | $ 64,689 | $ 176,083 | $ - | $ 176,083 | ||||||
SG&A as percent of sales | 17.9 % | 15.6 % | 18.2 % | 17.4 % | ||||||||
Three Months Ended | Nine Months Ended | |||||||||||
September 29, | October 1, | September 29, | October 1, | |||||||||
2024 | 2023 | 2024 | 2023 | |||||||||
Net sales | $ 64,689 | $ 59,705 | $ 176,083 | $ 171,406 | ||||||||
Net income | $ 552 | $ 792 | $ 4,384 | $ 4,775 | ||||||||
Exclude: | ||||||||||||
Income tax expense | 165 | 236 | 1,309 | 1,426 | ||||||||
Interest expense | 697 | 921 | 1,526 | 2,107 | ||||||||
Depreciation and amortization | 1,322 | 1,219 | 4,031 | 3,730 | ||||||||
EBITDA | $ 2,736 | $ 3,168 | $ 11,250 | $ 12,038 | ||||||||
EBITDA as a percent of net sales | 4.2 % | 5.3 % | 6.4 % | 7.0 % | ||||||||
EBITDA | $ 2,736 | $ 3,168 | $ 11,250 | $ 12,038 | ||||||||
Adjustments | 1,536 | - | 1,536 | - | ||||||||
Adjusted EBITDA | $ 4,272 | $ 3,168 | $ 12,786 | $ 12,038 | ||||||||
Adjusted EBITDA as a percent of net sales | 6.6 % | 5.3 % | 7.3 % | 7.0 % | ||||||||
Three Months Ended | Nine Months Ended | |||||||||||
September 29, | October 1, | September 29, | October 1, | |||||||||
2024 | 2023 | 2024 | 2023 | |||||||||
Net income | $ 552 | $ 792 | $ 4,384 | $ 4,775 | ||||||||
Adjustments, net of tax | 1,183 | - | 1,183 | - | ||||||||
Adjusted net income | $ 1,735 | $ 792 | $ 5,567 | $ 4,775 | ||||||||
Diluted weighted-average shares outstanding | 4,718 | 4,629 | 4,713 | 4,618 | ||||||||
Diluted earnings per share | $ 0.12 | $ 0.17 | $ 0.93 | $ 1.03 | ||||||||
Adjusted diluted earnings per share | $ 0.37 | $ 0.17 | $ 1.18 | $ 1.03 | ||||||||
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SOURCE Burnham Holdings, Inc.
FAQ
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