Welcome to our dedicated page for Burnham Cp Cl A news (Ticker: BURCA), a resource for investors and traders seeking the latest updates and insights on Burnham Cp Cl A stock.
Burnham Holdings, Inc. (BURCA) is a holding company for domestic manufacturers of boilers, furnaces and related HVAC products and accessories serving residential, commercial and industrial applications. Its news flow provides insight into how the company is reshaping its boiler-focused operations and managing financial and legal risks.
Recent press releases highlight strategic portfolio adjustments, including the divestiture of substantially all assets of Thermo Pride and Norwood Manufacturing, the planned winddown of Crown Boiler manufacturing operations, and the expansion of commercial and industrial boiler service and installation activities, including mobile boiler room offerings. News items also cover the opening and expansion of U.S. Boiler Company’s Condensing Center of Excellence in Lancaster, Pennsylvania, which is dedicated to advanced high-efficiency condensing boiler production.
Investors and industry observers can follow quarterly and annual financial results that detail net sales, margins, non-GAAP metrics such as EBITDA and Adjusted EBITDA, and commentary on residential, commercial and service and rentals performance. The company’s releases also discuss debt levels, working capital management and pension-related actions, such as the transfer of a portion of defined benefit obligations to a third-party insurer.
Additional news includes dividend declarations on common and preferred stock, annual meeting results, and updates on litigation involving certain subsidiaries, including asbestos-related matters and the subsequent transfer of legacy asbestos liabilities to Burnham Industries, LLC. Ownership disclosures by institutional investors, such as GAMCO’s announcement of its stake in Burnham Holdings, also appear in the news flow.
This page aggregates these updates so readers can review BHI’s financial performance, strategic transactions, manufacturing developments and corporate actions over time.
Burnham Holdings (BURCA) has announced a strategic operational optimization initiative, focusing on winding down production at Crown Boiler in Philadelphia. The move aims to streamline manufacturing operations and enhance production efficiency.
The decision comes as consumer demand shifts towards high-efficiency condensing boilers, such as U.S Boiler's Alta and Velocity's Phantom II. This transition will allow the company to optimize its supply chain and workforce while meeting the growing demand for energy-efficient heating solutions.
The company plans to leverage its Lancaster facility's infrastructure and expertise to improve production flexibility and quality control. During the transition, affected employees will receive support through relocation opportunities, comprehensive outplacement services, and additional resources. Velocity brand products will remain available in the market, and the company ensures all asset transfers will be conducted at fair market value.
GAMCO Asset Management, an affiliate of GAMCO Investors (OTCQX: GAMI), has disclosed ownership of approximately 296,400 shares of Class A common stock in Burnham Holdings (OTCPK: BURCA). This represents approximately 8.93% of Burnham's Class A shares outstanding.
Due to Burnham not being an SEC Registrant, GAMCO's standard procedure of filing a Schedule 13D ownership disclosure form is not possible. This press release serves as an alternative method of ownership notification. GAMCO Investors manages assets through various subsidiaries, including private advisory accounts and mutual/closed-end funds, utilizing their Private Market Value with a Catalyst™ investment approach.
Burnham Holdings (BURCA) reported record financial results for Q4 and full-year 2024. Net sales reached $94.1 million in Q4 2024, up 15.4% year-over-year, while full-year sales hit $270.2 million, increasing 6.8% from 2023.
The company achieved record net income of $12.0 million in 2024, compared to $9.4 million in 2023. Adjusted net income, excluding reserve adjustments, was $15.3 million. Adjusted EBITDA improved to $27.6 million (10.2% margin) from $20.2 million (8.0% margin) in 2023.
Residential product sales grew 3.0% and commercial products increased 8.8% in 2024. The service and rentals business contributed $8.8 million, up from $2.6 million in 2023. The Board declared a quarterly dividend of $0.23 per share, payable March 27, 2025.
Burnham Holdings (OTC-Pink: BURCA) has announced its latest dividend declarations and key corporate updates. The Board of Directors declared a quarterly common stock dividend of $0.23 per share and a semi-annual preferred stock dividend of $1.50 per share, both payable December 30, 2024, with a record date of December 19, 2024.
The company will hold its Annual Meeting virtually on April 28, 2025, at 11:30 a.m. eastern. Additionally, William F. Dodge, II, who served as director since 1999, announced his immediate retirement from the Board of Directors.
Burnham Holdings is a parent company of multiple subsidiaries manufacturing boilers, furnaces, and HVAC products for residential, commercial, and industrial applications.
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, Inc. (OTC-Pink: BURCA) reported its Q2 2024 financial results and declared a quarterly dividend. Net sales increased 6.2% to $55.4 million in Q2 2024 compared to Q2 2023. Year-to-date net sales were $111.4 million, slightly down from $111.7 million in H1 2023. Gross profit margin decreased to 21.0% in Q2 2024 from 22.2% in Q2 2023, impacted by product mix. Net income for Q2 2024 was $0.8 million, down from $1.0 million in Q2 2023. Diluted EPS for Q2 2024 was $0.18, compared to $0.20 in Q2 2023. Commercial product sales increased 39.0% in Q2 2024, while residential product sales decreased 6.1%. The company declared a quarterly dividend of $0.23 per share.
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