Burnham Declares Dividends and Reports Three Months Results

Apr 30, 2001, 01:00 ET from Burnham Corporation

    LANCASTER, Pa., April 30 /PRNewswire/ -- Burnham Corporation
 (Pink Sheets:   BURCA), a leading manufacturer of boilers, furnaces, radiators
 and related accessories for residential, commercial and industrial
 applications, today reported its financial results for the period ended
 March 31, 2001 and announced common and preferred stock dividends.
     Quarterly sales were $46.9 million, a new record for the first quarter.
 Sales increased 5.7% versus the $44.4 million reported in the same period of
 2000, which was the previous record first quarter.  Burnham experienced strong
 sales growth in both residential products, an increase of 6.4%, and commercial
 products, an increase of 4.2%, over the first quarter of 2000.
     Net income for the first quarter was $461 thousand compared to
 $211 thousand for the same quarter of 2000.  First quarter results are
 historically low due to the seasonal nature of the business, but the 2001 net
 income is the highest since the first quarter of 1997.  Basic earnings per
 share for the quarter were $0.21 compared to prior years $0.09.
     The strong first quarter results benefited from the colder winter weather
 experienced at the end of the year 2000.  However, the boiler industry is
 feeling the effects of the slowdown in the general economy and Burnham does
 expect this to impact shipping levels over the next few months.  The Company
 has taken steps to optimize production schedules and to control inventory
 levels at all of its locations.  Burnham anticipates a slow second quarter
 followed by a return to its normal seasonal pattern of high demand in Autumn
 and early Winter.
     At its meeting on April 30, 2001, the Board of Directors declared a
 quarterly common stock dividend of $0.51 per share payable June 1, 2001 with a
 record date of May 15, 2001; and a semi-annual preferred stock dividend of
 $1.50 per share payable June 29, 2001 with a record date of June 15, 2001.
 
 
                          Consolidated Balance Sheets
 
                                                         (unaudited)
                                                        ($ thousands)
 
                                                          March 31
                                                     2001          2000
     ASSETS
 
     Current Assets
       Cash and cash equivalents                       $581       $7,248
       Trade and other accounts receivable           26,030       26,075
       Inventories                                   45,487       38,984
       Prepayments and other assets                   2,857        4,181
          Total current assets                       74,955       76,488
 
     Property, plant and equipment, net              55,101       56,787
     Other assets, net                               22,382       20,714
                                                   $152,438     $153,989
 
     LIABILITIES AND STOCKHOLDERS' EQUITY
 
     Current Liabilities
       Accounts payable and accrued expenses        $27,716      $24,520
       Short-term borrowings                          5,900        1,000
       Accrued taxes                                  1,060          300
       Current long-term debt                         2,854        3,072
          Total current liabilities                  37,530       28,892
     Long-term liabilities                           20,447       31,369
     Other postretirement liabilities                 6,108        5,218
     Deferred income taxes                            9,081       10,943
     Stockholders' equity
       Preferred stock                                  530          530
       Class A common stock                           1,672        1,634
       Class B common stock                             972        1,007
       Additional paid-in capital                    12,836       12,756
       Retained earnings                             80,584       77,669
       Treasury stock, at cost                      (17,322)     (16,029)
          Total stockholders' equity                 79,272       77,567
                                                   $152,438     $153,989
 
 
                       Consolidated Statements of Income
 
                                                         (unaudited)
                                          ($ thousands, except per share data)
 
                                                     Three months ended
                                                          March 31
                                                     2001          2000
 
     Net sales                                      $46,899      $44,371
     Cost of goods sold                              33,925       32,579
                                                     12,974       11,792
     Selling, administrative and general expense     11,811       10,965
     Operating income                                 1,163          827
 
     Other income (expense)
       Interest income                                   91          182
       Interest expense                                (508)        (665)
                                                       (417)        (483)
     Income before
       Income taxes                                     746          344
     Income tax expense                                 285          133
     Net income                                        $461         $211
 
     Basic earnings per share                         $0.21        $0.09
 
     Diluted earnings per share                       $0.21        $0.09
 
     Dividends paid                                   $0.51        $0.49
 
      * Note: Basic earnings per share are based upon weighted average shares
         outstanding for the period.
        Diluted earnings per share assume the conversion of outstanding rights
         into common stock.
        Common stock outstanding as of March 31, 2001 includes Class A of
         1,236,048 and Class B of 971,534.
 
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SOURCE Burnham Corporation
    LANCASTER, Pa., April 30 /PRNewswire/ -- Burnham Corporation
 (Pink Sheets:   BURCA), a leading manufacturer of boilers, furnaces, radiators
 and related accessories for residential, commercial and industrial
 applications, today reported its financial results for the period ended
 March 31, 2001 and announced common and preferred stock dividends.
     Quarterly sales were $46.9 million, a new record for the first quarter.
 Sales increased 5.7% versus the $44.4 million reported in the same period of
 2000, which was the previous record first quarter.  Burnham experienced strong
 sales growth in both residential products, an increase of 6.4%, and commercial
 products, an increase of 4.2%, over the first quarter of 2000.
     Net income for the first quarter was $461 thousand compared to
 $211 thousand for the same quarter of 2000.  First quarter results are
 historically low due to the seasonal nature of the business, but the 2001 net
 income is the highest since the first quarter of 1997.  Basic earnings per
 share for the quarter were $0.21 compared to prior years $0.09.
     The strong first quarter results benefited from the colder winter weather
 experienced at the end of the year 2000.  However, the boiler industry is
 feeling the effects of the slowdown in the general economy and Burnham does
 expect this to impact shipping levels over the next few months.  The Company
 has taken steps to optimize production schedules and to control inventory
 levels at all of its locations.  Burnham anticipates a slow second quarter
 followed by a return to its normal seasonal pattern of high demand in Autumn
 and early Winter.
     At its meeting on April 30, 2001, the Board of Directors declared a
 quarterly common stock dividend of $0.51 per share payable June 1, 2001 with a
 record date of May 15, 2001; and a semi-annual preferred stock dividend of
 $1.50 per share payable June 29, 2001 with a record date of June 15, 2001.
 
 
                          Consolidated Balance Sheets
 
                                                         (unaudited)
                                                        ($ thousands)
 
                                                          March 31
                                                     2001          2000
     ASSETS
 
     Current Assets
       Cash and cash equivalents                       $581       $7,248
       Trade and other accounts receivable           26,030       26,075
       Inventories                                   45,487       38,984
       Prepayments and other assets                   2,857        4,181
          Total current assets                       74,955       76,488
 
     Property, plant and equipment, net              55,101       56,787
     Other assets, net                               22,382       20,714
                                                   $152,438     $153,989
 
     LIABILITIES AND STOCKHOLDERS' EQUITY
 
     Current Liabilities
       Accounts payable and accrued expenses        $27,716      $24,520
       Short-term borrowings                          5,900        1,000
       Accrued taxes                                  1,060          300
       Current long-term debt                         2,854        3,072
          Total current liabilities                  37,530       28,892
     Long-term liabilities                           20,447       31,369
     Other postretirement liabilities                 6,108        5,218
     Deferred income taxes                            9,081       10,943
     Stockholders' equity
       Preferred stock                                  530          530
       Class A common stock                           1,672        1,634
       Class B common stock                             972        1,007
       Additional paid-in capital                    12,836       12,756
       Retained earnings                             80,584       77,669
       Treasury stock, at cost                      (17,322)     (16,029)
          Total stockholders' equity                 79,272       77,567
                                                   $152,438     $153,989
 
 
                       Consolidated Statements of Income
 
                                                         (unaudited)
                                          ($ thousands, except per share data)
 
                                                     Three months ended
                                                          March 31
                                                     2001          2000
 
     Net sales                                      $46,899      $44,371
     Cost of goods sold                              33,925       32,579
                                                     12,974       11,792
     Selling, administrative and general expense     11,811       10,965
     Operating income                                 1,163          827
 
     Other income (expense)
       Interest income                                   91          182
       Interest expense                                (508)        (665)
                                                       (417)        (483)
     Income before
       Income taxes                                     746          344
     Income tax expense                                 285          133
     Net income                                        $461         $211
 
     Basic earnings per share                         $0.21        $0.09
 
     Diluted earnings per share                       $0.21        $0.09
 
     Dividends paid                                   $0.51        $0.49
 
      * Note: Basic earnings per share are based upon weighted average shares
         outstanding for the period.
        Diluted earnings per share assume the conversion of outstanding rights
         into common stock.
        Common stock outstanding as of March 31, 2001 includes Class A of
         1,236,048 and Class B of 971,534.
 
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 SOURCE  Burnham Corporation