Burnham Holdings, Inc. Reports Strong First Quarter 2026 Financial Results; Net Sales Surge 18.7% to $66.2 Million

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Apr 27, 2026, 11:30 ET

Strategic Portfolio Adjustments from 2025 Drive Enhanced Profitability with Net Income up 36% and EBITDA Reaching 9.7% of Net Sales

LANCASTER, Pa., April 27, 2026 /PRNewswire/ -- Burnham Holdings, Inc. (OTC-Pink: BURCA) ("BHI", the "Company", "we" or "our") today reported its consolidated financial results for the first quarter of 2026, delivering strong net sales and improved profitability, reflecting early momentum from the prior-year strategic portfolio actions to strengthen its core boiler business.. The financial statement presentation has been adjusted to reflect the previously announced divestiture of its subsidiaries Thermo Products, LLC (TP) and Norwood Manufacturing, Inc. (NMI) as discontinued operations.

Net Sales: Net sales for the first quarter of 2026 reached $66.2 million, up 18.7% ($10.4 million) from the first quarter of 2025.
Solid Gross Profit Margins: Gross profit margin increased to 26.6% in the first quarter of 2026 from 24.5% in the first quarter of 2025.
Strategic SG&A Investment: Adjusted selling, general, and administrative expenses (SG&A) as a percentage of net sales were 19.8% in the first quarter of 2026 compared to 18.2% for the first quarter of 2025. Although higher on a percentage basis quarter over quarter, SG&A spend for 2026 was in line with expectations of planned initiative spending.
Net Income: Net income from continuing operations for the first quarter of 2026 was $3.4 million, or $0.72 per diluted share, compared with net income from continuing operations of $2.5 million, or $0.54 per diluted share in the first quarter of 2025.
Enhanced Profitability Metrics: EBITDA from continuing operations for the first quarter of 2026 was $6.4 million (9.7% of net sales), an increase from $4.8 million (8.6% of net sales) in the first quarter of 2025.
Increased Shareholder Value: Diluted earnings per share from continuing operations for the first quarter of 2026 improved to $0.72, up from $0.54 in the first quarter of 2025.

"Our first quarter performance reflects the tangible impact of the strategic actions we took in 2025. By sharpening our focus on our core boiler business and higher-efficiency technologies, we're seeing strong sales growth, improved margins, and enhanced profitability," stated Chris Drew, President and CEO of Burnham Holdings. "Just as importantly, the operational discipline and investments we've put in place are positioning us to build on this momentum and deliver sustained value throughout 2026 and beyond."

While recent economic volatility from oil and natural gas markets may indirectly impact near-term margins, and fluctuations in input costs could create additional variability, BHI is well positioned to navigate these dynamics. BHI's strong foundation in its core cast iron business, combined with ongoing investment in high-efficiency technologies, positions the Company to capture continued sales growth as energy price volatility drives demand for a range of heating solutions. In addition, strategic investments made over the past year to further streamline operations are expected to support long-term margin expansion by enhancing engineering efficiency, increasing production throughput, and optimizing the cost structure across BHI's operational product portfolio.

Burnham Holdings, Inc.'s Annual Meeting is being held today virtually via a secure website meeting platform at 11:30 a.m. eastern. 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 for residential applications. Additionally, through its various subsidiaries it serves the commercial / industrial boiler markets with a variety of boiler products, rental trailers and boiler room services. 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 the United States ("GAAP"). The Company believes these non-GAAP financial measures, when read in conjunction with the comparable GAAP financial measures, give investors a useful tool to assess and understand the Company's overall financial performance, because they exclude items of income or expense that the Company believes are not reflective of its ongoing operating performance, allowing for a better period-to-period comparison of operations of the Company. The Company acknowledges that there are many items that impact a company's reported results, and the adjustments reflected in these non-GAAP measures are not intended to present all items that may have impacted these results. In addition, these non-GAAP measures are not necessarily comparable to similarly titled measures used by other companies.

Burnham Holdings, Inc.
Consolidated Statements of Operations
(In thousands, except per share amounts)
(Unaudited)
	Three Months Ended
	March 29,	March 30,
	2026	2025
Net sales	$ 66,183	$ 55,736
Cost of goods sold	48,551	42,103
Gross profit	17,632	13,633
Selling, general and administrative expenses	13,109	10,153
Operating income	4,523	3,480
Other (expense) / income:
Non-service related pension credit	13	50
Gain on derivative mark to market	22	-
Interest and investment gain (loss)	216	(6)
Interest expense	(309)	(239)
Other expense	(58)	(195)
Income from continuing operations before income tax	4,465	3,285
Income tax expense	1,027	754
Income from continuing operations	3,438	2,531

Income from discontinued operations, net of tax	-	840

Net income	$ 3,438	$ 3,371

Earnings per share:
Basic
Income from continuing operations	$ 0.73	$ 0.54
Income from discontinued operations	-	0.18
Basic earnings per share	$ 0.73	$ 0.72

Diluted
Income from continuing operations	$ 0.72	$ 0.54
Income from discontinued operations	-	0.18
Diluted earnings per share	$ 0.72	$ 0.72

Cash dividends per share	$ 0.23	$ 0.23

Burnham Holdings, Inc.
Consolidated Balance Sheets
(In thousands)
			(Unaudited)		(Unaudited)
			March 29,	December 31,	March 30,
ASSETS			2026	2025	2025
Current Assets
	Cash and cash equivalents		$ 8,300	$ 7,657	$ 6,264
	Trade accounts receivable, net		26,846	29,065	19,222
	Inventories, net		44,065	37,442	49,490
	Costs in excess of billings		360	507	203
	Prepaid expenses and other current assets		4,772	6,556	2,922
	Current assets of discontinued operations		-	-	12,173
		Total Current Assets	84,343	81,227	90,274

Property, plant and equipment, net			69,594	69,306	67,642
Lease assets			6,312	6,014	5,633
Other long-term assets			18,418	18,772	21,801
Long-term assets of discontinued operations			-	-	5,544
		Total Assets	$ 178,667	$ 175,319	$ 190,894

LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities
	Accounts payable & accrued expenses		$ 36,317	$ 41,243	$ 27,031
	Billings in excess of costs		297	261	1,304
	Current liabilities of discontinued operations		-	-	2,281
	Current portion of:
	Long-term liabilities		87	87	772
	Lease liabilities		1,662	1,571	1,312
	Long-term debt		184	184	184
		Total Current Liabilities	38,547	43,346	32,884

Long-term debt			16,820	11,373	23,883
Lease liabilities			4,650	4,443	4,321
Other long-term liabilities			4,689	4,860	4,581
Deferred income taxes			7,749	7,710	9,295
Long-term liabilities of discontinued operations			-	-	441
Shareholders' Equity
	Preferred Stock		530	530	530
	Class A Common Stock		3,654	3,654	3,642
	Class B Convertible Common Stock		1,293	1,293	1,302
	Additional paid-in capital		10,250	10,055	10,918
	Retained earnings		105,389	103,031	131,183
	Accumulated other comprehensive loss		(5,208)	(5,280)	(21,028)
	Treasury stock, at cost		(9,696)	(9,696)	(11,058)
		Total Shareholders' Equity	106,212	103,587	115,489
		Total Liabilities and Shareholders' Equity	$ 178,667	$ 175,319	$ 190,894

Burnham Holdings, Inc.
Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
	Three Months Ended
	March 29,	March 30,
	2026	2025
Cash flows from operating activities:
Net income	$ 3,438	$ 3,371
Income from discontinued operations, net of tax	-	840
Income from continuing operations	$ 3,438	$ 2,531
Adjustments to reconcile income from continuing operations
to net cash provided by operating activities:
Depreciation and amortization	1,642	1,277
Deferred income taxes	16	5
Provision for long-term employee benefits	54	(50)
Share-based compensation expense	195	119
Other reserves and allowances	753	(2,202)
Changes in current assets and liabilities:
Decrease in accounts receivable, net	1,221	4,621
Increase in inventories, net	(6,623)	(2,528)
Decrease in other current assets	1,038	721
Decrease in accounts payable and accrued expenses	(3,521)	(2,146)
Net cash (used) provided by operating activities of continuing operations	(1,787)	2,348
Net cash provided by operating activities of discontinued operations	-	1
Net cash (used) provided by operating activities	(1,787)	2,349

Cash flows from investing activities:
Capital expenditures	(1,936)	(2,949)
Net cash used by investing activities of continuing operations	(1,936)	(2,949)
Net cash used by investing activities of discontinued operations	-	(4)
Net cash used by investing activities	(1,936)	(2,953)

Cash flows from financing activities:
Net activity from revolving credit facility	5,492	1,656
Repayment of term loan	(46)	(46)
Dividends paid	(1,080)	(1,072)
Net cash provided by financing activities	4,366	538

Net increase (decrease) in cash and cash equivalents	$ 643	$ (63)

Cash and cash equivalents, beginning of period	$ 7,657	$ 6,327
Net increase (decrease) in cash and cash equivalents	643	(63)
Cash and cash equivalents, end of period	$ 8,300	$ 6,264

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, 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 - ($0.23 per share)	-	-	-	-	(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


			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, 2025	$ 530	$ 3,654	$ 1,293	$ 10,055	$ 103,031	$ (5,280)	$ (9,696)	$ 103,587

Net income	-	-	-	-	3,438	-	-	3,438
Other comprehensive income,
net of tax	-	-	-	-	-	72	-	72
Cash dividends declared:
Common stock - ($0.23 per share)	-	-	-	-	(1,080)	-	-	(1,080)
Share-based compensation:
Expense recognition	-	-	-	195	-	-	-	195

Balance at March 29, 2026	$ 530	$ 3,654	$ 1,293	$ 10,250	$ 105,389	$ (5,208)	$ (9,696)	$ 106,212