Burnham Reports Six Months' Earnings and Declares Dividend
25 July 1997
Burnham Reports Six Months' Earnings and Declares Dividend
LANCASTER, Pa., July 25 -- Burnham Corporation
(OTC Bulletin Board: BURCA), a major manufacturer of boilers, radiators and
related equipment for domestic and international residential, industrial and
commercial markets, today reported earnings for the six months and quarter
ended June 30, 1997.
The company reported that sales for the first six months of 1997 increased
by $2 million, or 3.1%, over 1996. This increase was attained despite a
$3 million reduction in its foundry division's sales of automotive castings.
Net sales of $66.8 million for six months and $35.5 million for the second
quarter are new records for Burnham for these respective periods. The second
quarter of 1997 was the fourth consecutive reporting period in which sales
exceeded the same period of the prior year.
Burnham's six month's earnings were $1.8 million, or $.80 per share,
compared to $1.5 million, or $.67 per share, for the same period of 1996. The
growth in earnings was due to increased sales and improved productivity in the
company's manufacturing operations.
The mild winter did not significantly reduce demand for residential
boilers and radiators in the first six months. Burnham is prepared for the
normal heavy seasonal demand for its products in the Fall and early Winter.
The Burnham foundry's commercial casting volume for the automotive
industry continued to decline in the second quarter as expected. Production
of boiler and radiator castings and for the company's Distributor Products
Group and for hydronics industry competitors has been increasing to offset the
lower production of commercial castings.
Order input for commercial and industrial boilers and accessories has
continued to be strong. As a result, shipments remained at record levels for
the company's Commercial Products Group.
At its meeting on July 24, 1997, the Burnham Board of Directors declared a
quarterly dividend of $.39 per share on both classes of the company's common
stock. The dividend is payable September 2, 1997, to stockholders of record
on August 15, 1997.
BURNHAM CORPORATION
FINANCIAL HIGHLIGHTS
(In thousands of dollars, except per share amounts)
1997 1996 1997 1996
3 Months 3 Months 6 Months 6 Months
Ended Ended Ended Ended
June 30 June 30 June 30 June 30
Net sales $35,475 $34,458 $66,769 $64,770
Cost of goods sold 26,266 26,098 49,229 48,977
9,209 8,450 17,540 15,793
Selling, general and
administrative 7,516 6,880 14,599 13,349
Income before income taxes 1,693 1,570 2,941 2,444
Provision for income taxes 660 597 1,147 929
Net income for period $1,033 $973 $1,794 $1,515
Per common share:
Net earnings $.46 $.43 $.80 $.67
Dividends $.39 $.355 $.78 $.71
SOURCE Burnham Corporation