Burnham Holdings, Inc. Reports Third Quarter and Nine Months Results

LANCASTER, Pa., Oct. 19, 2023

Burnham Holdings, Inc.'s financial performance for the first nine months of 2023 included the following:

• Net sales were $59.7 million for the third quarter of 2023, essentially flat with the third quarter of 2022. Year to date net sales were $171.4 million, an increase of 4.1% over the first nine months of 2022.
• Gross profit margin was 20.5% and 18.1% for the third quarters of 2023 and 2022, respectively, primarily due to continued realization of pricing actions to offset inflation. Year to date gross profit margins were 22.0% for 2023 versus 16.3% for 2022.
• Selling, general and administrative expenses (SG&A) were up as a percentage of sales to 17.1% in the third quarter of 2023 versus 15.6% in the third quarter of 2022. Prior year spend was lower than historical norms as we slowly returned to pre-Covid staffing, travel, and administrative spending levels. For the first nine months of 2023 and 2022, SG&A as a percentage of sales was 17.6% and 16.4%, respectively.
• Net income for the third quarter 2023 was $0.8 million, flat to the third quarter of 2022. Through nine months of 2023, net income was $4.8 million versus net loss of ($1.1) million in 2022.
• Earnings per share were $0.17 for the third quarter of 2023 versus $0.16 for the third quarter of 2022. For the first nine months of 2023 and 2022, earnings per share and loss per share was $1.03 and ($0.23), respectively.

For the first nine months of 2023, sales of residential products were higher by 2.9% versus the same period in 2022, while sales of commercial products increased by 7.5% in 2023 versus 2022.  We are seeing an expected adjustment to seasonal ordering patterns as supply chain issues mitigate and product availability is back within standard lead times.  Order velocity for 2023 remains strong, and we believe current backlog levels are in line with seasonal operating cycles.

As noted in previous releases, the multiple pricing actions undertaken throughout 2022 across all subsidiaries in response to continuing inflationary pressures had a positive impact resulting in improved price realization during the first nine months of 2023.  Component part and commodity inflation continued through the first nine months of 2023, and we continue to monitor the need for additional pricing actions to maintain margins as well as remaining diligent and ready to respond to continued instability and uncertainty in the greater macro-economic environment. 

Debt levels remain in line with expectations due to increased working capital needs and inflationary pressures impacting inventory valuations.  Accordingly, interest expense for both the third quarter and year to date 2023 was higher versus the same periods in 2022.  We will continue to evaluate our working capital needs, including inventory levels, to ensure we can appropriately meet production volumes.  

Burnham Holdings, Inc. ARIVA.DE Börsen-Geflüster Kurse Burnham Holdngs 12,90 $ -0,19%
Consolidated Statements of Income
(In thousands, except per share amounts)
(Unaudited)
				Three Months Ended				Nine Months Ended
				October 1,		October 2,		October 1,		October 2,
				2023		2022		2023		2022
Net sales				$       59,705		$       59,656		$     171,406		$     164,594
Cost of goods sold				47,489		48,844		133,613		137,828
		Gross profit		12,216		10,812		37,793		26,766
Selling, general and administrative expenses				10,182		9,299		30,164		27,017
		Operating income (loss)		2,034		1,513		7,629		(251)
Other expense:
	Non-service related pension credit			137		106		412		319
	Interest and investment gain (loss)			(222)		(129)		267		(347)
	Interest expense			(921)		(512)		(2,107)		(1,117)
		Other expense		(1,006)		(535)		(1,428)		(1,145)
Income (loss) before income taxes				1,028		978		6,201		(1,396)
Income tax expense (benefit)				236		225		1,426		(321)
	Net income (loss)			$            792		$            753		$         4,775		$        (1,075)
	Earnings (loss) per share
		Basic		$           0.17		$           0.16		$           1.03		$          (0.23)
		Diluted		$           0.17		$           0.16		$           1.03		$          (0.23)
	Cash dividends per share			$           0.22		$           0.22		$           0.66		$           0.66

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