LANCASTER, Pa., April 22, 2024 /PRNewswire/ -- Burnham Holdings, Inc. (OTC:BURCA), the parent company of multiple subsidiaries that are leading domestic manufacturers of boilers, furnaces and related HVAC products and accessories for residential, commercial, and industrial applications, today reported its consolidated financial results for quarter ended March 31, 2024.  Where noted, prior periods presented have been restated for a voluntary change in accounting principle related to our last-in, first-out (LIFO) inventory valuation as disclosed in our 2023 Annual Report.  Burnham Holdings, Inc.'s (BHI) consolidated financial performance for first quarter 2024 included the following: Net sales were $56.0 million for 2024, a decrease of $3.5 million, or 5.9%, versus 2023. Although BHI's subsidiary boiler and oil furnace market shares remain strong, HVAC industry unit volumes have experienced significant declines compared to the prior year. Gross profit margin was 24.9% for 2024 compared to 23.5% for 2023 primarily due to productivity and cost control across the subsidiaries as well as realization of pricing actions to offset inflation. Selling, general, and administrative expenses (SG&A) were essentially flat for the first quarter of 2024 compared to the first quarter of 2023. SG&A spend was in line with expectations although higher on a percentage of sales basis due to the decline in net sales. Net income for the first quarter of 2024 was $3.0 million, similar to the first quarter of 2023. EBITDA was $5.6 million, or 9.9%, for the first quarter of 2024 versus $5.6 million, or 9.4%, for the first quarter of 2023. Diluted earnings per share were $0.64 for the first quarters of 2024 and 2023. For the first quarter of 2024, sales of residential products were lower by 11.4% versus the same period in 2023, while sales of commercial products were up 4.0% in 2024 versus 2023.  Service and Rentals businesses contributed $1.6 million of net sales in the first quarter of 2024.  Market shares across our subsidiaries remain strong despite continued industry decreases.  We believe order patterns and our current backlogs are back in line with seasonal operating cycles.  Despite the fluctuating volumes impacting net sales, gross margin and operating margin dollars were flat to the prior year but as a percentage saw significant increases.  We are diligently managing our cost structure to maintain margins as well as seeing productivity improvements in the manufacturing sites from our capital investment programs.  We continue to assess input and operating costs for inflationary pressures and will evaluate pricing actions as necessary.  Average debt levels for the first quarter of 2024 were approximately $15.6 million lower than the first quarter of 2023.  Accordingly, interest expense for the first quarter of 2024 was 40.7% lower than the first quarter of 2023.  We continue to evaluate our working capital needs, including inventory levels, to ensure we can appropriately meet production volumes and fund future growth initiatives.  We also previously announced that we have new lending facilities in place that provide us with up to $92.0 million in capacity.  On January 30, 2024, a $10.0 million equipment financing line was entered into with our syndicated bank group that adds additional capacity and flexibility to our financing arrangements. The Burnham Holdings, Inc. 2024 Annual Meeting of Shareholders is being held virtually today in Lancaster, PA at 11:30 a.m.  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. Burnham Holdings, Inc. Consolidated Statements of Income (In thousands, except per share amounts) (Unaudited) Three Months Ended March 31, April 2, 2024 2023 Net sales  $         56,003 $         59,534 Cost of goods sold 42,047 45,556   Gross profit 13,956 13,978 Selling, general and administrative expenses 10,022 10,042   Operating income 3,934 3,936 Other (expense) / income:   Non-service related pension credit 137 137   Interest and investment gain 110 282   Interest expense (296) (499)     Other expense (49) (80) Income before income taxes 3,885 3,856 Income tax expense 894 887   Net income $           2,991 $           2,969 Earnings per share:   Basic $             0.65 $             0.64   Diluted $             0.64 $             0.64 Cash dividends per share $             0.23 $             0.22   Burnham Holdings, Inc. Consolidated Balance Sheets (In thousands) (Unaudited) (Unaudited) March 31, December 31, April 2, ASSETS 2024 2023 2023 Current Assets Cash and cash equivalents $              5,930 $              5,880 $              6,382 Trade accounts receivable, net 19,188 31,023 23,280 Inventories, net 67,297 58,017 71,866 Costs in Excess of Billings 790 621 - Prepaid expenses and other current assets 5,080 1,954 3,050 Total Current Assets 98,285 97,495 104,578 Property, plant and equipment, net 66,203 64,437 60,950 Lease assets 4,060 4,119 2,827 Other long-term assets 19,063 18,620 14,717 Total Assets $          187,611 $          184,671 $          183,072 LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities Accounts payable & accrued expenses $            31,046 $            35,365 $            30,693 Billings in excess of costs 218 137 - Current portion of:     Long-term liabilities 1,171 1,171 152     Lease liabilities 1,043 1,051 784     Long-term debt