LANCASTER, Pa., July 25, 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 the six months ended June 30, 2024, and announced a quarterly stock dividend.  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 the first half of 2024 included the following: Net sales were $55.4 million for the second quarter of 2024, an increase of $3.2 million, or 6.2%, versus the second quarter of 2023. Year to date net sales were $111.4 million compared to $111.7 for the first half of 2023. Gross profit margin was 21.0% and 22.2% for the second quarters of 2024 and 2023, respectively. Year to date gross profit margins were 23.0% for 2024 versus 22.9% for 2023. Product mix had a significant impact on second quarter 2024 gross profit margins. Selling, general, and administrative expenses (SG&A) were higher by $0.5 million for both the second quarter 2024 and first half 2024 versus the same periods last year. On a year-to-date basis, SG&A was higher as a percentage of sales basis in 2024 versus 2023 but remained in line with expectations. Net income for the second quarter of 2024 was $0.8 million versus net income of $1.0 million for the second quarter of 2023. Net income for the first half of 2024 was $3.8 million versus net income of $4.0 million for the first half of 2023. EBITDA was $8.5 million, or 7.6%, for the first half of 2024 versus $8.9 million, or 7.9%, for the first half of 2023. Diluted earnings per share were $0.18 and $0.20 for the second quarters of 2024 and 2023, respectively. For the first six months of 2024 and 2023, diluted earnings per share were $0.81 and $0.85. For the second quarter of 2024, sales of residential products were lower by 6.1% versus the same period in 2023, while sales of commercial products were up 39.0% in 2024 versus 2023.  For the first half of 2024, residential sales were lower by 9.0% versus the prior year while commercial sales were higher by 23.3% versus the first half of 2023.  Service and Rentals businesses contributed $2.9 million of net sales in the second quarter of 2024 and $4.5M for the first half of 2024.  Market shares across our subsidiaries remain strong despite mixed segment results.  We continue to believe order patterns and our current backlogs are back in line with seasonal operating cycles.  Average debt levels of the Company's revolving credit facility for the second quarter of 2024 were approximately $6.4 million lower than the second quarter of 2023.  On a year over year basis, the average debt levels on the revolving credit facility were approximately $9.1 million lower.  We continue to evaluate our working capital needs, including inventory levels, to ensure we can appropriately meet production volumes and fund future growth initiatives. At its meeting on July 25, 2024, the Burnham Holdings, Inc. Board of Directors declared a quarterly common stock dividend of $0.23 per share payable September 26, 2024, with a record date of September 19, 2024.  Burnham Holdings, Inc. Consolidated Statements of Income (In thousands, except per share amounts) (Unaudited) Three Months Ended Six Months Ended June 30, July 2, June 30, July 2, 2024 2023 2024 2023 Net sales  $       55,391 $       52,167 $     111,394 $     111,701 Cost of goods sold 43,771 40,568 85,818 86,124   Gross profit 11,620 11,599 25,576 25,577 Selling, general and administrative expenses 10,488 9,940 20,510 19,982   Operating income 1,132 1,659 5,066 5,595 Other (expense) / income:   Non-service related pension credit 113 138 250 275   Interest and investment gain 379 207 489 489   Interest expense (533) (687) (829) (1,186)     Other expense (41) (342) (90) (422) Income before income taxes 1,091 1,317 4,976 5,173 Income tax expense 250 303 1,144 1,190   Net income $            841 $         1,014 $         3,832 $         3,983 Earnings per share:   Basic $           0.18 $           0.20 $           0.82 $           0.85   Diluted $           0.18 $           0.20 $           0.81 $           0.85 Cash dividends per share $           0.23 $           0.22 $           0.46 $           0.44   Burnham Holdings, Inc. Consolidated Balance Sheets (In thousands) (Unaudited) (Unaudited) June 30, December 31, July 2, ASSETS 2024 2023 2023 Current Assets Cash and cash equivalents $             6,519 $             5,880 $             6,733 Trade accounts receivable, net 22,919 31,023 24,496 Inventories, net 72,698 58,017 77,365 Costs in Excess of Billings 1,227 621 - Prepaid expenses and other current assets 5,141 1,954 4,555 Total Current Assets 108,504 97,495 113,149 Property, plant and equipment, net 69,528 64,437 62,244 Lease assets 3,980 4,119 2,853 Other long-term assets 18,891 18,620 15,747 Total Assets $         200,903 $         184,671 $         193,993 LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities Accounts payable & accrued expenses $           31,266 $           35,365 $           25,070 Billings in excess of costs 659 137 - Current portion of:     Long-term liabilities 1,171 1,171 152     Lease liabilities 989 1,051 810     Long-term debt  184 184 - Total Current Liabilities 34,269 37,908 26,032 Long-term debt 45,454 27,232 56,642 Lease liabilities 2,991 3,068 2,043 Other long-term liabilities 5,599 5,933 6,148 Deferred income taxes 9,174 9,095 8,266 Shareholders' Equity