Burnham Holdings, Inc. (OTCPink: BURCA.PK, BURCB.PK) reported net sales for its first quarter ended April 1, 2012 increased approximately 1% to 36.6 million, compared to net sales of $36.28 million for the first quarter of 2011. The weak economic conditions combined with the unusually warm weather experienced during the period were blamed as possible reasons for the modest increase. However, given that the first quarter generally only accounts for less than 20% of annual sales, the company’s management remains encouraged.
The company reported a net loss of $947 thousand or $(0.21) per share for the first quarter of 2012, versus a net loss of $984 thousand or $(0.22) per share for the same period in 2011. The improvement in the net loss for the first quarter of 2012 was primarily the result of higher gross profit margins experienced during the quarter.
As of April 1, 2012, the balance sheet reflected current assets of $70.16 million, total assets of $145.05 million, current liabilities of $25 million and total liabilities of $82.3 million. During the twelve-month period ended April 1, 2012, stockholders’ equity decreased 13.3% to $62.75 million.
Burnham Holdings, Inc. is a manufacturer of boilers, and related HVAC products and accessories for residential, commercial, and industrial applications.
Source: Burnham Holdings, Inc.