Burnham Holdings, Inc. (OTC:BURCA)

Burnham Holdings, Inc. (OTC:BURCA) ($19.70; $66.1M market cap) announced the divestiture plan of two subsidiaries. 

“announced its decision to divest substantially all of the assets of its Thermo Pride (TP) and Norwood Manufacturing (NMI) business subsidiaries. This strategic move aligns with the holding company's long-term vision to strengthen its core boiler business while expanding its commercial and industrial rental and service operations.

The TP and NMI businesses are being acquired by the R.W. Beckett Corporation (RWB) of North Ridgeville, OH, in exchange for all-cash consideration of $27.6 million, subject to customary adjustments. These acquisitions will enable RWB to expand their offerings for the liquid fuels industry…

…divestiture of TP and NMI along with the previously announced wind down of manufacturing operations at Crown Boiler in Philadelphia are part of BHI's commitment to remain focused on their boiler operations with a specific longer term focus on growing and developing their commercial and industrial boiler service and installation business, including expansion of their mobile boiler room offerings. This represents a natural progression, building on the proven success of Thermal InMotion, enabling BHI to better meet the needs of its national base of commercial and industrial clients. The divestiture process, expertly managed by Janney Montgomery Scott's investment banking group, was highly competitive, attracting multiple bids. The selected bid was chosen for its strong alignment with their strategic objectives and its ability to deliver significant value.”

Burnham Holdings, Inc. designs, manufactures, and sells boilers and related heating, ventilation, and air conditioning products and accessories for residential, commercial, and industrial applications in the United States, Canada, and Mexico

Burnham Holdings, Inc. (OTC:BURCA) ($19.82; $66.56M market cap) announced Q1 2025 results:

• Q1 sales of $64.8 million vs. $56.0 million in the prior year
• Q1 EPS of $0.72 vs. $0.64 in the prior year

Management Commentary:

"Through rigorous discipline, we are focused on reducing working capital needs in an effort to operate on a leaner basis. These efforts have led to $8.1 million lower year-over-year inventories which has a direct correlation to debt, as well as improving operating cash flow. We continue to evaluate our working capital needs, including inventory levels, to ensure we can appropriately meet production volumes and fund future growth initiatives."

"Earlier this month, we announced the winddown of production efforts at Crown Boiler in Philadelphia, PA. This strategic decision is expected to drive manufacturing efficiency, improve production flexibility, and support the Company's long-term growth objectives."

The company also announced the results of its annual meeting held earlier today, in which shareholders approved all proposals on the agenda.

Following the meeting, the Board declared a quarterly dividend of $0.23 per share for common stock and a semi-annual dividend of $1.50 per share for preferred stock. Both dividends will be paid on June 26, 2025, to shareholders of record as of June 19, 2025.

Burnham Holdings, Inc. designs, manufactures, and sells boilers and related heating, ventilation, and air conditioning products and accessories for residential, commercial, and industrial applications in the United States, Canada, and Mexico