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BURNHAM CORPORATION RELEASES FIRST QUARTER RESULTS, ANNOUNCES DIVIDEND

BURNHAM CORPORATION RELEASES FIRST QUARTER RESULTS, ANNOUNCES DIVIDEND
 LANCASTER, Pa., May 11 /PRNewswire/ -- The following was released today by Burnham Corporation (OTC):
 Financial Highlights
 (In thousands of dollars, except per-share amounts)
 Three months ended March 31 1992 1991
 Sales $23,707 $18,110
 Income (loss) before income taxes 265 (203)
 Provision for income taxes 98 (73)
 Net income (loss) for period 167 (130)
 Earnings (loss) per share $.15 ($.11)
 Burnham Corporation said the first quarter of 1992 exceeded its expectations for sales and profits. An increase in its residential boiler market, a high volume of commercial boiler orders and improved performance by the Foundry Division were major factors in the turnaround from the first quarter of 1991. As a result, net income was $167,000 or $.15 per share, vs. a loss of $130,000 or $.11 per share, last year.
 Net revenues for the quarter were up $5.6 million, or 31 percent from the prior year. Most significantly, Burnham's continuing businesses accounted for $2.5 million of that increase, the first improvement in the last seven quarters. The balance of the increased revenues was from its new businesses, Kewanee Manufacturing Company and Governale Company.
 As indicated by its earnings and sales revenues, Burnham said it was a good quarter. In the third quarter report of 1991, Burnham reported that the recession for its industry had reached bottom but the turnaround was not in sight. The company said it now sees increased activity in housing starts, especially in the Northeast, which is reflected by an increase in residential boiler sales. With a continued strengthening in its market place plus the added performance of its acquisitions, Burnham said it is optimistic about the company's outlook for 1992. Because of the seasonality of Burnham's business, the company said the second quarter will be its lowest, as is always the case, but the company expects a strong second half of the year.
 On April 27, 1992, the board of directors of Burnham declared regular quarterly dividends of $.50 per share on both the Class A and Class B common stock of the company, payable June 1, 1992, to stockholders of record on May 15. The board also declared a semi-annual dividend of $1.50 per share on the preferred stock of the company, payable July 1, 1992, to stockholders of record on June 12.
 -0- 5/11/92
 /CONTACT: Ronald L. Griffith, senior vp-finance and secretary- treasurer of Burnham, 717-293-5811/ CO: Burnham Corporation ST: Pennsylvania IN: SU: ERN DIV


KA-CC -- PH012 -- 8559 05/11/92 11:04 EDT
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Publication:PR Newswire
Date:May 11, 1992
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