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BURNHAM CORPORATION REPORTS NINE MONTHS RESULTS AND DECLARES DIVIDEND

 LANCASTER, Pa., Nov. 1 /PRNewswire/ -- Burnham Corporation (OTC) reported today that sales activity for residential and commercial boilers has remained strong during the last quarter. As a result, the company is running at a record pace through nine months. For the year-to-date, sales are $90.2 million, which is $6.1 million, or 7 percent ahead of 1992. Net earnings for nine months are $4.2 million, which is $1.9 million, or 85 percent ahead of the prior year. Nine months earnings per share of $3.77 are a record.
 Third quarter net sales of $36 million were $2.5 million or 7 percent ahead of the prior year. The company's revenues have exceeded the same period of the prior year for the ninth consecutive quarter. Earnings for the quarter at $3 million were up 85 percent from last year due to the increased sales. The quarterly results reflect the beginning of the boiler industry's seasonal heating cycle.
 Burnham said it is very optimistic about 1993 based on the first nine months results. The strong business activity reported at the end of six months has not abated. The company's operations are performing well and are meeting the increased market demand of the fall and winter heating season.
 Significant progress has been made at Burnham Foundry on its $13 million modernization project. Site preparation work is essentially complete. Manufacture and testing of the computer controlled Disamatic molding line, the major component of the project, is complete. The machine has been shipped from Denmark and is expected to arrive at the foundry before Thanksgiving. Deliveries of the other major components have been scheduled to phase in with installation of the molding line. The project remains on target for a spring 1994 startup and is expected to be completed within budget.
 A new three-year labor contract has been negotiated with the Molders Union representing the hourly workers at Burnham Foundry. This contract provides for health care cost sharing, a benefits change which has already been implemented at the company's other locations.
 On Oct. 12, 1993, the board of directors declared regular quarterly dividends of $.55 per share on the Class A and Class B common stock of the company and a regular semiannual dividend of $1.50 per share on the Preferred Stock of the company, payable Dec. 17, 1993, to shareholders of record on Dec. 1.
 Burnham manufactures residential and light commercial cast iron and steel boilers under the Burnham and New Yorker labels; commercial and industrial packaged steel boilers and accessories under the Burnham and Kewanee labels; and cast iron radiators under the Burnham and Governale brand names. Burnham Foundry produces boiler, radiator, automotive and jobbing castings.
 BURNHAM CORPORATION
 Financial Highlights
 (In thousands, expect per-share amounts)
 Periods ended Three months Nine months
 Sept. 30 1993 1992 1993 1992
 Sales $35,992 $33,485 $90,183 $84,090
 Income before income taxes 4,738 2,544 6,781 3,643
 Provision for income taxes 1,777 941 2,543 1,348
 Net income for period 2,961 1,603 4,238 2,295
 Per common share:
 Earnings $2.64 $1.41 $3.77 $2.01
 Dividends .55 .50 1.65 1.50
 /delval/
 -0- 11/1/93
 /CONTACT: Ronald L. Griffith, senior vp-finance and secretary- treasurer, of Burnham, 717-293-5811, or fax, 717-293-5816/


CO: Burnham Corporation ST: Pennsylvania IN: AUT SU: ERN DIV

MK-LJ -- PH008 -- 9015 11/01/93 09:31 EST
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Publication:PR Newswire
Date:Nov 1, 1993
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