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BURNHAM REPORTS RECORD EARNINGS

 LANCASTER, Pa., March 18 /PRNewswire/ -- Burnham Corporation (OTC), the nation's largest manufacturer of boilers, today reported record earnings for 1992.
 The company's net earnings of $6 million, on record sales of $122.7 million, exceeded 1991 income by $2.9 million, or 94 percent. Previous record earnings were $5.7 million in 1989.
 Net income was $5.27 per share for 1992, compared to $2.66 in 1991 and to the prior record of $4.32 per share in 1989. As a result of this performance, book value of the company increased to $39.11 per share from $35.80 in 1991. Burnham recently increased its regular quarterly dividend to $.55 per share, an increase of 10 percent. The company has paid common dividends for 47 consecutive years and has increased them annually for the past 11 years.
 1992 earnings were $5.8 million, or $5.11 a share, before an extraordinary gain on an insurance claim and a non-recurring loss from the effect of an accounting change. Burnham realized a $3.1 million, or $2.73 per share, net gain from the partial settlement of an insurance claim for losses it sustained in a fire at its foundry in November 1991. The company booked a one-time after-tax charge of $2.9 million, or $2.57 a share, to recognize its adoption of Financial Accounting Standard 106 to account for medical benefits for retirees.
 Burnham operates Burnham, America's Boiler Company, producing residential and light commercial cast iron and steel boilers and cast iron radiators, and Burnham Commercial Steel Boilers, producing commercial and industrial packaged steel boilers in Lancaster; Burnham Foundry, producing boiler, radiator and automotive castings, in Zanesville, Ohio; Kewanee Boiler, producing commercial boilers, burners and boiler accessories, in Kewanee, Ill.; New Yorker Boiler, producing residential steel boilers, in Colmar, Pa.; and Governale Radiator, producing cast iron radiators and convectors, in Brooklyn, N.Y.
 Despite a sluggish economy, vigorous competition in all its markets and a reduction of $4.2 million in automotive revenues at Burnham Foundry, the company's sales grew over 12 percent in 1992. This increase in sales was accomplished as the result of aggressive marketing programs, the introduction of new products, the establishment of an international sales department and increased sales from its 1991 acquisitions, Kewanee and Governale. Burnham has doubled its commercial boiler business in the past two years, both through the acquisition of Kewanee in 1991 and through greater market penetration.
 The company is continuing its aggressive expansion program. Kewanee is in the second year of a four-year, multimillion-dollar modernization project of its facilities. Burnham Foundry recently announced a two- year, $13 million "state of the art" modernization project for boiler and radiator casting
production. Even with these special projects, the company is continuing its normal product development and capital improvement programs for its other businesses.
 Burnham, as the industry leader in product development, over the past two years has continued its tradition of bringing new products to the market and will be introducing several new boilers in 1993. In addition, the company's technology development group is on the leading edge of combustion efficiency and emissions control for boiler products.
 /delval/
 -0- 3/18/93
 /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

LJ-CC -- PH013 -- 9025 03/18/93 11:19 EST
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Publication:PR Newswire
Date:Mar 18, 1993
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