Burnham Corp. Reports Financial Results for 2000
Burnham Corp., a leading manufacturer of boilers, furnaces, radiators and related accessories, has reported its financial results for the year 2000. The company’s net sales were $225.7 million, a gain of $10 million, or 4.6%, over 1999. Earnings for year 2000 were $7.1 million, down from $9.6 million in 1999. This shortfall was reportedly due to the company’s needing to have competitive industry pricing and to build market position, as well as to the unexpectedly high warranty costs from a line of boilers produced from 1994 to 1997.