San Diego-based Burnham says it expects to make liquidating distributions of $6 to $7.50 per share of common stock, excluding quarterly dividends. Those dividends could be distributed from time to time, the amount varying based on the sale values received for the company's properties. The company will also vote on a new slate of directors for its board.

Shares of Burnham were up 1/2 to $4-13/16 on the New York Stock Exchange Wednesday, a day after the stock hit a 52-week low of $4. The company lost $1.1 million in the third quarter, as revenues fell, and the company absorbed charges associated with its planned liquidation, according to recently released financial statements.

That compares to $7.3 million in black ink, or $0.23 per share, for the same quarter last year. Revenues were $31.5 million during the third quarter of 2000, compared with $31.6 million in the third quarter of1999.