LOS GATOS, Calif., Sept. 15 /PRNewswire-FirstCall/ -- BNS Holding, Inc. (Pink Sheets: BNSSA) today reported its operating results for the three months ended July 31, 2009. Net sales were $71.6 million for the three months ended July 31, 2009 as compared to $73.7 million for the three months ended July 31, 2008. Income from operations was $4.9 million for the three months ended July 31, 2009 as compared to $3.1 million for the three months ended July 31, 2008. Net income was $1.2 million or $0.41 per share for the three months ended July 31, 2009 as compared to a net income of $22,500 or $0.01 per share for the three months ended July 31, 2008.
Net sales for the nine months ended July 31, 2009 were $209.6 million as compared to $215.6 million for the for nine months ended July 31, 2008. Income from operations was $11.9 million for the nine months ended July 31, 2009 as compared to $9.4 million for the nine months ended July 31, 2008. Net income for the nine months ended July 31, 2009 was $2.2 million or $0.72 per share, as compared to a net loss of $220,000 or $(0.07) loss per share, for the nine months ended July 31, 2008.
As of July 31, 2009, BNS Holding, Inc. has approximately $43.6 million of U.S. Federal net operating loss carryforwards (NOL's) that expire between 2020 and 2027. Such NOL's are available to offset current and future Federal taxable income, subject to regulations of the Internal Revenue Service and the Internal Revenue Code.
BNS Holding, Inc. Common Stock is currently traded in the Pink Sheets under the symbol BNSSA.PK and the website is www.bnsholding.com. Collins Industries is an 80% owned subsidiary of BNS Holding, Inc., and its website is www.collinsind.com.
BNS Holding, Inc. and Subsidiaries Consolidated Condensed Balance Sheets July 31, 2009 and October 31, 2008 (Unaudited) (Audited) July 31, October 31, Assets 2009 2008 ------ ---- ---- Current Assets: Cash and cash equivalents $2,100,144 $2,298,608 Receivables, less allowance for uncollectible accounts of $55,227 in 2009 and $75,688 in 2008 18,622,761 11,820,991 Inventories 38,997,490 38,504,118 Income taxes receivable 8,857 607,946 Deferred income taxes 1,650,000 1,113,234 Prepaid expenses and other current assets 1,276,030 1,036,152 --------- --------- Total current assets 62,655,282 55,381,049 Restricted cash 243,341 243,341 Property, plant and equipment, net 30,092,227 31,402,811 Deferred income taxes 1,053,000 2,616,942 Deferred financing costs net of accumulated amortization of $1,775,493 in 2009 and $1,309,376 in 2008 1,467,604 1,929,311 Goodwill 17,318,893 17,318,893 Intangibles 22,667,019 23,717,560 Other assets 709,263 724,327 ------- ------- Total assets $136,206,629 $133,334,234 ============ ============ Liabilities and Shareholders' Investment Current liabilities: Current maturities of long-term debt $2,638,009 $2,288,000 Controlled disbursements 3,726,011 2,072,507 Accounts payable 13,188,391 16,363,832 Accrued expenses and other current liabilities 9,253,688 9,754,435 --------- --------- Total current liabilities 28,806,099 30,478,774 Long-term debt, less current maturities 80,982,214 80,069,354 Minority interest 5,883,421 4,695,208 Shareholders' investment: Class A Common Stock: (2009 - 3,085,652 issued, 2008 - 3,064,652 issued) 30,857 30,647 Paid-in capital 87,519,787 87,398,455 Treasury stock; 2009 and 2008, 74,319 shares at cost (1,731,674) (1,731,674) Retained earnings (deficit) (65,021,517) (67,177,439) Accumulated other comprehensive income (loss) (262,558) (429,091) -------- -------- Total shareholders' investment 20,534,895 18,090,898 ---------- ---------- Total liabilities and shareholders' investment $136,206,629 $133,334,234 ============ ============ BNS Holding, Inc. and Subsidiaries Consolidated Condensed Statements of Operations For the Three and Nine Months Ended July 31, 2009 and July 31, 2008 (unaudited) Three Months Ended Nine Months Ended July 31, July 31, 2009 2008 2009 2008 ---- ---- ---- ---- Sales $71,557,694 $73,678,778 $209,605,249 $215,590,065 Cost of sales 62,066,524 65,021,515 183,653,722 189,633,662 ---------- ---------- ----------- ----------- Gross profit 9,491,170 8,657,263 25,951,527 25,956,403 Selling, general and administrative expenses 4,580,810 5,525,345 14,041,773 16,528,958 --------- --------- ---------- ---------- Income from operations 4,910,360 3,131,918 11,909,754 9,427,445 Other income (expense): Interest expense (2,006,888) (2,449,728) (6,246,303) (7,986,173) Other, net (297,850) (149,570) (546,743) (688,064) -------- -------- -------- -------- Income before income tax (provision) benefit and minority interest 2,605,622 532,620 5,116,708 753,208 (Provision) benefit for income taxes (849,878) (303,209) (1,772,573) (430,000) -------- -------- ---------- -------- Income (loss) before minority interest 1,755,744 229,411 3,344,135 323,208 Minority interest (520,383) (206,892) (1,188,213) (543,412) -------- -------- ---------- -------- Net income (loss) $1,235,361 $22,519 $2,155,922 $(220,204) ========== ======= ========== ========= Earnings (loss) per share, basic and diluted $0.41 $0.01 $0.72 $(0.07) ===== ===== ===== ====== Weighted average common and common equivalent shares outstanding basic and diluted 3,003,832 2,990,333 2,997,083 2,981,333
SOURCE BNS Holding, Inc.