BNS HOLDINGS INC. 
By 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.
