Net sales for the six months ended
As of
At the Company's Annual Meeting of Stockholders held on
On
BNS Holding Inc. Common Stock is currently traded in the Pink Sheets under the symbol BNSSA.PK and the website is http://www.bnsholding.com. Collins Industries, an 80% owned subsidiary of BNS Holding, Inc., website is http://www.collinsind.com.
BNS Holding, Inc. and Subsidiaries Consolidated Condensed Statements of Income For the Three and Six Months Ended April 30, 2008 and April 30, 2007 (unaudited) Three Months Ended Six Months Ended April 30, April 30, 2008 2007 2008 2007 Sales $64,429,232 $71,003,236 $141,911,285 $129,850,433 Cost of sales 56,508,166 63,268,833 124,612,147 115,450,335 Gross profit 7,921,066 7,734,403 17,299,138 14,400,098 Selling, general and administrative expenses 5,191,044 4,947,966 11,003,613 10,040,736 Income from operations 2,730,022 2,786,437 6,295,525 4,359,362 Other income (expense): Interest expense (2,679,816) (2,630,814) (5,536,445) (5,338,169) Other, net (198,028) (336,369) (538,493) (534,981) Income (loss) before income tax (provision) benefit and minority interest (147,822) (180,746) 220,587 (1,513,788) (Provision) benefit for income taxes 42,053 77,952 (126,791) 548,910 Income (loss) before minority interest (105,769) (102,794) 93,796 (964,878) Minority interest (147,806) (163,017) (336,520) (132,487) Net income (loss) $(253,575) $(265,811) $(242,724) $(1,097,365) Earnings (loss) per share, basic and diluted $ (0.09) $ (0.09) $ (0.08) $ (0.36) Weighted average common and common equivalent shares outstanding basic and diluted 2,982,833 3,035,444 2,978,333 3,033,777 BNS Holding, Inc. and Subsidiaries Consolidated Condensed Balance Sheets April 30, 2008 and October 31, 2007 (Unaudited) (Audited) April 30, October 31, Assets 2008 2007 Current Assets: Cash and cash equivalents $2,830,738 $3,387,243 Receivables, less allowance for uncollectible accounts of $148,011 in 2008 and $44,790 in 2007 17,188,923 13,808,239 Inventories 45,621,850 44,602,637 Deferred income taxes 1,596,000 2,001,000 Prepaid expenses and other current assets 910,450 1,479,942 Total current assets 68,147,961 65,279,061 Restricted cash 243,341 243,341 Property, plant and equipment, net 32,215,390 30,038,601 Assets held for sale - 2,000,000 Deferred income taxes 2,711,000 2,334,000 Deferred financing costs net of accumulated amortization of $812,382 in 2008 and $646,717 in 2007 2,260,641 2,591,970 Goodwill 17,318,893 17,318,893 Intangibles 24,416,646 25,118,280 Other assets 941,873 1,004,098 Total assets $148,255,745 $145,928,244 Liabilities and Shareholders' Investment Current liabilities: Current maturities of long-term debt $2,288,000 $2,288,000 Controlled disbursements 4,680,262 1,755,539 Accounts payable 16,888,310 16,753,240 Accrued expenses and other current liabilities 9,792,901 12,094,885 Total current liabilities 33,649,473 32,891,664 Long-term debt, less current maturities 92,184,706 90,467,476 Minority interest 4,230,316 3,893,796 Shareholders' investment Class A Common Stock: (2008 - 3,064,652 issued, 2007 - 3,043,652 issued) 30,647 30,436 Paid-in capital 87,226,955 87,188,259 Treasury stock; 2008 and 2007, 74,319 shares at cost (1,731,674) (1,731,674) Retained earnings (deficit) (67,259,887) (67,017,163) Accumulated other comprehensive income (loss) (74,791) 205,450 Total shareholders' investment 18,191,250 18,675,308 Total liabilities and shareholders' investment $148,255,745 $145,928,244
SOURCE BNS Holding Inc.