LOS GATOS, Calif., June 12 /PRNewswire-FirstCall/ -- BNS Holding Inc. (Pink Sheets: BNSSA.PK) today reported its operating results for the three months ended April 30, 2008. Net sales were $64.4 million for the three months ended April 30, 2008 as compared to $71.0 million in the three months ended April 30, 2007. Income from operations was $2.7 million in the three months ended April 30, 2008 as compared to $2.8 million in the three months ended April 30, 2007. Net loss was $253,575 or $(0.09) loss per share for the three months ended April 30, 2008 as compared to a net loss of $265,811 or $(0.09) loss per share for the three months ended April 30, 2007.

Net sales for the six months ended April 30, 2008 were $141.9 million as compared to $129.9 million for the for six months ended April 30, 2007. Income from operations was $6.3 million for the six months ended April 30, 2008 as compared to $4.4 million for the six months ended April 30, 2007. Net loss for the six months ended April 30, 2008 was $242,725 or $(0.08) loss per share, as compared to a net loss of $1,097,365 or $(0.36) loss per share for the six months ended April 30, 2007.

As of April 30, 2008, BNS Holding Inc. has approximately $47 million of U.S. Federal net operating loss carryforwards (NOL's) that expire between 2020 and 2026. 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.

At the Company's Annual Meeting of Stockholders held on May 21, 2008, the Company's stockholders approved a proposal which amends the Company's Certificate of Incorporation to limit the ability of stockholders from owning more than five percent of the outstanding shares of the Company other than those stockholders who obtain authorization from the Board of Directors or who owned more than 5% of the outstanding shares as of May 22, 2008. In addition, the stockholders elected Kenneth Kermes, J. Robert Held and James Henderson to serve on the Board of Directors until the 2009 Annual Meeting of Stockholders and until their successor has been duly elected and qualified and the stockholders approved the appointment of McGladrey & Pullen LLP as the Company's independent accountants for the fiscal year ending October 31, 2008.

On August 23, 2007, the Company filed a Form 15 with the Securities and Exchange Commission deregistering its Common Stock and suspending its reporting obligations with the Securities and Exchange Commission under the Securities Act of 1934. The Company presently intends to continue to make available its periodic financial information.

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.