LOS GATOS, Calif., Jan. 22 /PRNewswire-FirstCall/ -- BNS Holding Inc. (Pink Sheets: BNSSA) today reported its operating results for the fiscal year ended October 31, 2008. Net sales were $296.2 million for the year ended October 31, 2008 as compared to $307.1 million for the year ended October 31, 2007. Earnings before interest, taxes depreciation and amortization ("EBITDA"), and before non-recurring and related party expenses of $1,904,000 and $1,101,000, respectively, was $18.9 million for the year ended October 31, 2008, as compared to $22.9 million for the year ended October 31, 2007. Net loss was $160,276 or a loss per share of $(0.05) for the year ended October 31, 2008 as compared to a net loss of $22,545 or a loss per share of $(0.01) for the year ended October 31, 2007.

Net sales for the three months ended October 31, 2008 were $80.6 million as compared to $84.7 million for the three months ended October 31, 2007. EBITDA, before non-recurring and related party expenses of $391,000 and $259,000, respectively, was $4.8 million for the three months ended October 31, 2008 as compared to $6.6 million for the three months ended October 31, 2007. Net income for the three months ended October 31, 2008 was $59,928 or $0.02 per share, as compared to a net loss of $790,083 or $(0.26) loss per share for the three months ended October 31, 2007.

Bank debt at the company's subsidiary Collins Industries was $63.6 million at October 31, 2008, down from $76.5 million at October 31, 2007. Consolidated BNS Holding Inc. debt was $82.4 million at October 31, 2008 as compared to $92.8 million at October 31, 2007.

As of October 31, 2008, BNS Holding Inc. has approximately $50.4 million in 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 the regulations of the Internal Revenue Service and the Internal Revenue Code.

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 www.bnsholding.com. Collins Industries, an 80% owned subsidiary of BNS Holding, Inc., and the website is www.collinsind.com.

    BNS Holding, Inc. and Subsidiaries

    Consolidated Statements of Operations
    For the Three Months and Twelve Months Ended October 31, 2008 and 2007

                          Three Months Ended         Twelve Months Ended
                              October 31,                October 31,
                        -----------------------   -------------------------
                              (Unaudited)
                        -----------------------
                           2008         2007          2008          2007
                        ----------   ----------   -----------   -----------
    Sales              $80,609,333  $84,706,365  $296,199,398  $307,149,063
    Cost of sales       72,118,713   74,669,766   261,752,375   270,813,390
                        ----------   ----------   -----------   -----------
      Gross profit       8,490,620   10,036,599    34,447,023    36,335,673

    Selling, general
     and
     administrative
     expenses            5,750,299    8,343,849    22,279,257    23,313,503
                        ----------   ----------   -----------   -----------
      Income
       from operations   2,740,321    1,692,750    12,167,766    13,022,170

    Other income
     (expense):
      Interest, net     (2,311,006)  (2,846,468)  (10,297,179)  (11,173,107)
      Other, net             2,487     (177,700)     (685,577)     (936,296)
                        ----------   ----------   -----------   -----------
                        (2,308,519)  (3,024,168)  (10,982,756)  (12,109,403)
                        ----------   ----------   -----------   -----------
    Income before
     income tax
     and minority
     interest              431,802   (1,331,418)    1,185,010       912,767

    Provision for
     income taxes
     (Note 5)             (153,874)     564,574      (583,874)     (291,516)
    Minority interest     (218,000)     (23,239)     (761,412)     (643,796)
                        ----------   ----------   -----------   -----------
    Net income (loss)      $59,928    $(790,083)    $(160,276)     $(22,545)
                        ==========   ==========   ===========   ===========

    Earnings (loss)
     per share,
     basic and
     diluted                 $0.02       $(0.26)       $(0.05)       $(0.01)
                        ==========   ==========   ===========   ===========
    Weighted average
     common and
     common
     equivalent
     shares
     outstanding,
     basic and
     diluted             2,990,333    3,002,138     2,983,133     2,969,333



    BNS Holding, Inc. and Subsidiaries

    Consolidated Balance Sheets
    October 31, 2008 and 2007

    ASSETS                                      2008          2007
                                           ------------  ------------
    Current assets:
      Cash and cash equivalents              $2,298,608    $3,387,243
      Receivables, less allowance for
       uncollectible accounts of $ 75,688
       in 2008 and $44,790 in 2007           11,820,991    13,808,239
      Inventories                            38,504,118    44,602,637
      Income taxes receivable                   607,946             -
      Deferred income taxes                   1,113,234     2,001,000
      Prepaid expenses and other
       current assets                         1,036,152     1,479,942
                                           ------------  ------------
        Total current assets                 55,381,049    65,279,061

    Restricted cash                             243,341       243,341

    Property and equipment                   36,606,663    32,294,622
      Less - accumulated depreciation         5,203,852     2,256,021
                                           ------------  ------------
    Net property and equipment               31,402,811    30,038,601
      Property held for sale                          -     2,000,000

    Deferred income taxes                     2,616,942     2,334,000
    Deferred financing costs net of
     accumulated amortization of
     $1,309,376
     in 2008 and $646,717 in 2007             1,929,311     2,591,970
    Goodwill                                 17,318,893    17,318,893
    Intangibles                              23,717,560    25,118,280
    Other assets                                724,327     1,004,098
                                           ------------  ------------
        Total assets                       $133,334,234  $145,928,244
                                           ============  ============

    LIABILITIES & SHAREHOLDERS' INVESTMENT
    Current liabilities:
      Current maturities of
       long-term debt                        $2,288,000    $2,288,000
      Controlled disbursements                2,072,507     1,755,539
      Accounts payable                       16,363,832    16,753,240
      Accrued expenses and other current
       liabilities                            9,754,435    12,094,885
                                           ------------  ------------
        Total current liabilities            30,478,774    32,891,664

    Long-term debt, less current
     maturities                              80,069,354    90,467,476

    Minority interest                         4,695,208     3,893,796

    Shareholders' investment
    Class A Common Stock:  2008
     3,064,652 issued, 2007
      Class A 3,043,652 issued                   30,647        30,436
    Paid in capital                          87,398,455    87,188,259
    Treasury stock:  2008 - 74,319
     shares at cost; 2007 - 74,319
     shares at cost                          (1,731,674)   (1,731,674)
    Retained earnings (deficit)             (67,177,439)  (67,017,163)
    Accumulated other comprehensive
     income (loss)                             (429,091)      205,450
                                           ------------  ------------
        Total shareholders' investment       18,090,898    18,675,308
                                           ------------  ------------
        Total liabilities and
          shareholders' Investment         $133,334,234  $145,928,244
                                           ============  ============

SOURCE BNS Holding, Inc.