BNS HOLDINGS INC. 
By On
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 the website is www.collinsind.com.
BNS Holding, Inc. and Subsidiaries
Consolidated Statements of Operations
For the Three Months Ended January 31, 2009 and 2008
Three months ended
January 31,
2009 2008
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Sales $67,993,748 $77,482,053
Cost of sales 60,228,590 68,103,981
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Gross profit 7,765,158 9,378,072
Selling, general and administrative
expenses 4,796,521 5,812,569
Income from operations 2,968,637 3,565,503
Other income (expense)
Interest, net (2,206,811) (2,856,629)
Other, net 36,217 (340,466)
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(2,170,594) (3,197,095)
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Income before income taxes and
minority interest 798,043 368,408
Provision for income taxes (315,000) (168,844)
Minority interest (281,543) (188,714)
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Net income $201,500 $10,850
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Earnings (loss) per share, basic
and diluted $0.07 $0.00
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Weighted average common and common
equivalent shares outstanding, basic
and diluted 2,983,133 2,969,333
BNS Holding, Inc. and Subsidiaries
Consolidated Balance Sheets Unaudited Audited
January 31, 2009 and October 31, 2008 January 31, October 31,
ASSETS 2009 2008
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Current assets:
Cash and cash equivalents $2,208,018 $2,298,608
Receivables, less allowance for
uncollectible accounts of $88,290
in 2009 and $75,688 in 2008 15,348,651 11,820,991
Inventories 40,220,706 38,504,118
Income taxes receivable 540,115 607,946
Deferred income taxes 1,398,013 1,113,234
Prepaid expenses and other current assets 929,888 1,036,152
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Total current assets 60,645,391 55,381,049
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Restricted cash 243,341 243,341
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Property and equipment 36,269,080 36,606,663
Less accumulated depreciation 5,569,784 5,203,852
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Net property and equipment 30,699,296 31,402,811
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Deferred income taxes 2,128,932 2,616,942
Deferred financing costs net of
accumulated amortization of $1,450,339
in 2009 and $1,309,376 in 2008 1,798,831 1,929,311
Goodwill 17,318,893 17,318,893
Intangible assets 23,367,380 23,717,560
Other assets 733,899 724,327
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Total assets $136,935,963 $133,334,234
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LIABILITIES & SHAREHOLDERS' INVESTMENT
Current liabilities:
Current maturities of long-term debt $2,638,009 $2,288,000
Controlled disbursements 2,190,500 2,072,507
Accounts payable 15,588,733 16,363,832
Accrued expenses and other current
liabilities 9,259,397 9,754,435
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Total current liabilities 29,676,639 30,478,774
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Long-term debt, less current maturities 83,948,956 80,069,354
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Minority interest 4,976,751 4,695,208
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Shareholders' investment :
Class A common stock: 2009 3,064,652
issued, 2008 - 3,064,652 issued 30,647 30,647
Paid in capital 87,471,955 87,398,455
Treasury stock: 2009 - 74,319 shares at
cost, 2008 -74,319 shares at cost (1,731,674) (1,731,674)
Retained deficit (66,975,939) (67,177,439)
Accumulated other comprehensive loss (461,372) (429,091)
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Total shareholders' investment 18,333,617 18,090,898
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Total liabilities and shareholders'
investment $136,935,963 $133,334,234
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SOURCE BNS Holding, Inc.
