BNS Holding, Inc. Announces Results of 2009 Annual Meeting of Shareholders

LOS GATOS, Calif., June 2 /PRNewswire-FirstCall/ -- BNS Holding, Inc. (Pink Sheets: BNSSA) today reported its operating results for the three months ended April 30, 2009. Net sales were $70.1 million for the three months ended April 30, 2009 as compared to $64.4 million in the three months ended April 30, 2008. Income from operations was $4.0 million in the three months ended April 30, 2009 as compared to $2.7 million in the three months ended April 30, 2008. Net income was $719,000 or $0.24 per share for the three months ended April 30, 2009 as compared to a net loss of $254,000 or $(0.09) loss per share for the three months ended April 30, 2008. The improved results were due to higher unit sales volumes, improved gross margins and lower operating expenses in the three months ended April 30, 2009 as compared to the three months ended April 30, 2008.

Earnings before interest, taxes, depreciation and amortization ("EBITDA") was $5.2 million and $4.4 million, respectively, for the three months ended April 30, 2009 as compared to the three months ended April 30, 2008. The EBITDA results are before non-recurring charges and plant closure expenses of $0.0 million and $0.4 million in 2009 and 2008, respectively, and related party fees and expense of $0.4 million in each of 2009 and 2008.

Net sales for the six months ended April 30, 2009 were $138.0 million as compared to $141.9 million for the six months ended April 30, 2008. Income from operations was $7.0 million for the six months ended April 30, 2009 as compared to $6.3 million for the six months ended April 30, 2008. Net income was $921,000 or $0.31 per share for the six months ended April 30, 2009 as compared to a net loss of $243,000 or $(0.08) loss per share for the six months ended April 30, 2008. The improved results were due to lower operating expenses and lower interest expense in the six months ended April 30, 2009 as compared to the six months ended April 30, 2008.

At the Company's Annual Meeting of Shareholders held on May 28, 2009, the Company's stockholders approved the establishment of the 2009 Equity Incentive Plan, with a reserve of 100,000 shares, elected Kenneth Kermes, J. Robert Held and James Henderson to serve on the Board of Directors until the 2010 Annual Meeting of Stockholders and until their successors have been duly elected and qualified, and approved the appointment of McGladrey & Pullen LLP as the Company's independent accountants for the fiscal year ending October 31, 2010.

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 is an 80% owned subsidiary of BNS Holding, Inc.; website is www.collinsind.com.


    BNS Holding, Inc. and Subsidiaries

    Consolidated Statements of Operations
    For the Three and Six Months Ended April 30, 2009 and April 30,
    2008 (Unaudited)
                         Three months ended           Six months ended
                              April 30,                  April 30,
                          2009         2008          2009          2008
    Sales             $70,053,807  $64,429,232  $138,047,555  $141,911,285
    Cost of  sales     61,358,608   56,508,166   121,587,198   124,612,147
                       ----------   ----------   -----------   -----------
        Gross profit    8,695,199    7,921,066    16,460,357    17,299,138

    Selling, general
     and administrative
     expenses           4,664,442    5,191,044     9,460,963    11,003,613
                        ---------    ---------     ---------    ----------
        Income from
         operations     4,030,757    2,730,022     6,999,394     6,295,525

    Other income
     (expense)
      Interest, net    (2,032,604)  (2,679,816)   (4,239,415)   (5,536,445)
      Other, net         (285,110)    (198,028)     (248,893)     (538,493)
                         --------     --------      --------      --------
                       (2,317,714)  (2,877,844)   (4,488,308)   (6,074,938)
                       ----------   ----------    ----------    ----------
    Income (loss)
     before income
     taxes and
     minority
     interest           1,713,043     (147,822)    2,511,086       220,587

    (Provision)
     benefit for
     income taxes        (607,695)      42,053      (922,695)     (126,791)
    Minority interest    (386,287)    (147,806)     (667,830)     (336,520)
                         --------     --------      --------      --------
        Net income
         (loss)          $719,061    $(253,575)     $920,561     $(242,724)
                         ========    =========      ========     =========

    Earnings (loss)
     per share,
     basic and
     diluted                $0.24       $(0.09)        $0.31        $(0.08)
                            =====       ======         =====        ======
    Weighted average
     common and
     common equivalent
     shares outstanding,
     basic and diluted  2,993,333    2,982,833     2,993,333     2,978,333



    BNS Holding, Inc. and Subsidiaries

    Consolidated Balance Sheets             Unaudited      Audited
    April 30, 2009 and
     October 31, 2008                       April 30,    October 31,
    ASSETS                                    2009          2008
    Current assets:
      Cash and cash equivalents           $2,225,742    $2,298,608
      Receivables, less
       allowance for
       uncollectible
       accounts of $62,455
       in 2009 and $75,688 in 2008        22,057,014    11,820,991
      Inventories                         39,188,200    38,504,118
      Income taxes receivable                 10,645       607,946
      Deferred income taxes                1,563,000     1,113,234
      Prepaid expenses and other
       current assets                      1,276,300     1,036,152
                                           ---------     ---------
              Total current assets        66,320,901    55,381,049
                                          ----------    ----------

    Restricted cash                          243,341       243,341
                                             -------       -------

    Property and equipment                36,506,579    36,606,663
      Less accumulated
       depreciation                        6,195,284     5,203,852
                                           ---------     ---------
    Net property and equipment            30,311,295    31,402,811
                                          ----------    ----------

    Deferred income taxes                  1,615,000     2,616,942
    Deferred financing costs net
     of accumulated amortization
     of $1,612,916
     in 2009 and
     $1,309,376 in 2008                    1,630,825     1,929,311
    Goodwill                              17,318,893    17,318,893
    Intangible assets                     23,017,201    23,717,560
    Other assets                             702,807       724,327
                                             -------       -------
              Total assets              $141,160,263  $133,334,234
                                        ============  ============

    LIABILITIES & SHAREHOLDERS' INVESTMENT
    Current liabilities:
      Current maturities of
       long-term debt                     $2,638,009    $2,288,000
      Controlled disbursements             5,524,971     2,072,507
      Accounts payable                    15,045,492    16,363,832
      Accrued expenses and other
       current liabilities                 8,439,554     9,754,435
                                           ---------     ---------
              Total current liabilities   31,648,026    30,478,774
                                          ----------    ----------

    Long-term debt, less
     current maturities                   85,037,998    80,069,354
                                          ----------    ----------

    Minority interest                      5,363,038     4,695,208
                                           ---------     ---------

    Shareholders' investment:
      Class A common stock:  2009
       3,070,652 issued,
       2008 - 3,064,652 issued                30,707        30,647
      Paid in capital                     87,506,812    87,398,455
      Treasury stock:  2009 -
       74,319 shares at cost,
       2008 - 74,319
       shares at cost                     (1,731,674)   (1,731,674)
      Retained earnings (deficit)        (66,256,878)  (67,177,439)
      Accumulated other
       comprehensive income (loss)          (437,766)     (429,091)
                                            --------      --------
              Total shareholders'
               investment                 19,111,201    18,090,898
                                          ----------    ----------
              Total liabilities and
               shareholders' investment $141,160,263  $133,334,234
                                        ============  ============

SOURCE BNS Holding, Inc.