LOS GATOS, Calif., Sept. 15 /PRNewswire-FirstCall/ -- BNS Holding Inc. (Pink Sheets: BNSSA) today reported its operating results for the three months ended July 31, 2008. Net sales were $73.7 million for the three months ended July 31, 2008 as compared to $92.6 million in the three months ended July 31, 2007. Income from operations was $3.1 million in the three months ended July 31, 2008 as compared to $7.0 million in the three months ended July 31, 2007. Net income was $23,000 or $0.01 per share for the three months ended July 31, 2008 as compared to a net income of $1,841,000 or $0.61 per share for the three months ended July 31, 2007.

Net sales for the nine months ended July 31, 2008 were $215.6 million as compared to $222.4 million for the for nine months ended July 31, 2007. Income from operations was $9.4 million for the nine months ended July 31, 2008 as compared to $11.3 million for the nine months ended July 31, 2007. Net loss for the nine months ended July 31, 2008 was $220,000 or $(0.07) loss per share, as compared to a net income of $768,000 or $0.25 per share for the nine months ended July 31, 2007.

As of July 31, 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.

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 is an 80% owned subsidiary of BNS Holding, Inc., and its website is http://www.collinsind.com.





    BNS Holding, Inc. and Subsidiaries

    Consolidated Condensed Balance Sheets
    July 31, 2008 and October 31, 2007


                                               (Unaudited)     (Audited)
                                                 July 31,      October 31,
    Assets                                         2008           2007
    Current Assets:
      Cash and cash equivalents                 $2,757,359     $3,387,243

      Receivables, less allowance for
       uncollectible accounts of $147,569
       in 2008 and $44,790 in 2007              10,402,607     13,808,239

      Inventories                               46,861,981     44,602,637

      Deferred income taxes                      1,319,000      2,001,000

      Prepaid expenses and other current assets    855,848      1,479,942

          Total current assets                  62,196,795     65,279,061


    Restricted cash                                243,341        243,341


      Property, plant and equipment, net        32,146,644     30,038,601

      Assets held for sale                               -      2,000,000


      Deferred income taxes                      2,778,000      2,334,000

      Deferred financing costs net of
       accumulated amortization of $812,382
       in 2008 and $646,717 in 2007              2,094,976      2,591,970

      Goodwill                                  17,318,893     17,318,893

      Intangibles                               24,084,241     25,118,280

      Other assets                                 886,926      1,004,098

          Total assets                        $141,749,816   $145,928,244


    Liabilities and Shareholders' Investment
      Current liabilities:
        Current maturities of long-term debt    $2,288,000     $2,288,000

        Controlled disbursements                 3,317,843      1,755,539

        Accounts payable                        18,643,799     16,753,240

        Accrued expenses and other current
         liabilities                            10,283,515     12,094,885

           Total current liabilities            34,533,157     32,891,664


      Long-term debt, less current maturities   84,489,495     90,467,476


      Minority interest                          4,437,208      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                           87,324,955     87,188,259

      Treasury stock; 2008 and 2007,
       74,319 shares at cost                    (1,731,674)    (1,731,674)

      Retained earnings (deficit)              (67,237,367)   (67,017,163)

      Accumulated other comprehensive
       income (loss)                               (96,605)       205,450

        Total shareholders' investment          18,289,956     18,675,308

        Total liabilities and
         shareholders'  investment            $141,749,816   $145,928,244




    BNS Holding, Inc. and Subsidiaries

    Consolidated Condensed Statements of Operations
    For the Three and Nine Months Ended July 31, 2008 and July 31, 2007
    (unaudited)

                          Three Months Ended          Nine Months Ended
                                July 31,                   July 31,
                           2008         2007          2008         2007
    Sales              $73,678,778  $92,592,265   $215,590,065   $222,442,698

    Cost of sales       65,021,515   80,693,289    189,633,662    196,143,624

    Gross profit         8,657,263   11,898,976     25,956,403     26,299,074


    Selling,
     general and
     administrative
     expenses            5,525,345    4,928,918     16,528,958     14,969,654

    Income from
     operations          3,131,918    6,970,058      9,427,445     11,329,420


    Other income
     (expense):
      Interest
       expense          (2,449,728)  (2,988,470)    (7,986,173)    (8,326,639)

      Other, net          (149,570)    (223,615)      (688,064)      (758,596)


    Income before income
     tax (provision)
     benefit and
     minority interest     532,620    3,757,973        753,208      2,244,185


    (Provision) benefit
     for income taxes     (303,209)  (1,405,000)      (430,000)      (856,090)

    Income (loss)
     before minority
     interest              229,411    2,352,973        323,208      1,388,095

    Minority interest     (206,892)    (512,070)      (543,412)      (620,557)

    Net income (loss)      $22,519   $1,840,903      $(220,204)      $767,538

    Earnings (loss) per
     share, basic and
     diluted                 $0.01        $0.61         $(0.07)         $0.25
    Weighted average
     common and common
     equivalent shares
     outstanding basic
     and diluted         2,990,333    3,034,944      2,981,333      3,033,743

SOURCE BNS Holding Inc.