LOS GATOS, Calif.,
As of
On
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.
Contact: Terry Gibson Chief Financial Officer (401) 848-6300 BNS Holding, Inc. and Subsidiaries Consolidated Condensed Statements of Income For the Three Months Ended January 31, 2008 and January 31, 2007 Three Months Ended January 31, 2008 2007 Sales $77,482,053 $58,847,197 Cost of sales 68,103,981 52,181,502 Gross profit 9,378,072 6,665,695 Selling, general and administrative expenses 5,812,569 5,092,770 Income from operations 3,565,503 1,572,925 Other income (expense): Interest expense (2,856,629) (2,707,355) Other, net (340,466) (198,612) Income (loss) before income tax (expense) benefit and minority interest 368,408 (1,333,355) (Provision) benefit for income taxes (168,844) 470,958 Income (loss) before minority interest 199,564 (862,084) Minority interest (188,714) 30,530 Net income (loss) $10,850 $ (831,554) Earnings (loss) per share, basic and diluted $- $ (0.27) Weighted average common and common equivalent shares outstanding basic and diluted 2,972,333 3,030,922 BNS Holding, Inc. and Subsidiaries Consolidated Condensed Balance Sheets January 31, 2008 and October 31, 2007 (Unaudited) (Audited) January 31, October 31, Assets 2008 2007 Current Assets: Cash and cash equivalents $3,197,724 $3,387,243 Receivables, less allowance for uncollectible accounts of $111,286 in 2008 and $44,790 in 2007 14,285,200 13,808,239 Inventories 38,212,533 44,602,637 Deferred income taxes 1,793,000 2,001,000 Prepaid expenses and other current assets 1,657,516 1,479,942 Total current assets 59,145,973 65,279,061 Restricted cash 243,341 243,341 Property, plant and equipment, net 31,124,771 30,038,601 Assets held for sale 1,650,000 2,000,000 Deferred income taxes 2,450,000 2,334,000 Deferred financing costs net of accumulated amortization of $812,382 in 2008 and $646,717 in 2007 2,426,306 2,591,970 Goodwill 17,318,893 17,318,893 Intangibles 24,768,101 25,118,280 Other assets 1,396,416 1,004,098 Total assets $140,523,801 $145,928,244 Liabilities and Shareholders' Investment Current liabilities: Current maturities of long-term debt $2,288,000 $2,288,000 Controlled disbursements 3,387,486 1,755,539 Accounts payable 12,697,643 16,753,240 Accrued expenses and other current liabilities 10,988,215 12,094,885 Total current liabilities 29,361,344 32,891,664 Long-term debt, less current maturities 88,632,502 90,467,476 Minority interest 4,082,510 3,893,796 Shareholders' investment Class A Common Stock: (January 31, 2008 - 3,049,652 issued, October 31, 2007 - 3,043,652 issued) 30,497 30,436 Paid-in capital 87,206,689 87,188,259 Treasury stock; 2008 and 2007, 74,319 shares at cost (1,731,674) (1,731,674) Retained earnings (deficit) (67,006,313) (67,017,163) Accumulated other comprehensive income (loss) (51,754) 205,450 Total shareholders' investment 18,447,445 18,675,308 Total liabilities and shareholders' investment $140,523,801 $145,928,244
SOURCE BNS Holding Inc.