LOS GATOS, Calif., Jan. 25 /PRNewswire-FirstCall/ -- BNS Holding, Inc. (Pink Sheets: BNSSA) today reported its operating results for the fiscal year ended October 31, 2007. Net sales for the fiscal year ended October 31, 2007 were $307.1 million as compared to $309.9 million in fiscal 2006. Income from operations was $13.0 million in the year ended October 31, 2007 as compared to $14.9 million in the prior year. Income from operations for the year ended October 31, 2007 included approximately $3.1 million in plant consolidation expenses as well as approximately $1.7 million in expenses related to profit improvement initiatives. Net loss for the year ended October 31, 2007 was $22,545 as compared to net income of $8,143,515 for fiscal 2006.
On October 31, 2006, the Company acquired an 80% interest in an entity that owns 100% of Collins Industries Inc. Accordingly, the reported results in the Consolidated Statement of Income for the year ended October 31, 2007 include the results of operations for BNS Holding, Inc. and subsidiaries as well as the Company's ownership interest in Collins Industries Inc. and hence are designated "Successor Amounts." The reported results in the Consolidated Statements of Income for the year ended October 31, 2006 are all pre-business combination amounts and are as such designated as "Predecessor Amounts." The balance sheets at October 31, 2007 and 2006, respectively, include the balance sheet of the Company as well as the balance sheet of Collins Industries Inc. and, as such, are "Successor Amounts."
As of October 31, 2007, BNS Holding, Inc. has approximately $48 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 website is http://www.collinsind.com/.
Contact: Terry Gibson Chief Financial Officer (401) 848-6300 BNS Holding, Inc. and Subsidiaries CONSOLIDATED BALANCE SHEETS October 31, 2007 and 2006 ASSETS 2007 2006 Successor Successor Current assets: Cash and cash equivalents $3,387,243 $6,713,032 Receivables, less allowance for uncollectible accounts of $44,790 in 2007 and $23,668 in 2006 13,808,239 16,252,776 Inventories 44,602,637 40,332,490 Income taxes receivable -- 3,873,009 Deferred income taxes 2,001,000 1,484,000 Prepaid expenses and other current assets 1,479,942 2,756,677 Total current assets 65,279,061 71,411,984 Restricted cash 243,341 428,423 Property and equipment: 32,294,622 34,488,047 Less -- accumulated depreciation 2,256,021 33,537 Net property and equipment 30,038,601 34,454,510 Property held for sale 2,000,000 -- Deferred income taxes 2,334,000 12,187,000 Deferred financing costs net of accumulated amortization of $646,717 in 2007 and $0 in 2006 2,591,970 3,094,415 Goodwill 17,318,893 28,559,408 Intangibles 25,118,280 -- Other assets 1,004,098 685,909 Total Assets $145,928,244 $150,821,649 LIABILITIES & SHAREHOLDERS' INVESTMENT Current liabilities Current maturities of long-term debt $2,288,000 $1,372,000 Controlled disbursements 1,755,539 4,407,160 Accounts payable 16,753,240 18,509,301 Accrued expenses and other current liabilities 12,094,885 8,443,799 Payable to former shareholder -- 10,628,138 Total current liabilities 32,891,664 43,360,398 Long-term debt, less current maturities 90,467,476 84,958,573 Minority interest 3,893,796 2,800,000 Shareholders' investment: Class A Commons Stock: 2007 3,043,652 issued , 2006 Class A 3,038,962 issued 30,436 30,390 Paid-in capital 87,188,259 87,121,857 Treasury Stock ; 2007 -- 74,319 shares at cost; 2006 -- 8,518 shares at cost (1,731,674) (454,951) Retained earnings (deficit) (67,017,163) (66,994,618) Accumulated other comprehensive income 205,450 -- Total shareholders' investment 18,675,308 19,702,678 Total Liabilities & Shareholders' Investment $145,928,244 $150,821,649 BNS Holding, Inc. and Subsidiaries CONSOLIDATED STATEMENTS OF INCOME For the years ended October 31, 2007 and 2006 2007 2006 Successor Predecessor Sales $307,149,063 $309,866,788 Cost of sales 270,813,390 271,087,823 Gross profit 36,335,673 38,778,965 Selling, general and administrative expenses 20,061,362 23,716,966 Research and development expenses 122,118 129,583 Plant closure expenses (Note 12) 3,130,023 -- Income from operations 13,022,170 14,932,416 Other income (expense): Interest, net (11,173,107) (2,498,436) Other, net (936,296) 110,553 Income before income tax and minority interest 912,767 12,544,533 Provision for income taxes (Note 5) (291,516) 4,401,018 Minority Interest (643,796) -- Net income (loss) ($22,545) $8,143,515
