LOS GATOS, Calif., Jan. 22 /PRNewswire-FirstCall/ -- BNS Holding Inc. (Pink Sheets: BNSSA) today reported its operating results for the fiscal year ended October 31, 2008. Net sales were $296.2 million for the year ended October 31, 2008 as compared to $307.1 million for the year ended October 31, 2007. Earnings before interest, taxes depreciation and amortization ("EBITDA"), and before non-recurring and related party expenses of $1,904,000 and $1,101,000, respectively, was $18.9 million for the year ended October 31, 2008, as compared to $22.9 million for the year ended October 31, 2007. Net loss was $160,276 or a loss per share of $(0.05) for the year ended October 31, 2008 as compared to a net loss of $22,545 or a loss per share of $(0.01) for the year ended October 31, 2007.
Net sales for the three months ended October 31, 2008 were $80.6 million as compared to $84.7 million for the three months ended October 31, 2007. EBITDA, before non-recurring and related party expenses of $391,000 and $259,000, respectively, was $4.8 million for the three months ended October 31, 2008 as compared to $6.6 million for the three months ended October 31, 2007. Net income for the three months ended October 31, 2008 was $59,928 or $0.02 per share, as compared to a net loss of $790,083 or $(0.26) loss per share for the three months ended October 31, 2007.
Bank debt at the company's subsidiary Collins Industries was $63.6 million at October 31, 2008, down from $76.5 million at October 31, 2007. Consolidated BNS Holding Inc. debt was $82.4 million at October 31, 2008 as compared to $92.8 million at October 31, 2007.
As of October 31, 2008, BNS Holding Inc. has approximately $50.4 million in U.S. Federal net operating loss carryforwards ("NOL's") that expire between 2020 and 2027. Such NOL's are available to offset current and future Federal taxable income, subject to the 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, an 80% owned subsidiary of BNS Holding, Inc., and the website is http://www.collinsind.com/.
BNS Holding, Inc. and Subsidiaries Consolidated Statements of Operations For the Three Months and Twelve Months Ended October 31, 2008 and 2007 Three Months Ended Twelve Months Ended October 31, October 31, ----------------------- ------------------------- (Unaudited) ----------------------- 2008 2007 2008 2007 ---------- ---------- ----------- ----------- Sales $80,609,333 $84,706,365 $296,199,398 $307,149,063 Cost of sales 72,118,713 74,669,766 261,752,375 270,813,390 ---------- ---------- ----------- ----------- Gross profit 8,490,620 10,036,599 34,447,023 36,335,673 Selling, general and administrative expenses 5,750,299 8,343,849 22,279,257 23,313,503 ---------- ---------- ----------- ----------- Income from operations 2,740,321 1,692,750 12,167,766 13,022,170 Other income (expense): Interest, net (2,311,006) (2,846,468) (10,297,179) (11,173,107) Other, net 2,487 (177,700) (685,577) (936,296) ---------- ---------- ----------- ----------- (2,308,519) (3,024,168) (10,982,756) (12,109,403) ---------- ---------- ----------- ----------- Income before income tax and minority interest 431,802 (1,331,418) 1,185,010 912,767 Provision for income taxes (Note 5) (153,874) 564,574 (583,874) (291,516) Minority interest (218,000) (23,239) (761,412) (643,796) ---------- ---------- ----------- ----------- Net income (loss) $59,928 $(790,083) $(160,276) $(22,545) ========== ========== =========== =========== Earnings (loss) per share, basic and diluted $0.02 $(0.26) $(0.05) $(0.01) ========== ========== =========== =========== Weighted average common and common equivalent shares outstanding, basic and diluted 2,990,333 3,002,138 2,983,133 2,969,333 BNS Holding, Inc. and Subsidiaries Consolidated Balance Sheets October 31, 2008 and 2007 ASSETS 2008 2007 ------------ ------------ Current assets: Cash and cash equivalents $2,298,608 $3,387,243 Receivables, less allowance for uncollectible accounts of $ 75,688 in 2008 and $44,790 in 2007 11,820,991 13,808,239 Inventories 38,504,118 44,602,637 Income taxes receivable 607,946 - Deferred income taxes 1,113,234 2,001,000 Prepaid expenses and other current assets 1,036,152 1,479,942 ------------ ------------ Total current assets 55,381,049 65,279,061 Restricted cash 243,341 243,341 Property and equipment 36,606,663 32,294,622 Less - accumulated depreciation 5,203,852 2,256,021 ------------ ------------ Net property and equipment 31,402,811 30,038,601 Property held for sale - 2,000,000 Deferred income taxes 2,616,942 2,334,000 Deferred financing costs net of accumulated amortization of $1,309,376 in 2008 and $646,717 in 2007 1,929,311 2,591,970 Goodwill 17,318,893 17,318,893 Intangibles 23,717,560 25,118,280 Other assets 724,327 1,004,098 ------------ ------------ Total assets $133,334,234 $145,928,244 ============ ============ LIABILITIES & SHAREHOLDERS' INVESTMENT Current liabilities: Current maturities of long-term debt $2,288,000 $2,288,000 Controlled disbursements 2,072,507 1,755,539 Accounts payable 16,363,832 16,753,240 Accrued expenses and other current liabilities 9,754,435 12,094,885 ------------ ------------ Total current liabilities 30,478,774 32,891,664 Long-term debt, less current maturities 80,069,354 90,467,476 Minority interest 4,695,208 3,893,796 Shareholders' investment Class A Common Stock: 2008 3,064,652 issued, 2007 Class A 3,043,652 issued 30,647 30,436 Paid in capital 87,398,455 87,188,259 Treasury stock: 2008 - 74,319 shares at cost; 2007 - 74,319 shares at cost (1,731,674) (1,731,674) Retained earnings (deficit) (67,177,439) (67,017,163) Accumulated other comprehensive income (loss) (429,091) 205,450 ------------ ------------ Total shareholders' investment 18,090,898 18,675,308 ------------ ------------ Total liabilities and shareholders' Investment $133,334,234 $145,928,244 ============ ============
