LOS GATOS, Calif., March 19 /PRNewswire-FirstCall/ -- BNS Holding, Inc. (Pink Sheets: BNSSA) today reported financial results for the three months ended January 31, 2009. Net income was $201,500 or $0.07 per share for the three months ended January 31, 2009 as compared to net income of $10,850 or $0.00 per share, for the three months ended January 31, 2008, as lower sales were offset by decreases in operating expenses and financial charges. Net sales were $68.0 million for the three months ended January 31, 2009, as compared to $77.5 million for the three months ended January 31, 2008. Earnings before interest, taxes, depreciation and amortization ("EBITDA") was $4.5 million in the three months ended January 31, 2009 as compared to $5.4 million in the three months ended January 31, 2008. These EBITDA comparisons exclude non-recurring charges and plant closure expenses of $0.0 million and $0.8 million, as well as related party fees and expenses of $0.4 million and $0.4 million in the three months ended January 31, 2009 and 2008, respectively.
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 the website is http://www.collinsind.com/.
BNS Holding, Inc. and Subsidiaries Consolidated Statements of Operations For the Three Months Ended January 31, 2009 and 2008 Three months ended January 31, 2009 2008 ---- ---- Sales $67,993,748 $77,482,053 Cost of sales 60,228,590 68,103,981 ---------- ---------- Gross profit 7,765,158 9,378,072 Selling, general and administrative expenses 4,796,521 5,812,569 Income from operations 2,968,637 3,565,503 Other income (expense) Interest, net (2,206,811) (2,856,629) Other, net 36,217 (340,466) ------ -------- (2,170,594) (3,197,095) ---------- ---------- Income before income taxes and minority interest 798,043 368,408 Provision for income taxes (315,000) (168,844) Minority interest (281,543) (188,714) -------- -------- Net income $201,500 $10,850 ======== ======= Earnings (loss) per share, basic and diluted $0.07 $0.00 ===== ===== Weighted average common and common equivalent shares outstanding, basic and diluted 2,983,133 2,969,333 BNS Holding, Inc. and Subsidiaries Consolidated Balance Sheets Unaudited Audited January 31, 2009 and October 31, 2008 January 31, October 31, ASSETS 2009 2008 ------- ---- ---- Current assets: Cash and cash equivalents $2,208,018 $2,298,608 Receivables, less allowance for uncollectible accounts of $88,290 in 2009 and $75,688 in 2008 15,348,651 11,820,991 Inventories 40,220,706 38,504,118 Income taxes receivable 540,115 607,946 Deferred income taxes 1,398,013 1,113,234 Prepaid expenses and other current assets 929,888 1,036,152 ------- --------- Total current assets 60,645,391 55,381,049 ---------- ---------- Restricted cash 243,341 243,341 ------- ------- Property and equipment 36,269,080 36,606,663 Less accumulated depreciation 5,569,784 5,203,852 --------- --------- Net property and equipment 30,699,296 31,402,811 ---------- ---------- Deferred income taxes 2,128,932 2,616,942 Deferred financing costs net of accumulated amortization of $1,450,339 in 2009 and $1,309,376 in 2008 1,798,831 1,929,311 Goodwill 17,318,893 17,318,893 Intangible assets 23,367,380 23,717,560 Other assets 733,899 724,327 ------- ------- Total assets $136,935,963 $133,334,234 ============ ============ LIABILITIES & SHAREHOLDERS' INVESTMENT Current liabilities: Current maturities of long-term debt $2,638,009 $2,288,000 Controlled disbursements 2,190,500 2,072,507 Accounts payable 15,588,733 16,363,832 Accrued expenses and other current liabilities 9,259,397 9,754,435 --------- --------- Total current liabilities 29,676,639 30,478,774 ---------- ---------- Long-term debt, less current maturities 83,948,956 80,069,354 ---------- ---------- Minority interest 4,976,751 4,695,208 --------- --------- Shareholders' investment : Class A common stock: 2009 3,064,652 issued, 2008 - 3,064,652 issued 30,647 30,647 Paid in capital 87,471,955 87,398,455 Treasury stock: 2009 - 74,319 shares at cost, 2008 -74,319 shares at cost (1,731,674) (1,731,674) Retained deficit (66,975,939) (67,177,439) Accumulated other comprehensive loss (461,372) (429,091) -------- -------- Total shareholders' investment 18,333,617 18,090,898 ---------- ---------- Total liabilities and shareholders' investment $136,935,963 $133,334,234 ============ ============
