LOS GATOS, Calif., June 2 /PRNewswire-FirstCall/ -- BNS Holding, Inc. (Pink Sheets: BNSSA) today reported its operating results for the three months ended April 30, 2009. Net sales were $70.1 million for the three months ended April 30, 2009 as compared to $64.4 million in the three months ended April 30, 2008. Income from operations was $4.0 million in the three months ended April 30, 2009 as compared to $2.7 million in the three months ended April 30, 2008. Net income was $719,000 or $0.24 per share for the three months ended April 30, 2009 as compared to a net loss of $254,000 or $(0.09) loss per share for the three months ended April 30, 2008. The improved results were due to higher unit sales volumes, improved gross margins and lower operating expenses in the three months ended April 30, 2009 as compared to the three months ended April 30, 2008.
Earnings before interest, taxes, depreciation and amortization ("EBITDA") was $5.2 million and $4.4 million, respectively, for the three months ended April 30, 2009 as compared to the three months ended April 30, 2008. The EBITDA results are before non-recurring charges and plant closure expenses of $0.0 million and $0.4 million in 2009 and 2008, respectively, and related party fees and expense of $0.4 million in each of 2009 and 2008.
Net sales for the six months ended April 30, 2009 were $138.0 million as compared to $141.9 million for the six months ended April 30, 2008. Income from operations was $7.0 million for the six months ended April 30, 2009 as compared to $6.3 million for the six months ended April 30, 2008. Net income was $921,000 or $0.31 per share for the six months ended April 30, 2009 as compared to a net loss of $243,000 or $(0.08) loss per share for the six months ended April 30, 2008. The improved results were due to lower operating expenses and lower interest expense in the six months ended April 30, 2009 as compared to the six months ended April 30, 2008.
At the Company's Annual Meeting of Shareholders held on May 28, 2009, the Company's stockholders approved the establishment of the 2009 Equity Incentive Plan, with a reserve of 100,000 shares, elected Kenneth Kermes, J. Robert Held and James Henderson to serve on the Board of Directors until the 2010 Annual Meeting of Stockholders and until their successors have been duly elected and qualified, and approved the appointment of McGladrey & Pullen LLP as the Company's independent accountants for the fiscal year ending October 31, 2010.
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.; website is http://www.collinsind.com/.
BNS Holding, Inc. and Subsidiaries Consolidated Statements of Operations For the Three and Six Months Ended April 30, 2009 and April 30, 2008 (Unaudited) Three months ended Six months ended April 30, April 30, 2009 2008 2009 2008 Sales $70,053,807 $64,429,232 $138,047,555 $141,911,285 Cost of sales 61,358,608 56,508,166 121,587,198 124,612,147 ---------- ---------- ----------- ----------- Gross profit 8,695,199 7,921,066 16,460,357 17,299,138 Selling, general and administrative expenses 4,664,442 5,191,044 9,460,963 11,003,613 --------- --------- --------- ---------- Income from operations 4,030,757 2,730,022 6,999,394 6,295,525 Other income (expense) Interest, net (2,032,604) (2,679,816) (4,239,415) (5,536,445) Other, net (285,110) (198,028) (248,893) (538,493) -------- -------- -------- -------- (2,317,714) (2,877,844) (4,488,308) (6,074,938) ---------- ---------- ---------- ---------- Income (loss) before income taxes and minority interest 1,713,043 (147,822) 2,511,086 220,587 (Provision) benefit for income taxes (607,695) 42,053 (922,695) (126,791) Minority interest (386,287) (147,806) (667,830) (336,520) -------- -------- -------- -------- Net income (loss) $719,061 $(253,575) $920,561 $(242,724) ======== ========= ======== ========= Earnings (loss) per share, basic and diluted $0.24 $(0.09) $0.31 $(0.08) ===== ====== ===== ====== Weighted average common and common equivalent shares outstanding, basic and diluted 2,993,333 2,982,833 2,993,333 2,978,333 BNS Holding, Inc. and Subsidiaries Consolidated Balance Sheets Unaudited Audited April 30, 2009 and October 31, 2008 April 30, October 31, ASSETS 2009 2008 Current assets: Cash and cash equivalents $2,225,742 $2,298,608 Receivables, less allowance for uncollectible accounts of $62,455 in 2009 and $75,688 in 2008 22,057,014 11,820,991 Inventories 39,188,200 38,504,118 Income taxes receivable 10,645 607,946 Deferred income taxes 1,563,000 1,113,234 Prepaid expenses and other current assets 1,276,300 1,036,152 --------- --------- Total current assets 66,320,901 55,381,049 ---------- ---------- Restricted cash 243,341 243,341 ------- ------- Property and equipment 36,506,579 36,606,663 Less accumulated depreciation 6,195,284 5,203,852 --------- --------- Net property and equipment 30,311,295 31,402,811 ---------- ---------- Deferred income taxes 1,615,000 2,616,942 Deferred financing costs net of accumulated amortization of $1,612,916 in 2009 and $1,309,376 in 2008 1,630,825 1,929,311 Goodwill 17,318,893 17,318,893 Intangible assets 23,017,201 23,717,560 Other assets 702,807 724,327 ------- ------- Total assets $141,160,263 $133,334,234 ============ ============ LIABILITIES & SHAREHOLDERS' INVESTMENT Current liabilities: Current maturities of long-term debt $2,638,009 $2,288,000 Controlled disbursements 5,524,971 2,072,507 Accounts payable 15,045,492 16,363,832 Accrued expenses and other current liabilities 8,439,554 9,754,435 --------- --------- Total current liabilities 31,648,026 30,478,774 ---------- ---------- Long-term debt, less current maturities 85,037,998 80,069,354 ---------- ---------- Minority interest 5,363,038 4,695,208 --------- --------- Shareholders' investment: Class A common stock: 2009 3,070,652 issued, 2008 - 3,064,652 issued 30,707 30,647 Paid in capital 87,506,812 87,398,455 Treasury stock: 2009 - 74,319 shares at cost, 2008 - 74,319 shares at cost (1,731,674) (1,731,674) Retained earnings (deficit) (66,256,878) (67,177,439) Accumulated other comprehensive income (loss) (437,766) (429,091) -------- -------- Total shareholders' investment 19,111,201 18,090,898 ---------- ---------- Total liabilities and shareholders' investment $141,160,263 $133,334,234 ============ ============
BNS Holding, Inc.
CONTACT: Terry Gibson, Chief Financial Officer of BNS Holding, Inc.,
+1-401-848-6300
Web Site: http://www.bnsholding.com/
http://www.collinsind.com/
