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BNS Holding, Inc. Reports Results for the Three Months Ended July 31, 2008
LOS GATOS, Calif., Sept 15, 2008 /PRNewswire-FirstCall via COMTEX/ -- BNS Holding Inc. (Pink Sheets: BNSSA) today reported its operating results for the three months ended July 31, 2008. Net sales were $73.7 million for the three months ended July 31, 2008 as compared to $92.6 million in the three months ended July 31, 2007. Income from operations was $3.1 million in the three months ended July 31, 2008 as compared to $7.0 million in the three months ended July 31, 2007. Net income was $23,000 or $0.01 per share for the three months ended July 31, 2008 as compared to a net income of $1,841,000 or $0.61 per share for the three months ended July 31, 2007.
Net sales for the nine months ended July 31, 2008 were $215.6 million as compared to $222.4 million for the for nine months ended July 31, 2007. Income from operations was $9.4 million for the nine months ended July 31, 2008 as compared to $11.3 million for the nine months ended July 31, 2007. Net loss for the nine months ended July 31, 2008 was $220,000 or $(0.07) loss per share, as compared to a net income of $768,000 or $0.25 per share for the nine months ended July 31, 2007.
As of July 31, 2008, BNS Holding Inc. has approximately $47 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 is an 80% owned subsidiary of BNS Holding, Inc., and its website is http://www.collinsind.com.
BNS Holding, Inc. and Subsidiaries
Consolidated Condensed Balance Sheets
July 31, 2008 and October 31, 2007
(Unaudited) (Audited)
July 31, October 31,
Assets 2008 2007
Current Assets:
Cash and cash equivalents $2,757,359 $3,387,243
Receivables, less allowance for
uncollectible accounts of $147,569
in 2008 and $44,790 in 2007 10,402,607 13,808,239
Inventories 46,861,981 44,602,637
Deferred income taxes 1,319,000 2,001,000
Prepaid expenses and other current assets 855,848 1,479,942
Total current assets 62,196,795 65,279,061
Restricted cash 243,341 243,341
Property, plant and equipment, net 32,146,644 30,038,601
Assets held for sale - 2,000,000
Deferred income taxes 2,778,000 2,334,000
Deferred financing costs net of
accumulated amortization of $812,382
in 2008 and $646,717 in 2007 2,094,976 2,591,970
Goodwill 17,318,893 17,318,893
Intangibles 24,084,241 25,118,280
Other assets 886,926 1,004,098
Total assets $141,749,816 $145,928,244
Liabilities and Shareholders' Investment
Current liabilities:
Current maturities of long-term debt $2,288,000 $2,288,000
Controlled disbursements 3,317,843 1,755,539
Accounts payable 18,643,799 16,753,240
Accrued expenses and other current
liabilities 10,283,515 12,094,885
Total current liabilities 34,533,157 32,891,664
Long-term debt, less current maturities 84,489,495 90,467,476
Minority interest 4,437,208 3,893,796
Shareholders' investment:
Class A Common Stock: (2008 -
3,064,652 issued, 2007 -
3,043,652 issued) 30,647 30,436
Paid-in capital 87,324,955 87,188,259
Treasury stock; 2008 and 2007,
74,319 shares at cost (1,731,674) (1,731,674)
Retained earnings (deficit) (67,237,367) (67,017,163)
Accumulated other comprehensive
income (loss) (96,605) 205,450
Total shareholders' investment 18,289,956 18,675,308
Total liabilities and
shareholders' investment $141,749,816 $145,928,244
BNS Holding, Inc. and Subsidiaries
Consolidated Condensed Statements of Operations
For the Three and Nine Months Ended July 31, 2008 and July 31, 2007
(unaudited)
Three Months Ended Nine Months Ended
July 31, July 31,
2008 2007 2008 2007
Sales $73,678,778 $92,592,265 $215,590,065 $222,442,698
Cost of sales 65,021,515 80,693,289 189,633,662 196,143,624
Gross profit 8,657,263 11,898,976 25,956,403 26,299,074
Selling,
general and
administrative
expenses 5,525,345 4,928,918 16,528,958 14,969,654
Income from
operations 3,131,918 6,970,058 9,427,445 11,329,420
Other income
(expense):
Interest
expense (2,449,728) (2,988,470) (7,986,173) (8,326,639)
Other, net (149,570) (223,615) (688,064) (758,596)
Income before income
tax (provision)
benefit and
minority interest 532,620 3,757,973 753,208 2,244,185
(Provision) benefit
for income taxes (303,209) (1,405,000) (430,000) (856,090)
Income (loss)
before minority
interest 229,411 2,352,973 323,208 1,388,095
Minority interest (206,892) (512,070) (543,412) (620,557)
Net income (loss) $22,519 $1,840,903 $(220,204) $767,538
Earnings (loss) per
share, basic and
diluted $0.01 $0.61 $(0.07) $0.25
Weighted average
common and common
equivalent shares
outstanding basic
and diluted 2,990,333 3,034,944 2,981,333 3,033,743
SOURCE BNS Holding Inc.
URL: http://www.bnsholding.com
www.prnewswire.com
Copyright (C) 2008 PR Newswire. All rights reserved
-0-
KEYWORD: California
INDUSTRY KEYWORD: FIN
SUBJECT CODE: ERN
