BNS Holding Inc. Announces Financial Results for the Quarters Ended July 31, 2010 and April 30, 2010

Oct 29, 2010, 16:40 ET from BNS Holding Inc.

LOS GATOS, Calif., Oct. 29 /PRNewswire-FirstCall/ -- BNS Holding Inc. (Pink Sheets: BNSSD), today reported financial results for the three months and nine months ended July 31, 2010 and for the three months and six months ended April 30, 2010, respectively.

On February 18, 2010, BNS completed the sale of its interest in Collins I Holding Corporation ("Collins") for $64,918,000 in cash and recorded a gain of $21,966,000.  The Company used $22,766,000 of the sale proceeds to retire long term debt on the sale date.  As a result of the sale of Collins, BNS reports Collins as a discontinued operation in the accompanying financial tables for all periods presented.      

Net income for the nine months ended July 31, 2010 was $18,921,000, consisting of a gain on sale of Collins of $21,966,000, a loss from continuing operations of $2,415,000 and loss from discontinued operations of $630,000.  Net income for the nine months ended July 31, 2009 was $921,000, consisting of loss from continuing operations of $2,000,000 and income from discontinued operations of $2,921,000.

Net loss for the three months ended July 31, 2010 was $404,000.  Net income for the three months ended July 31, 2009 was $719,000, consisting of a loss from continuing operations of $951,000 and income from discontinued operations of $1,670,000.

On August 30, 2010, BNS completed a 1-for-1,000 reverse stock split of BNS's Class A common stock, $0.01 par value immediately followed by a 50-for-1 forward stock split of the Common Stock.  Additionally during August, the authorized number of shares of Common Stock was reduced from 5,000,000 to 1,000,000 and the authorized number of shares of BNS's preferred stock was reduced from 1,000,000 to 100,000.

BNS intends to redeploy its existing assets by identifying and acquiring, or investing in, one or more operating businesses with existing or prospective taxable income, or from which the Company can realize capital gains, that can be offset by use of its net operating loss carry-forwards ("NOLs").  No assurance can be given that the Company will find suitable candidates for acquisition or investment, and if found, that the Company will be able to utilize its existing NOLs.

BNS Holding, Inc. and Subsidiaries

Consolidated Statements of Operations (Unaudited)

Three Months Ended

Nine Months Ended

July 31,

July 31,

2010

2009

2010

2009

Sales

$              -

$              -

$                  -

$               -

Cost of sales

-

-

-

-

Gross profit

-

-

-

-

Selling, general and administrative expenses

428,221

238,644

1,466,885

584,219

Loss from operations

428,221

238,644

1,466,885

584,219

Other income (expense):

Interest, net

24,121

(712,439)

(947,901)

(1,416,538)

24,121

(712,439)

(947,901)

(1,416,538)

Income (loss) before income taxes and minority interest and discontinued operations

(404,100)

(951,083)

(2,414,786)

(2,000,757)

Income (loss) from discontinued operations, net of taxes and minority interest

-

1,670,144

(629,808)

2,921,318

Gain on sale of discontinued operations, net of taxes

-

-

21,965,514

-

Income (loss) before income taxes

(404,100)

719,061

18,920,920

920,561

Income taxes

-

-

-

-

Net income

$ (404,100)

$  719,061

$ 18,920,920

$   920,561

Earnings (loss) per share, basic and diluted: (1)

 Net loss from continuing operations

$       (2.71)

$      (6.35)

$        (15.99)

$      (13.37)

 Net income (loss) from discontinued operations

$              -

$      11.16

$          (4.17)

$       19.52

 Gain on sale of discontinued operations

$              -

$              -

$        145.48

$               -

Earnings (loss) per share, basic and diluted

$       (2.71)

$        4.80

$        125.31

$         6.15

Weighted average common and common

equivalent shares outstanding, basic and diluted

149,134

149,667

150,989

149,667

(1)  Share and per share amounts have been adjusted retroactively for the 1 for 1000 reverse stock split and 50 for 1 forward stock split executed on August 30, 2010.

BNS Holding, Inc. and Subsidiaries

Consolidated Balance Sheets

July 31, 2010 (unaudited) and October 31, 2009

ASSETS

2010

2009

Current assets:

Cash and cash equivalents

$ 40,443,176

$     1,673,145

Prepaid expenses and other current assets

49,006

101,252

Current assets discontinued operations

-

56,681,884

Total current assets

40,492,182

58,456,281

Restricted cash

-

243,341

Noncurrent assets discontinued operations

-

71,164,420

Total assets

$ 40,492,182

$ 129,864,042

LIABILITIES & SHAREHOLDERS' INVESTMENT

Current liabilities:

Income taxes payable

$      788,000

$                    -

Accrued expenses and other current liabilities

1,100,168

807,686

 Current liabilities discontinued operations

-

28,738,549

Total current liabilities

1,888,168

29,546,235

Long-term liabilities of discontinued operations

-

73,256,159

Shareholders' investment:

Common stock

31,227

30,857

Paid in capital

87,707,240

87,535,725

Treasury stock at cost

(3,327,850)

(1,731,674)

Retained earnings (deficit)

(45,806,603)

(64,727,522)

Accumulated other comprehensive income (loss)

-

(237,937)

Total BNS Holding, Inc. shareholders' equity

38,604,014

20,869,449

Equity attributable to non-controlling interests

-

6,192,199

          Total shareholders' investment

38,604,014

27,061,648

Total liabilities and shareholders' investment

$ 40,492,182

$ 129,864,042

BNS Holding, Inc. and Subsidiaries

Consolidated Statements of Operations (Unaudited)

Three Months Ended

Six Months Ended

April 30,

April 30,

2010

2009

2010

2009

Sales

$                  -

$              -

$                  -

$               -

Cost of sales

-

-

-

-

Gross profit

-

-

-

-

Selling, general and administrative expenses

565,496

238,644

1,038,664

584,219

Loss from operations

565,496

238,644

1,038,664

584,219

Other income (expense):

Interest, net

(148,470)

(712,439)

(972,022)

(1,416,538)

(148,470)

(712,439)

(972,022)

(1,416,538)

Income (loss) before income taxes and minority interest and discontinued operations

(713,966)

(951,083)

(2,010,686)

(2,000,757)

Income (loss) from discontinued operations, net of taxes and minority interest

(1,648,462)

1,670,144

(629,808)

2,921,318

Gain on sale of discontinued operations, net of taxes

21,965,514

-

21,965,514

-

Income (loss) before income taxes and minority interest

19,603,086

719,061

19,325,020

920,561

Income taxes

-

-

-

-

Net income

$ 19,603,086

$  719,061

$ 19,325,020

$   920,561

Earnings (loss) per share, basic and diluted: (1)

 Net loss from continuing operations  

$           (4.69)

$       (6.35)

$         (13.29)

$      (13.37)

 Net income (loss) from discontinued operations

$         (10.82)

$      11.16

$           (4.16)

$       19.52

 Gain on sale of discontinued operations

$        144.16

$              -

$        145.20

$               -

Earnings (loss) per share, basic and diluted

$        128.66

$        4.80

$        127.75

$         6.15

Weighted average common and common

equivalent shares outstanding, basic and diluted

152,367

149,667

151,277

149,667

(1)  Share and per share amounts have been adjusted retroactively for the 1 for 1000 reverse stock split and 50 for 1 forward stock split executed on August 30, 2010.

BNS Holding, Inc. and Subsidiaries

Consolidated Balance Sheets

April 30, 2010 (unaudited) and October 31, 2009

ASSETS

2010

2009

Current assets:

Cash and cash equivalents

$ 43,307,415

$     1,673,145

Prepaid expenses and other current assets

66,421

101,252

Current assets discontinued operations

-

56,681,884

Total current assets

43,373,836

58,456,281

Restricted cash

-

243,341

Noncurrent assets discontinued operations

-

71,164,420

Total assets

$ 43,373,836

$ 129,864,042

LIABILITIES & SHAREHOLDERS' INVESTMENT

Current liabilities:

Income taxes payable

$   1,800,000

$                    -

Accrued expenses and other current liabilities

977,652

807,686

 Current liabilities discontinued operations

-

28,738,549

Total current liabilities

2,777,652

29,546,235

Long-term liabilities of discontinued operations

-

73,256,159

Shareholders' investment:

Common stock

31,216

30,857

Paid in capital

87,699,144

87,535,725

Treasury stock at cost

(1,731,674)

(1,731,674)

Retained earnings (deficit)

(45,402,502)

(64,727,522)

Accumulated other comprehensive income (loss)

-

(237,937)

Total BNS Holding, Inc. shareholders' equity

40,596,184

20,869,449

Equity attributable to non-controlling interests

-

6,192,199

          Total shareholders' investment

40,596,184

27,061,648

Total liabilities and shareholders' investment

$ 43,373,836

$ 129,864,042

SOURCE BNS Holding Inc.