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

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Oct 29, 2010, 04:40 ET

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