BNS Holding, Inc. Reports Financial Results for the Quarter Ended January 31, 2010
LOS GATOS, Calif., March 23 /PRNewswire-FirstCall/ -- BNS Holding Inc. (Pink Sheets: BNSSA) today reported financial results for the three months ended January 31, 2010. Net loss was $278,067 or $(0.09) per share for the three months ended January 31, 2010 as compared to net income of $201,500 or $0.07 per share, for the three months ended January 31, 2009, as lower sales were partially offset by decreases in operating expenses. Net sales were $58.3 million for the three months ended January 31, 2010, as compared to $68.0 million for the three months ended January 31, 2009.
On January 26, 2010, the Company signed an agreement to sell its 80% interest in Collins I Holding Corporation for $64.9 million in cash. Collins I Holding Corporation owns all of the outstanding common stock of Collins Industries, Inc., which is the sole asset of Collins I Holding Corporation. The Company's shareholders approved the transaction on February 17, 2010 and the transaction was consummated on February 18, 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 www.bnsholding.com.
BNS Holding, Inc. and Subsidiaries |
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Consolidated Statements of Operations |
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For the Three Months Ended January 31, 2010 and 2009 |
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Three months ended |
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January 31, |
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2010 |
2009 |
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Sales |
$ 58,268,732 |
$ 67,993,748 |
|
Cost of sales |
51,705,555 |
60,228,590 |
|
Gross profit |
6,563,177 |
7,765,158 |
|
Selling, general and administrative expenses |
4,706,104 |
4,774,800 |
|
Research and development expenses |
18,947 |
21,721 |
|
Storm damage insurance gain |
(604,295) |
- |
|
4,120,756 |
4,796,521 |
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Income from operations |
2,442,421 |
2,968,637 |
|
Other income (expense) |
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Interest, net |
(2,220,898) |
(2,206,811) |
|
Other, net |
(238,809) |
36,217 |
|
(2,459,707) |
(2,170,594) |
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Income before income taxes and minority interest |
(17,286) |
798,043 |
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Provision for income taxes |
(6,118) |
(315,000) |
|
Net income (loss) before allocation to noncontrolling interests |
(23,404) |
483,043 |
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Less: Net income attributable to noncontrolling interests |
(254,663) |
(281,543) |
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Net income (loss) attributable to BNS Holding, Inc. shareholders' |
$ (278,067) |
$ 201,500 |
|
Earnings (loss) per share, basic and diluted |
$ (0.09) |
$ 0.07 |
|
Weighted average common and common |
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equivalent shares outstanding, basic and diluted |
3,029,332 |
2,990,333 |
|
BNS Holding, Inc. and Subsidiaries |
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Consolidated Balance Sheets |
Unaudited |
Audited |
|
January 31, 2010 and October 31, 2009 |
January 31, |
October 31, |
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ASSETS |
2010 |
2009 |
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Current assets: |
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Cash and cash equivalents |
$ 1,922,235 |
$ 2,019,382 |
|
Receivables, less allowance for uncollectible accounts of $104,512 in 2010 and $85,289 in 2009 |
12,058,694 |
12,126,396 |
|
Inventories |
36,519,748 |
41,811,080 |
|
Income taxes receivable |
422,681 |
5,505 |
|
Deferred income taxes |
1,319,000 |
1,688,367 |
|
Prepaid expenses and other current assets |
896,776 |
805,551 |
|
Total current assets |
53,139,134 |
58,456,281 |
|
Restricted cash |
243,341 |
243,341 |
|
Property and equipment |
37,411,862 |
36,603,722 |
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Less accumulated depreciation |
8,162,691 |
7,522,838 |
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Net property and equipment |
29,249,171 |
29,080,884 |
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Deferred income taxes |
933,000 |
477,584 |
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Deferred financing costs net of accumulated amortization of $2,100,649 in 2010 and $1,938,713 in 2009 |
1,191,162 |
1,304,384 |
|
Goodwill |
17,318,893 |
17,318,893 |
|
Intangible assets |
21,966,660 |
22,316,840 |
|
Other assets |
615,739 |
665,835 |
|
Total assets |
$ 124,657,100 |
$ 129,864,042 |
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LIABILITIES & SHAREHOLDERS' INVESTMENT |
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Current liabilities: |
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Current maturities of long-term debt |
$ 2,659,154 |
$ 2,653,751 |
|
Controlled disbursements |
2,663,558 |
2,299,927 |
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Accounts payable |
8,921,521 |
13,713,089 |
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Accrued expenses and other current liabilities |
8,056,432 |
10,879,468 |
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Total current liabilities |
22,300,665 |
29,546,235 |
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Long-term debt, less current maturities |
75,295,374 |
73,256,159 |
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Shareholders' investment : |
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Class A common stock: 2010 - 3,121,652 issued, |
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2009 - 3,085,652 issued |
31,217 |
30,857 |
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Paid in capital |
87,554,672 |
87,535,725 |
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Treasury stock: 2010 - 74,319 shares at cost, 2009 - 74,319 |
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shares at cost |
(1,731,674) |
(1,731,674) |
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Retained earnings (deficit) |
(65,005,589) |
(64,727,522) |
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Accumulated other comprehensive (loss) |
(234,427) |
(237,937) |
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Total BNS Holding, Inc. shareholders' equity |
20,614,199 |
20,869,449 |
|
Equity attributable to noncontrolling interests |
6,446,862 |
6,192,199 |
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Total shareholders' investment |
27,061,061 |
27,061,648 |
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Total liabilities and shareholders' investment |
$ 124,657,100 |
$ 129,864,042 |
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SOURCE BNS Holding, Inc.
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