BNS Holding, Inc. Reports Improved Financial Results for the Fiscal Year Ended October 31, 2009
LOS GATOS, Calif., Jan. 29 /PRNewswire-FirstCall/ -- BNS Holding, Inc. (Pink Sheets: BNSSA) today reported its operating results for the fiscal year ended October 31, 2009. Net sales were $269.8 million for the year ended October 31, 2009 as compared to $296.2 million for the year ended October 31, 2008. Income from operations was $15.4 million for the year ended October 31, 2009 as compared to income from operations of $12.2 million for the year ended October 31, 2008. Net income was $2.4 million or $0.82 per share for the year ended October 31, 2009 as compared to a net loss of $160,276 or a loss of $(0.05) per share for the year ended October 31, 2008.
Net sales for the three months ended October 31, 2009 were $60.2 million as compared to $80.6 million for the three months ended October 31, 2008. Income from operations was $3.5 million for the three months ended October 31, 2009 as compared to income from operations of $2.7 million for the three months ended October 31, 2008. Net income was $293,995 or $0.10 per share for the three months ended October 31, 2009 as compared to net income of $59,928 or $0.02 per share for the three months ended October 31, 2008.
Bank debt at the company's subsidiary Collins Industries was $54.1 million at October 31, 2009, down from $63.6 million at October 31, 2008. Consolidated BNS Holding Inc. debt was $75.9 million at October 31, 2009 as compared to $82.4 million at October 31, 2008.
As of October 31, 2009, BNS Holding Inc. has approximately $43.1 million in U.S. Federal net operating loss carryforwards ("NOL's") that expire between 2021 and 2027. Such NOL's are available to offset current and future Federal taxable income, subject to the regulations of the Internal Revenue Service and the Internal Revenue Code.
BNS Holding Inc. Common Stock is currently traded in the Pink Sheets under the symbol BNSSA.PK and the website is www.bnsholding.com. Collins Industries is a 80% owned subsidiary of BNS Holding, Inc., and the website is www.collinsind.com. The Company recently announced it has signed an agreement to sell its interest in Collins Industries. Please see the Company's website for further details.
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. and Subsidiaries
Consolidated Balance Sheets
October 31, 2009 and 2008
ASSETS 2009 2008
------- ---- ----
Current assets:
Cash and cash equivalents $2,019,382 $2,298,608
Receivables, less allowance for
uncollectible accounts of
$75,688 in 2008 and $44,790 in 2007 12,126,396 11,820,991
Inventories 41,811,080 38,504,118
Income taxes receivable 5,505 607,946
Deferred income taxes 1,688,367 1,113,234
Prepaid expenses and other current assets 805,551 1,036,152
------- ---------
Total current assets 58,456,281 55,381,049
Restricted cash 243,341 243,341
Property and equipment 36,603,722 36,606,663
Less – accumulated depreciation 7,522,838 5,203,852
--------- ---------
Net property and equipment 29,080,884 31,402,811
Property held for sale - -
Deferred income taxes 477,584 2,616,942
Deferred financing costs net of
accumulated amortization of
$1,309,376 in 2008 and $646,717 in 2007 1,304,384 1,929,311
Goodwill 17,318,893 17,318,893
Intangibles 22,316,840 23,717,560
Other assets 665,835 724,327
------- -------
Total assets $129,864,042 $133,334,234
============ ============
LIABILITIES & SHAREHOLDERS' INVESTMENT
Current liabilities:
Current maturities of long-term debt $2,653,751 $2,288,000
Controlled disbursements 2,299,927 2,072,507
Accounts payable 13,713,089 16,363,832
Accrued expenses and other current
liabilities 10,879,468 9,754,435
---------- ---------
Total current liabilities 29,546,235 30,478,774
---------- ----------
Long-term debt, less current maturities 73,256,159 80,069,354
---------- ----------
Minority interest 6,192,199 4,695,208
--------- ---------
Shareholders' investment
Class A Common Stock: 2008
3,064,652 issued, 2007
Class A 3,043,652 issued 30,857 30,647
Paid in capital 87,535,725 87,398,455
Treasury stock: 2008 74,319
shares at cost; 2007 - 74,319
shares at cost (1,731,674) (1,731,674)
Retained earnings (deficit) (64,727,522) (67,177,439)
Accumulated other comprehensive income (loss) (237,937) (429,091)
-------- --------
Total shareholders' investment 20,869,449 18,090,898
---------- ----------
Total liabilities and
shareholders' Investment $129,864,042 $133,334,234
============ ============
BNS Holding, Inc. and Subsidiaries
Consolidated Statements of Operations
For the Three Months and Twelve Months Ended October 31, 2009 and 2008
Three Months Ended Twelve Months Ended
October 31, October 31,
------------------ -------------------
(Unaudited)
-----------
2009 2008 2009 2008
----- ---- ---- ---- ----
Sales $60,162,847 $80,609,333 $269,768,096 $296,199,398
Cost of sales 51,442,047 72,118,713 235,095,769 261,752,375
---------- ---------- ----------- -----------
Gross profit 8,720,800 8,490,620 34,672,327 34,447,023
Selling, general
and
administrative
expenses 5,207,689 5,750,299 19,249,462 22,279,257
--------- --------- ---------- ----------
Income from
operations 3,513,111 2,740,321 15,422,865 12,167,766
Other income
(expense):
Interest, net (1,931,812) (2,311,006) (8,178,115) (10,297,179)
Other, net (349,601) 2,487 (896,344) (685,577)
-------- ----- -------- --------
(2,281,413) (2,308,519) (9,074,459) (10,982,756)
---------- ---------- ---------- -----------
Income before
income tax and
minority interest 1,231,698 431,802 6,348,406 1,185,010
Provision for
income taxes
(Note 5) (638,925) (153,874) (2,411,498) (583,874)
Minority interest (298,778) (218,000) (1,486,991) (761,412)
-------- -------- ---------- --------
Net income (loss) $293,995 $59,928 $2,449,917 $(160,276)
======== ======= ========== =========
Earnings (loss)
per share, basic
and diluted $0.10 $0.02 $0.82 $(0.05)
===== ===== ===== ======
Weighted average common
and common
equivalent
shares
outstanding,
basic
and diluted 3,011,332 2,990,333 2,999,932 2,983,133
SOURCE BNS Holding, Inc.
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