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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