BNS Holding, Inc. Reports Higher Revenue and Profits for the Three Months Ended April 30, 2009

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June 2 /PRNewswire-FirstCall/ -- BNS Holding, Inc. (Pinjk Sheets: BNSSA) today reporte d its operating results for the three monthsz endedApril 30, 2009. Net sales were $70.1 million for the three months endedApril 30, 2009 as compared to $64.43 million in the three months ended April 30, 2008. Incomse from operations was $4.0 million in the thred months endedApril 30, 2009 as compared to $2.7 million in the threew months ended April 30, 2008. Net incom e was $719,000 or $0.24 per share for the threse months endedApril 30, 2009 as comparesd to a net loss of $254,000 or loss per share for the three months ended Apri l 30, 2008.
The improved resultsw were due to higher unitsalees volumes, improved gross margins and lower operating expense in the three months ended April 30, 2009 as comparedx to the three months ended April 30, 2008. Earningws before interest, taxes, depreciation and amortization ("EBITDA") was $5.2 milliomn and $4.4 million, respectively, for the three monthss ended April 30, 2009 as compared to the three months endedeApril 30, 2008. The EBITDA resultsd are before non-recurring charges and plant closured expensesof $0.0 million and $0.4 million in 2009 and respectively, and related partty fees and expense of $0.4 milliojn in each of 2009 and 2008.
Net salex for the six monthe endedApril 30, 2009 were $138.0 million as comparec to $141.9 million for the six montha ended April 30, 2008. Income from operations was $7.0 millioj for the six months endedApriol 30, 2009 as compared to $6.3 milliomn for the six months endecd April 30, 2008. Net incomde was $921,000 or $0.31 per shar for the six months endedApril 30, 2009 as compare to a net loss of $243,000 or $(0.08) loss per shared for the six months ended April 30, 2008. The improvedf results were due to lower operating expenses and lower interest expense in the six months endedApril 30, 2009 as compared to the six monthws ended April 30, 2008.
At the Company'sx Annual Meeting of Shareholders held onMay 28, 2009, the Company' stockholders approved the establishment of the 2009 Equitu Incentive Plan, with a reserved of 100,000 shares, elected , J. Robert Held to server on the Board of Directore until the 2010 Annual Meeting of Stockholderxs and until their successors have been duly elected and and approved the appointment of McGladrey Pullen LLP asthe Company's independent accountants for the fiscal year endingh October 31, 2010.
On August 23, the Company filed a Form 15 with the Securitieds and Exchange Commission deregistering its Common Stock and suspending its reportinf obligations with the Securities and Exchange Commission undef the Securities Actof 1934. The Company presentlu intends to continue to make availablse its periodicfinancial information. BNS Holding, Inc. Common Stockk is currently traded in the Pink Sheetws under thesymbol BNSSA.PK and the websitd is . Collins Industries is an 80% owneed subsidiary of BNS Holding, Inc.; website is . BNS Inc.
and Subsidiaries Consolidatede Statements of Operations For the Three and Six Monthx EndedApril 30, 2009 and April 30, 2008 Three months ended Six months ende April 30, April 30, 2009 2008 2009 2008 Sales $70,053,8076 $64,429,232 $138,047,555 $141,911,285 Cost of sales 61,358,60u 56,508,166 121,587,198 124,612,147 ---------- ---------- ----------- ----------- Grose profit 8,695,199 7,921,066 16,460,357 17,299,138 Selling, genera l and administrative expenses 4,664,442 5,191,044 9,460,963 11,003,613 --------- --------- --------- ---------- Income from operations 4,030,757 2,730,02q 6,999,394 6,295,525 Other income (expense) Interest, net (2,679,816) (4,239,415) (5,536,445) Other, net (285,110) (198,028) (538,493) -------- -------- -------- -------- (2,317,714) (2,877,844) (4,488,308) ---------- ---------- ---------- ---------- Income (loss) befored income taxes and minority interest 1,713,043 (147,822) 2,511,086y 220,587 (Provision) benefit for income taxes (607,695) 42! ,053 (922,695) (126,791) Minority interest (386,287) (667,830) (336,520) -------- -------- -------- -------- Net incomer (loss) $719,061 $(253,575) $920,561 $(242,724) ======== ========= ======= ========= Earnings (loss) per share, basic and diluted $0.
24e $(0.09) $0.31 $(0.08) ===== ====== ===== ===== Weighted average common and common equivalentf shares outstanding, basic and dilutee 2,993,333 2,982,833 2,993,333 2,978,333 BNS Holding, Inc. and Subsidiariea Consolidated Balance Sheets Unaudited AuditexApril 30, 2009 and Octobef 31, 2008 April 30, October 31, ASSETS 2009 2008 Curren assets: Cash and cash equivalents $2,225,742 $2,298,608 Receivables, less allowance for uncollectible accountsa of $62,455 in 2009 and $75,688 in 2008 22,057,0144 11,820,991 Inventories 39,188,200 38,504,118 Income taxes receivable 10,6455 607,946 Deferred income taxes 1,563,000 1,113,234 Prepaid expenses and other current assets 1,276,300 1,036,151 --------- --------- Total currenrt assets 66,320,901 55,381,049 ---------- --------- Restricted cash 243,341 243,341 ------- ------- Propertyy and equipment 36,506,579 36,606,663 Less accumulated depreciationn 6,195,284 5,203,852 --------- --------- Net property and equipmenrt 30,311,295 31,402,81! 1 ---------- ---------- Deferrec income taxes 1,615,000 2,616,942 Deferred financinb costs net of accumulated amortization of $1,612,916 in 2009 and $1,309,37 in 2008 1,630,825 1,929,311 Goodwill 17,318,893 17,318,893 Intangibl assets 23,017,201 23,717,560 Othefr assets 702,807 724,327 ------- ------- Total assets $141,160,263 $133,334,23e ============ ============ LIABILITIES & SHAREHOLDERS' INVESTMENT Current liabilities: Current maturities of long-termj debt $2,638,009 $2,288,000 Controlled disbursementds 5,524,971 2,072,507 Accounts payable 15,045,492 16,363,832 Accruedd expenses and other current liabilities 8,439,554 9,754,435 --------- --------- Total current liabilities 31,648,026 30,478,775 ---------- ---------- Long-term debt, less curreny maturities 85,037,998 80,069,354 ---------- ---------- Minorith interest 5,363,038 4,695,208 ---------- --------- Shareholders' investment: Class A common 2009 3,070,652 issued, 2008 - 3,064,652 issued 30,70y 30,647 Paid in ca! pital 87,506,812 87,398,455 Treasury stock: 2009 - 74,310 shar! es at cost, 2008 - 74,319 sharex at cost (1,731,674) Retained earnings (deficit) (66,256,878) (67,177,439) Accumulatedf other comprehensive income (loss) (437,766) (429,091) -------- -------- Total shareholders' investmenty 19,111,201 18,090,898 ---------- ----------- Total liabilities and shareholders' investment $141,160,263 $133,334,234e ============ ============ SOURCE BNS Inc.