LOS GATOS, Calif., Jan. 25 /PRNewswire-FirstCall/ -- BNS Holding, Inc. today reported its operating results for the fiscal year ended October 31, 2007. Net sales for the fiscal year ended October 31, 2007 were $307.1 million as compared to $309.9 million in fiscal 2006. Income from operations was $13.0 million in the year ended October 31, 2007 as compared to $14.9 million in the prior year. Income from operations for the year ended October 31, 2007 included approximately $3.1 million in plant consolidation expenses as well as approximately $1.7 million in expenses related to profit improvement initiatives. Net loss for the year ended October 31, 2007 was $22,545 as compared to net income of $8,143,515 for fiscal 2006.
On October 31, 2006, the Company acquired an 80% interest in an entity that owns 100% of Collins Industries Inc. Accordingly, the reported results in the Consolidated Statement of Income for the year ended October 31, 2007 include the results of operations for BNS Holding, Inc. and subsidiaries as well as the Company's ownership interest in Collins Industries Inc. and hence are designated "Successor Amounts." The reported results in the Consolidated Statements of Income for the year ended October 31, 2006 are all pre-business combination amounts and are as such designated as "Predecessor Amounts." The balance sheets at October 31, 2007 and 2006, respectively, include the balance sheet of the Company as well as the balance sheet of Collins Industries Inc. and, as such, are "Successor Amounts."
As of October 31, 2007, BNS Holding, Inc. has approximately $48 million of U.S. Federal net operating loss carryforwards (NOL's) that expire between 2020 and 2026. Such NOL's are available to offset current and future Federal taxable income, subject to regulations of the Internal Revenue Service and the Internal Revenue Code.
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 http://www.bnsholding.com. Collins Industries website is http://www.collinsind.com.
Contact: Terry Gibson
Chief Financial Officer
(401) 848-6300
BNS Holding, Inc. and Subsidiaries
CONSOLIDATED BALANCE SHEETS
October 31, 2007 and 2006
ASSETS 2007 2006
Successor Successor
Current assets:
Cash and cash equivalents $3,387,243 $6,713,032
Receivables, less allowance
for uncollectible accounts of
$44,790 in 2007 and $23,668
in 2006 13,808,239 16,252,776
Inventories 44,602,637 40,332,490
Income taxes receivable -- 3,873,009
Deferred income taxes 2,001,000 1,484,000
Prepaid expenses and other
current assets 1,479,942 2,756,677
Total current assets 65,279,061 71,411,984
Restricted cash 243,341 428,423
Property and equipment: 32,294,622 34,488,047
Less -- accumulated depreciation 2,256,021 33,537
Net property and equipment 30,038,601 34,454,510
Property held for sale 2,000,000 --
Deferred income taxes 2,334,000 12,187,000
Deferred financing costs net
of accumulated amortization
of $646,717 in 2007 and $0
in 2006 2,591,970 3,094,415
Goodwill 17,318,893 28,559,408
Intangibles 25,118,280 --
Other assets 1,004,098 685,909
Total Assets $145,928,244 $150,821,649
LIABILITIES & SHAREHOLDERS' INVESTMENT
Current liabilities
Current maturities of
long-term debt $2,288,000 $1,372,000
Controlled disbursements 1,755,539 4,407,160
Accounts payable 16,753,240 18,509,301
Accrued expenses and other
current liabilities 12,094,885 8,443,799
Payable to formershareholder -- 10,628,138
Total current liabilities 32,891,664 43,360,398
Long-term debt, less current
maturities 90,467,476 84,958,573
Minority interest 3,893,796 2,800,000
Shareholders' investment:
Class A Commons Stock: 2007
3,043,652 issued , 2006 Class A
3,038,962 issued 30,436 30,390
Paid-in capital 87,188,259 87,121,857
Treasury Stock ; 2007 -- 74,319
shares at cost; 2006 -- 8,518
shares at cost (1,731,674) (454,951)
Retained earnings (deficit) (67,017,163) (66,994,618)
Accumulated other comprehensive
income 205,450 --
Total shareholders' investment 18,675,308 19,702,678
Total Liabilities & Shareholders'
Investment $145,928,244 $150,821,649
BNS Holding, Inc. and Subsidiaries
CONSOLIDATED STATEMENTS OF INCOME
For the years ended October 31, 2007 and 2006
2007 2006
Successor Predecessor
Sales $307,149,063 $309,866,788
Cost of sales 270,813,390 271,087,823
Gross profit 36,335,673 38,778,965
Selling, general and
administrative expenses 20,061,362 23,716,966
Research and development
expenses 122,118 129,583
Plant closure expenses (Note 12) 3,130,023 --
Income from operations 13,022,170 14,932,416
Other income (expense):
Interest, net (11,173,107) (2,498,436)
Other, net (936,296) 110,553
Income before income tax
and minority interest 912,767 12,544,533
Provision for income taxes
(Note 5) (291,516) 4,401,018
Minority Interest (643,796) --
Net income (loss) ($22,545) $8,143,515