Net sales for the nine months ended
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On
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 is an 80% owned subsidiary of BNS Holding, Inc., and its website is http://www.collinsind.com.
BNS Holding, Inc. and Subsidiaries Consolidated Condensed Balance Sheets July 31, 2008 and October 31, 2007 (Unaudited) (Audited) July 31, October 31, Assets 2008 2007 Current Assets: Cash and cash equivalents $2,757,359 $3,387,243 Receivables, less allowance for uncollectible accounts of $147,569 in 2008 and $44,790 in 2007 10,402,607 13,808,239 Inventories 46,861,981 44,602,637 Deferred income taxes 1,319,000 2,001,000 Prepaid expenses and other current assets 855,848 1,479,942 Total current assets 62,196,795 65,279,061 Restricted cash 243,341 243,341 Property, plant and equipment, net 32,146,644 30,038,601 Assets held for sale - 2,000,000 Deferred income taxes 2,778,000 2,334,000 Deferred financing costs net of accumulated amortization of $812,382 in 2008 and $646,717 in 2007 2,094,976 2,591,970 Goodwill 17,318,893 17,318,893 Intangibles 24,084,241 25,118,280 Other assets 886,926 1,004,098 Total assets $141,749,816 $145,928,244 Liabilities and Shareholders' Investment Current liabilities: Current maturities of long-term debt $2,288,000 $2,288,000 Controlled disbursements 3,317,843 1,755,539 Accounts payable 18,643,799 16,753,240 Accrued expenses and other current liabilities 10,283,515 12,094,885 Total current liabilities 34,533,157 32,891,664 Long-term debt, less current maturities 84,489,495 90,467,476 Minority interest 4,437,208 3,893,796 Shareholders' investment: Class A Common Stock: (2008 - 3,064,652 issued, 2007 - 3,043,652 issued) 30,647 30,436 Paid-in capital 87,324,955 87,188,259 Treasury stock; 2008 and 2007, 74,319 shares at cost (1,731,674) (1,731,674) Retained earnings (deficit) (67,237,367) (67,017,163) Accumulated other comprehensive income (loss) (96,605) 205,450 Total shareholders' investment 18,289,956 18,675,308 Total liabilities and shareholders' investment $141,749,816 $145,928,244 BNS Holding, Inc. and Subsidiaries Consolidated Condensed Statements of Operations For the Three and Nine Months Ended July 31, 2008 and July 31, 2007 (unaudited) Three Months Ended Nine Months Ended July 31, July 31, 2008 2007 2008 2007 Sales $73,678,778 $92,592,265 $215,590,065 $222,442,698 Cost of sales 65,021,515 80,693,289 189,633,662 196,143,624 Gross profit 8,657,263 11,898,976 25,956,403 26,299,074 Selling, general and administrative expenses 5,525,345 4,928,918 16,528,958 14,969,654 Income from operations 3,131,918 6,970,058 9,427,445 11,329,420 Other income (expense): Interest expense (2,449,728) (2,988,470) (7,986,173) (8,326,639) Other, net (149,570) (223,615) (688,064) (758,596) Income before income tax (provision) benefit and minority interest 532,620 3,757,973 753,208 2,244,185 (Provision) benefit for income taxes (303,209) (1,405,000) (430,000) (856,090) Income (loss) before minority interest 229,411 2,352,973 323,208 1,388,095 Minority interest (206,892) (512,070) (543,412) (620,557) Net income (loss) $22,519 $1,840,903 $(220,204) $767,538 Earnings (loss) per share, basic and diluted $0.01 $0.61 $(0.07) $0.25 Weighted average common and common equivalent shares outstanding basic and diluted 2,990,333 3,034,944 2,981,333 3,033,743
SOURCE BNS Holding Inc.