BOWLING GREEN, Ky.--(BUSINESS WIRE)--January 15, 2008
The Banker's Store, Inc. (OTCBB: BSTR), today announced financial results for the three and six months ending Nov. 30, 2007.
The company, which supports financial institutions and other companies with equipment, software and services, serves customers through its B.G. Banking Equipment and B.G. Office Equipment subsidiaries. It is actively pursuing a strategy to grow through acquisitions of similar financial services companies in the region and through internal, organic growth.
For the fiscal year 2008's second quarter ending Nov. 30, 2007, revenues were $533,635, a 7.8% increase over revenues for the prior year's quarter ended Nov. 30, 2006 of $495,009. Net loss narrowed to $(58,510), or $(0.00) per share, from a loss of $(110,032), or $(0.01) per share, in the prior year's comparable quarter.
For the first half of the fiscal year 2008, sales totaled $1,364,372, which was a 25.1% increase over last fiscal year's comparable period sales of $1,090,881. The current net loss was $(89,586), or $(0.01) per share, as compared to $(205,683), or $(0.01) per share for the first half of fiscal year 2007.
The losses in both periods were narrowed as a result of higher sales of banking equipment and office furniture, and a better mix of sales from higher margin pre-owned equipment and adjusted labor rates and delivery charges.
In the second quarter of FY 2007, the company hired a new chief executive officer and a chief financial officer to direct its expansion and internal growth plans. Since then the company has been identifying potential acquisition candidates, evaluating capital structure alternatives and implementing other changes in support of its overall goals.
"Our vision is a larger, more potent Banker's Store, one which offers a wide array of products and services to serve the operating, processing and security needs of financial institutions and other companies," said CEO Vince Buckman. "We continue to work diligently toward reaching profitability and achieving our expansion goals."
The company's full filing can be retrieved from the Securities and Exchange Commission's Edgar site at www.sec.gov.
About The Banker's Store
The Banker's Store sells, installs and services a variety of equipment for banks, including ATMs, digital security systems, drive-up equipment, safe deposit boxes, safes, office furniture, and payment equipment. It operates through two primary divisions: B.G. Banking Equipment and B.G. Office Equipment. The Banker's Store trades Over the Counter under the symbol BSTR.OB. More information about the company can be found at www.bankersstore.com.
This news release may include forward-looking statements. These statements are subject to various risks and uncertainties, many of which are outside the control of the Company. A discussion of these factors can be found in the Company's latest annual report on Form 10-K filed with the Securities and Exchange Commission. The Banker's Store undertakes no obligation to update forward-looking statements for revisions or changes.
FINANCIAL STATEMENTS FOLLOW
THE BANKER'S STORE, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
NOVEMBER 30, 2007 AND 2006
(unaudited)
6 MONTHS ENDED 3 MONTHS ENDED
NOVEMBER 30, NOVEMBER 30,
2007 2006 2007 2006
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Revenue $ 1,364,372 $ 1,090,881 $ 533,635 $ 495,009
Cost of goods sold 898,448 827,672 349,901 362,679
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Gross profit 465,924 263,209 183,734 132,330
Selling, general
and
administrative
expenses 550,786 462,549 239,589 239,016
---------------------------------------------------
Income (loss) from
operations (84,862) (199,340) (55,855) (106,686)
---------------------------------------------------
Other income
(expense):
Interest &
other income 3,255 3,119 1,228 1,471
Interest
expense (7,979) (9,462) (3,883) (4,817)
---------------------------------------------------
Total other income
(expense) (4,724) (6,343) (2,655) (3,346)
---------------------------------------------------
Income before
income tax
provision (89,586) (205,683) (58,510) (110,032)
Income tax
provision 0 0 0 0
---------------------------------------------------
Net income ($89,586) ($205,683) ($58,510) ($110,032)
===================================================
Basic earnings
(loss) per common
share ($0.01) ($0.01) ($0.00) ($0.01)
===================================================
Diluted earnings
(loss) per share ($0.01) ($0.01) ($0.00) ($0.01)
===================================================
Weighted average
number of diluted
common shares 15,504,781 15,269,281 15,504,781 15,269,281
CONTACT: The Banker's Store, Inc. Vince Buckman, CEO 800-726-0337 www.bankersstore.com or Mozaic Investor Relations Terry McWilliams, President 502-410-2113 terrym@mozaicir.com www.mozaicir.com