AWX Avalon Holdngs Corp

Avalon Holdings Corporation Announces Fourth Quarter Results WARREN, Ohio, March 30 /PRNewswire-FirstCall/ -- Avalon Holdings Corporation (AMEX:AWX) today announced financial results for the fourth quarter of 2004. Net operating revenues were $8.1 million in the fourth quarter of 2004 compared with $5.9 million in the fourth quarter of the prior year. The Company recorded income from continuing operations of $.1 million, or income of $.04 per share in the fourth quarter of 2004 compared with a loss from continuing operations of $.5 million, or a loss of $.14 per share for the prior year period. Including the loss from discontinued operations, the Company incurred a net loss of $.2 million, or a loss of $.04 per share in the fourth quarter of 2004 compared with a net loss of $2.2 million, or a loss of $.59 per share in the fourth quarter of the prior year. For the full year of 2004, net operating revenues were $30.0 million compared with $24.7 million for the prior year period. The Company incurred a loss from continuing operations of $.8 million, or a loss of $.22 per share for the full year of 2004 compared with a loss from continuing operations of $1.8 million, or a loss of $.48 per share for the prior year period. Including the loss from discontinued operations, the Company incurred a net loss of $2.7 million for the full year of 2004, or a loss of $.70 per share compared with a net loss of $3.6 million, or a loss of $.96 per share for the prior year period. Avalon Holdings Corporation provides waste management services to industrial, commercial, municipal and governmental customers. Avalon Holdings Corporation also owns the Avalon Golf and Country Club, which operates two golf courses and related facilities. AVALON HOLDINGS CORPORATION Condensed Consolidated Statements of Operations (in thousands except for per share amounts) Three Months Ended Twelve Months Ended December 31, December 31, 2004 2003 2004 2003 Net operating revenues $8,053 $5,894 $30,002 $24,734 Costs and expenses: Costs of operations 6,697 5,017 24,840 20,393 Selling, general and administrative expenses 1,324 1,498 6,377 6,530 Operating income (loss) from continuing operations 32 (621) (1,215) (2,189) Interest expense (4) - (15) - Interest income 56 34 195 168 Other income, net 29 70 190 209 Income (loss) from continuing operations before income taxes 113 (517) (845) (1,812) Income tax provision (benefit) - 4 - 4 Income (loss) from continuing operations 113 (521) (845) (1,816) Loss from discontinued operations (net of tax) (282) (1,709) (1,810) (1,828) Net loss $ (169 $(2,230) $(2,655) $(3,644) Net income (loss) per share from continuing operations $ .04 $ (.14) $ (.22) $ (.48) Net loss per share from discontinued operations $ (.08) $ (.45) $ (.48) $ (.48) Net loss per share $ (.04) $ (.59) $ (.70) $ (.96) Weighted average shares outstanding 3,803 3,803 3,803 3,803 AVALON HOLDINGS CORPORATION AND SUBSIDIARIES Condensed Consolidated Balance Sheets (in thousands) December 31, 2004 2003 Assets Current Assets: Cash and cash equivalents $ 7,861 $ 3,224 Short-term investments 1,598 - Accounts receivable, net 5,299 3,620 Prepaid expenses 255 1,448 Other current assets 226 218 Current assets - discontinued operations 1,632 8,819 Total current assets 16,871 17,329 Noncurrent investments - 6,009 Property and equipment, net 17,774 18,392 Leased property under capital leases, net 5,519 474 Other assets, net 880 80 Noncurrent assets - discontinued operations 2,496 6,770 Total assets $43,540 $ 49,054 Liabilities and Shareholders' Equity Current Liabilities: Current portion of obligations under capital leases $ 1 $ - Accounts payable 3,797 4,035 Accrued payroll and other compensation 457 230 Accrued income taxes 183 242 Other accrued taxes 210 295 Other liabilities and accrued expenses 1,629 1,447 Current liabilities - discontinued operations 749 3,885 Total current liabilities 7,026 10,134 Other noncurrent liabilities 21 - Obligations under capital leases 234 - Total shareholders' equity 36,259 38,920 Total liabilities and shareholders' equity $ 43,540 $ 49,054 DATASOURCE: Avalon Holdings Corporation CONTACT: Frank Lamanna, Chief Financial Officer of Avalon Holdings Corporation, +1-330-856-8800

Copyright