Avalon Holdings Corporation Announces First Quarter Results
14 Mai 2005 - 12:00AM
PR Newswire (US)
Avalon Holdings Corporation Announces First Quarter Results WARREN,
Ohio, May 13 /PRNewswire-FirstCall/ -- Avalon Holdings Corporation
(AMEX:AWX) today announced financial results for the first quarter
of 2005. Net operating revenues in the first quarter of 2005
increased to $7.4 million compared with $6.2 million in the prior
year's first quarter. Avalon recorded income from continuing
operations of $32,000 or income of $.01 per share for the first
quarter of 2005 compared with a loss from continuing operations of
$.4 million or a loss of $.11 per share for the first quarter of
2004. Avalon Holdings Corporation provides waste management
services to industrial, commercial, municipal and governmental
customers in selected northeastern and midwestern U.S. markets.
Avalon Holdings Corporation also owns the Avalon Golf and Country
Club, which operates two golf courses and related facilities.
AVALON HOLDINGS CORPORATION AND SUBSIDIARIES Condensed Consolidated
Statements of Operations (Unaudited) (in thousands, except for per
share amounts) Three Months Ended March 31, 2005 2004 Net operating
revenues $7,430 $6,239 Costs and expenses: Costs of operations
6,238 5,205 Selling, general and administrative expenses 1,268
1,521 Operating loss from continuing operations (76) (487) Other
income (expense): Interest expense (3) (4) Interest income 64 37
Other income, net 47 43 Income (loss) from continuing operations
before income taxes 32 (411) Provision (benefit) for income taxes -
- Income (loss) from continuing operations 32 (411) Discontinued
operations: Income (loss) from discontinued operations before
income taxes 80 (614) Provision (benefit) for income taxes - -
Income (loss) from discontinued operations 80 (614) Net income
(loss) $112 $(1,025) Net income (loss) per share from continuing
operations $.01 $(.11) Net income (loss) per share from
discontinued operations $.02 $(.16) Net income (loss) per share
$.03 $(.27) Weighted average shares outstanding 3,803 3,803 AVALON
HOLDINGS CORPORATION AND SUBSIDIARIES Condensed Consolidated
Balance Sheets (in thousands) March 31, December 31, 2005 2004
Assets: (Unaudited) Current Assets: Cash and cash equivalents
$8,846 $7,861 Short-term investments 198 1,598 Accounts receivable,
net 5,285 5,299 Prepaid expenses 213 255 Other current assets 195
226 Current assets - discontinued operations 87 1,632 Total current
assets 14,824 16,871 Noncurrent investments 1,384 - Property and
equipment, net 17,623 17,774 Leased property under capital leases,
net 5,509 5,519 Other assets, net 829 880 Noncurrent assets -
discontinued operations 2,492 2,496 Total assets $42,661 $43,540
Liabilities and Shareholders' Equity Current Liabilities: Current
portion of obligations under capital leases $1 $1 Accounts payable
3,183 3,797 Accrued payroll and other compensation 376 457 Accrued
income taxes 183 183 Other accrued taxes 93 210 Other liabilities
and accrued expenses 1,719 1,629 Current liabilities - discontinued
operations 492 749 Total current liabilities 6,047 7,026
Obligations under capital leases 234 234 Other noncurrent
liabilities 18 21 Total shareholders' equity 36,362 36,259 Total
liabilities and shareholders' equity $42,661 $43,540 DATASOURCE:
Avalon Holdings Corporation CONTACT: Mr. Frank Lamanna, Chief
Financial Officer of Avalon Holdings Corporation, +1-330-856-8800
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