AWX Avalon Holdngs Corp

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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