AWX Avalon Holdngs Corp

WARREN, Ohio, Nov. 11 /PRNewswire-FirstCall/ -- Avalon Holdings Corporation (AMEX:AWX) today announced financial results for the third quarter of 2005. Net operating revenues in the third quarter of 2005 increased to $9.5 million compared with $8.4 million in the prior year's third quarter. The Company recorded income from continuing operations of $.4 million, or $.09 per share, for the third quarter of 2005 compared with a loss from continuing operations of $.5 million, or a loss of $.12 per share, for the third quarter of 2004. Including the results from discontinued operations, the Company basically broke even in the third quarter of 2005 compared with income of $1.0 million, or $.28 per share, in the third quarter of the prior year. For the first nine months of 2005, net operating revenues increased to $25.7 million compared with $21.9 million for the first nine months of 2004. The Company recorded income from continuing operations of $.3 million, or $.08 per share, for the first nine months of 2005 compared with a loss from continuing operations of $1 million, or a loss of $.25 per share, for the prior year period. Including the results from discontinued operations, the Company recorded income of $57,000, or $.01 per share, for the first nine months of 2005 compared with a loss of $2.5 million, or a loss of $.65 per share, for the first nine months 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 per share amounts) Three Months Ended Nine Months Ended September 30, September 30, 2005 2004 2005 2004 Net operating revenues $9,517 $8,448 $25,686 $ 21,949 Costs and expenses: Costs of operations 7,821 7,072 21,404 18,143 Selling, general and administrative expenses 1,480 1,985 4,316 5,053 Operating income (loss) from continuing operations 216 (609) (34) (1,247) Other income (expense): Interest expense (3) (4) (10) (11) Interest income 88 62 230 139 Other income, net 55 88 137 161 Income (loss) from continuing operations before income taxes 356 (463) 323 (958) Provision (benefit) for income taxes - - - - Income (loss) from continuing operations 356 (463) 323 (958) Discontinued operations: (Loss) income from discontinued operations before income taxes (336) 1,500 (266) (1,528) Provision (benefit) for income taxes - - - - (Loss) income from discontinued operations (336) 1,500 (266) (1,528) Net income (loss) $20 $1,037 $ 57 $(2,486) Net income (loss) per share from continuing operations $ .09 $(.12) $.08 $(.25) Net (loss) income per share from discontinued operations $(.09) $.40 $(.07) $(.40) Net income (loss) per share $ - $.28 $.01 $(.65) Weighted average shares outstanding 3,803 3,803 3,803 3,803 AVALON HOLDINGS CORPORATION AND SUBSIDIARIES Condensed Consolidated Balance Sheets (in thousands) September 30, December 31, 2005 2004 Assets: (Unaudited) Current Assets: Cash and cash equivalents $6,993 $7,861 Short-term investments 4,400 1,598 Accounts receivable, net 5,845 5,299 Prepaid expenses 364 255 Other current assets 169 226 Current assets - discontinued operations 26 1,632 Total current assets 17,797 16,871 Property and equipment, net 17,680 17,774 Leased property under capital leases, net 5,676 5,519 Other assets, net 61 880 Noncurrent assets - discontinued operations 1,887 2,496 Total assets $43,101 $43,540 Liabilities and Shareholders' Equity Current Liabilities: Current portion of obligations under capital leases $1 $1 Accounts payable 3,521 3,797 Accrued payroll and other compensation 502 457 Accrued income taxes 183 183 Other accrued taxes 147 210 Other liabilities and accrued expenses 1,734 1,629 Current liabilities - discontinued operations 460 749 Total current liabilities 6,548 7,026 Obligations under capital leases 234 234 Other noncurrent liabilities 12 21 Total shareholders' equity 36,307 36,259 Total liabilities and shareholders' equity $43,101 $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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