Avalon Holdings Corporation Announces Fourth Quarter Results
20 März 2006 - 11:00PM
PR Newswire (US)
WARREN, Ohio, March 20 /PRNewswire-FirstCall/ -- Avalon Holdings
Corporation (AMEX:AWX) today announced financial results for the
fourth quarter of 2005. Net operating revenues were $8.5 million in
the fourth quarter of 2005 compared with $8.1 million in the fourth
quarter of the prior year. The Company recorded income from
continuing operations of $.2 million, or $.06 per share in the
fourth quarter of 2005 compared with income from continuing
operations of $.1 million, or $.04 per share for the prior year
period. Including the results from discontinued operations, the
Company recorded net income of $.3 million, or $.09 per share in
the fourth quarter of 2005 compared with a net loss of $.2 million,
or $.04 per share in the fourth quarter of the prior year. For the
full year of 2005, net operating revenues were $34.2 million
compared with $30.0 million for the prior year period. The Company
recorded income from continuing operations of $.5 million, or $.14
per share for the full year of 2005 compared with a loss from
continuing operations of $.8 million, or $.22 per share for the
prior year period. Including the results from discontinued
operations, the Company recorded net income $.4 million for the
full year of 2005, or $.10 per share compared with a net loss of
$2.7 million, or $.70 per share for the prior year period. In
addition, Ronald E. Klingle, Chairman of the Board of Avalon
Holdings Corporation, announced that Frank Lamanna, Chief Financial
Officer and Treasurer, will be resigning to pursue a new
professional opportunity. Mr. Lamanna's resignation will take
effect March 24, 2006. The Board of Directors has appointed Timothy
C. Coxson as interim Chief Financial Officer and Treasurer. Mr.
Coxson had been the Chief Financial Officer and Treasurer of Avalon
Holdings Corporation from 1998 to 2004 and has been the Director of
Corporate Services since 2004. The Company plans to commence a
search for a permanent Chief Financial Officer and Treasurer
immediately. 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, 2005 2004 2005 2004 Net operating revenues $8,471
$8,053 $34,157 $30,002 Costs and expenses: Costs of operations
7,128 6,697 28,532 24,840 Selling, general and administrative
expenses 1,261 1,324 5,577 6,377 Operating income (loss) from
continuing operations 82 32 48 (1,215) Interest expense (4) (4)
(14) (15) Interest income 114 56 344 195 Other income, net 39 29
176 190 Income (loss) from continuing operations before income
taxes 231 113 554 (845) Income tax provision (benefit) 13 - 13 -
Income (loss) from continuing operations 218 113 541 (845) Income
(loss) from discontinued operations (net of tax) 115 (282) (151)
(1,810) Net income (loss) $333 $(169) $390 $(2,655) Income (loss)
per share from continuing operations $.06 $.04 $.14 $(.22) Income
(loss) per share from discontinued operations $.03 $(.08) $(.04)
$(.48) Net income (loss) per share $.09 $(.04) $.10 $(.70) 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, 2005 2004 Assets Current Assets: Cash
and cash equivalents $7,759 $7,861 Short-term investments 4,433
1,598 Accounts receivable, net 5,639 5,299 Prepaid expenses 220 255
Other current assets 255 226 Current assets - discontinued
operations 29 1,632 Total current assets 18,335 16,871 Property and
equipment, net 17,571 17,774 Leased property under capital leases,
net 5,740 5,519 Other assets, net 61 880 Noncurrent assets -
discontinued operations 1,881 2,496 Total assets $43,588 $43,540
Liabilities and Shareholders' Equity Current Liabilities: Current
portion of obligations under capital leases $1 $1 Accounts payable
3,837 3,797 Accrued payroll and other compensation 469 457 Accrued
income taxes 145 183 Other accrued taxes 239 210 Other liabilities
and accrued expenses 1,623 1,629 Current liabilities - discontinued
operations 391 749 Total current liabilities 6,705 7,026 Other
noncurrent liabilities 9 21 Obligations under capital leases 233
234 Total shareholders' equity 36,641 36,259 Total liabilities and
shareholders' equity $43,588 $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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