Avalon Holdings Corporation Announces Third Quarter Results
10 November 2006 - 11:27PM
PR Newswire (US)
WARREN, Ohio, Nov. 10 /PRNewswire-FirstCall/ -- Avalon Holdings
Corporation (AMEX:AWX) today announced financial results for the
third quarter of 2006. Net operating revenues in the third quarter
of 2006 increased to $11.1 million compared with $9.5 million in
the prior year's third quarter. The Company recorded income from
continuing operations of $.5 million, or $.13 per share, for the
third quarter of 2006 compared with income from continuing
operations of $.4 million, or $.09 per share, for the third quarter
of 2005. Including the results from discontinued operations, the
Company recorded net income of $.5 million or $.13 per share for
the third quarter of 2006 compared with net income of $20,000 or
zero cents per share for the third quarter of the prior year. For
the first nine months of 2006, net operating revenues increased to
$29.3 million compared with $25.7 million for the first nine months
of 2005. The Company recorded income from continuing operations of
$.6 million, or $.16 per share, for the first nine months of 2006
compared with income from continuing operations of $.3 million, or
$.08 per share, for the prior year period. Including the results
from discontinued operations, the Company recorded net income of $1
million, or $.26 per share, for the first nine months of 2006
compared with net income of $57,000, or $.01 per share, for the
first nine months of 2005. 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, 2006 2005 2006 2005 Net operating
revenues $11,130 $9,517 $29,284 $25,686 Costs and expenses: Costs
of operations 9,211 7,821 24,549 21,404 Selling, general and
administrative expenses 1,633 1,480 4,709 4,316 Operating income
(loss) from continuing operations 286 216 26 (34) Other income
(expense): Interest expense (4) (3) (11) (10) Interest income 173
88 437 230 Other income, net 48 55 170 137 Income from continuing
operations before income taxes 503 356 622 323 Provision (benefit)
for income taxes - - - - Income from continuing operations 503 356
622 323 Discontinued operations: (Loss) income from discontinued
operations before income taxes (2) (336) 362 (266) Provision
(benefit) for income taxes - - - - (Loss) income from discontinued
operations (2) (336) 362 (266) Net income $501 $20 $984 $57 Net
income per share from continuing operations $.13 $.09 $.16 $.08 Net
income(loss) per share from discontinued operations $ - $(.09) $.10
$(.07) - Net income per share $.13 $ - $.26 $.01 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, 2006 2005 Assets:
(Unaudited) Current Assets: Cash and cash equivalents $14,111
$7,759 Short-term investments - 4,433 Accounts receivable, net
7,683 5,639 Prepaid expenses 345 220 Other current assets 229 255
Current assets - discontinued operations - 29 Total current assets
22,368 18,335 Property and equipment, net 17,237 17,571 Leased
property under capital leases, net 5,692 5,740 Other assets, net 62
61 Noncurrent assets - discontinued operations - 1,881 Total assets
$45,359 $43,588 Liabilities and Shareholders' Equity Current
Liabilities: Current portion of obligations under capital leases $1
$1 Accounts payable 4,908 3,837 Accrued payroll and other
compensation 625 469 Accrued income taxes 107 145 Other accrued
taxes 179 239 Other liabilities and accrued expenses 1,671 1,623
Current liabilities - discontinued operations - 391 Total current
liabilities 7,491 6,705 Obligations under capital leases 233 233
Other noncurrent liabilities - 9 Total shareholders' equity 37,635
36,641 Total liabilities and shareholders' equity $45,359 $43,588
DATASOURCE: Avalon Holdings Corporation CONTACT: Mr. Timothy C.
Coxson, Chief Financial Officer of Avalon Holdings Corporation,
+1-330-856-8800
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