AWX Avalon Holdngs Corp

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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