AWX Avalon Holdngs Corp

WARREN, Ohio, May 11 /PRNewswire-FirstCall/ -- Avalon Holdings Corporation (AMEX:AWX) today announced financial results for the first quarter of 2007. Net operating revenues in the first quarter of 2007 increased to $11.3 million compared with $8.9 million in the prior year's first quarter. The Company recorded net income of $352,000 in the first quarter of 2007 or $.09 per share compared with net income of $2,000 or basically breakeven during the first quarter of 2006. 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 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, 2007 2006 Net operating revenues $ 11,310 $ 8,924 Costs and expenses: Costs of operations 9,472 7,540 Selling, general and administrative expenses 1,691 1,547 Operating income (loss) from continuing operations 147 (163) Other income (expense): Interest expense (5) (4) Interest income 152 123 Other income, net 58 53 Income from continuing operations before income taxes 352 9 Provision (benefit) for income taxes - - Income from continuing operations 352 9 Discontinued operations: Loss from discontinued operations before income taxes - (7) Provision (benefit) for income taxes - - Loss from discontinued operations - (7) Net income $ 352 $ 2 Net income per share from continuing operations $ .09 $ - Net income (loss) per share from discontinued operations $ - $ - Net income per share $ .09 $ - Weighted average shares outstanding 3,803 3,803 AVALON HOLDINGS CORPORATION AND SUBSIDIARIES Condensed Consolidated Balance Sheets (in thousands) March 31, December 31, 2007 2006 Assets: (Unaudited) Current Assets: Cash and cash equivalents $ 12,775 $ 13,251 Accounts receivable, net 8,021 7,672 Prepaid expenses 286 223 Other current assets 308 224 Total current assets 21,390 21,370 Property and equipment, net 20,051 18,696 Leased property under capital leases, net 5,755 5,816 Other assets, net 69 69 Total assets $ 47,265 $ 45,951 Liabilities and Shareholders' Equity Current Liabilities: Current portion of obligations under capital leases $40 $40 Accounts payable 5,549 4,723 Accrued payroll and other compensation 550 561 Accrued income taxes 18 24 Other accrued taxes 176 252 Other liabilities and accrued expenses 2,294 2,056 Total current liabilities 8,627 7,656 Obligations under capital leases 308 317 Total shareholders' equity 38,330 37,978 Total liabilities and shareholders' equity $ 47,265 $ 45,951 DATASOURCE: Avalon Holdings Corporation CONTACT: Mr. Timothy C. Coxson, Chief Financial Officer, Avalon Holdings Corporation, +1-330-856-8800

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