Avalon Holdings Corporation Announces Second Quarter Results
11 August 2007 - 12:37AM
PR Newswire (US)
WARREN, Ohio, Aug. 10 /PRNewswire-FirstCall/ -- Avalon Holdings
Corporation (AMEX:AWX) today announced financial results for the
second quarter of 2007. Net operating revenues in the second
quarter of 2007 increased to $11.5 million compared with $9.2
million in the prior year's second quarter. The Company recorded
income from continuing operations of $.3 million, or $.07 per share
for the second quarter of 2007 compared with income from continuing
operations of $.1 million or $.03 per share for the second quarter
of 2006. Including the results from discontinued operations, the
Company recorded net income of $.4 million, or $.10 per share in
the second quarter of 2007 compared with net income of $.5 million,
or $.013 per share in the second quarter of the prior year. For the
first six months of 2007, net operating revenues increased to $22.8
million compared with $18.2 million for the first six months of
2006. The Company recorded income from continuing operations of $.6
million, or $.16 per share for the first six months of 2007
compared with income from continuing operations of $.1 million, or
$.03 per share for the prior year period. Including the results
from discontinued operations, the Company recorded net income of
$.7 million, or $.19 per share for the first six months of 2007
compared with net income of $.5 million, or $.013 per share for the
first six months 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 Six Months Ended June 30, June
30, 2007 2006 2007 2006 Net operating revenues $11,534 $9,230
$22,844 $18,154 Costs and expenses: Costs of operations 9,695 7,798
19,167 15,338 Selling, general and administrative expenses 1,677
1,529 3,368 3,076 Operating income (loss) from continuing
operations 162 (97) 309 (260) Other income (expense): Interest
expense (4) (3) (9) (7) Interest income 133 141 285 264 Other
income (expense), net (38) 69 20 122 Income from continuing
operations before income taxes 253 110 605 119 Provision for income
taxes 3 - 3 - Income from continuing operations 250 110 602 119
Discontinued operations: Income from discontinued operations before
income taxes 113 371 113 364 Provision (benefit) for income taxes -
- - - Income from discontinued operations 113 371 113 364 Net
income $363 $481 $715 $483 Net income per share from continuing
operations $.07 $.03 $.16 $.03 Net income per share from
discontinued operations $.03 $.10 $.03 $.10 Net income per share
$.10 $.13 $.19 $.13 Weighted average shares outstanding 3,803 3,803
3,803 3,803 AVALON HOLDINGS CORPORATION AND SUBSIDIARIES Condensed
Consolidated Balance Sheets (in thousands) June 30, December 31,
2007 2006 (Unaudited) Assets: Current Assets: Cash and cash
equivalents $9,487 $13,251 Accounts receivable, net 8,034 7,672
Prepaid expenses 327 223 Other current assets 387 224 Total current
assets 18,235 21,370 Property and equipment, net 23,893 18,696
Leased property under capital leases net 5,725 5,816 Other assets,
net 61 69 Total assets $47,914 $45,951 Liabilities and
Shareholders' Equity Current Liabilities: Current portion of
obligations under capital leases $1 $40 Accounts payable 5,777
4,723 Accrued payroll and other compensation 681 561 Accrued income
taxes 19 24 Other accrued taxes 235 252 Other liabilities and
accrued expenses 2,276 2,056 Total current liabilities 8,989 7,656
Obligations under capital leases 232 317 Total shareholders' equity
38,693 37,978 Total liabilities and shareholders' equity $47,914
$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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