Avalon Holdings Corporation Announces Fourth Quarter Results
18 März 2008 - 10:52PM
PR Newswire (US)
WARREN, Ohio, March 18 /PRNewswire-FirstCall/ -- Avalon Holdings
Corporation (AMEX:AWX) today announced financial results for the
fourth quarter of 2007. Net operating revenues were $10.4 million
in the fourth quarter of 2007 compared with $10 million in the
fourth quarter of the prior year. The Company recorded net income
of $196,000, or $.05 per share in the fourth quarter of 2007
compared with net income of $343,000 or $.09 per share in the
fourth quarter of 2006. The fourth quarter results for 2006
included income from discontinued operations of $95,000 or $.02 per
share. For the full year of 2007, net operating revenues were $45.4
million compared with $39.3 million for the prior year period. The
Company recorded income from continuing operations of $1.3 million,
or $.35 per share for the full year of 2007 compared with income
from continuing operations of $.9 million, or $.23 per share for
the prior year period. Including the results from discontinued
operations, the Company recorded net income of $1.5 million for the
full year of 2007, or $.38 per share compared with net income of
$1.3 million, or $.35 per share for the prior year period. 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 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, 2007
2006 2007 2006 Net operating revenues $10,449 $10,045 $45,432
$39,329 Costs and expenses: Costs of operations 8,913 8,498 38,238
33,047 Selling, general and administrative expenses 1,437 1,562
6,348 6,271 Operating income (loss) from continuing operations 99
(15) 846 11 Interest expense (4) (4) (16) (15) Interest income 56
162 435 599 Other income, net 55 118 120 288 Income from continuing
operations before income taxes 206 261 1,385 883 Income tax
provision 10 13 40 13 Income from continuing operations 196 248
1,345 870 Income from discontinued operations (net of tax) - 95 113
457 Net income $196 $343 $ 1,458 $ 1,327 Income per share from
continuing operations $.05 $.07 $.35 $.23 Income per share from
discontinued operations $- $.02 $.03 $.12 Net income per share $.05
$.09 $.38 $.35 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, 2007 2006
Assets Current Assets: Cash and cash equivalents $5,086 $13,251
Accounts receivable, net 7,704 7,672 Prepaid expenses 287 223 Other
current assets 366 224 Total current assets 13,443 21,370 Property
and equipment, net 28,568 18,696 Leased property under capital
leases, net 5,759 5,816 Other assets, net 60 69 Noncurrent deferred
tax asset 19 - Total assets $47,849 $45,951 Liabilities and
Shareholders' Equity Current Liabilities: Current portion of
obligations under capital leases $1 $40 Accounts payable 5,013
4,723 Accrued payroll and other compensation 594 561 Accrued income
taxes 43 24 Other accrued taxes 260 252 Other liabilities and
accrued expenses 2,271 2,056 Total current liabilities 8,182 7,656
Obligations under capital leases 231 317 Total shareholders' equity
39,436 37,978 Total liabilities and shareholders' equity $47,849
$45,951 DATASOURCE: Avalon Holdings Corporation CONTACT: Mr.
Timothy C. Coxson, Chief Financial Officer, Avalon Holdings
Corporation, +1-330-856-8800
Copyright
Avalon Holdngs (AMEX:AWX)
Historical Stock Chart
Von Jun 2024 bis Jul 2024
Avalon Holdngs (AMEX:AWX)
Historical Stock Chart
Von Jul 2023 bis Jul 2024