Avalon Holdings Corporation Announces First Quarter Results
12 Mai 2008 - 11:41PM
PR Newswire (US)
WARREN, Ohio, May 12 /PRNewswire-FirstCall/ -- Avalon Holdings
Corporation (AMEX:AWX) today announced financial results for the
first quarter of 2008. Net operating revenues in the first quarter
of 2008 decreased to $10.4 million compared with $11.3 million in
the first quarter of 2007. The Company recorded a net loss of
$60,000 in the first quarter of 2008 or a loss of $.02 per share
compared with net income of $352,000 or $.09 per share for the
first quarter of 2007. 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, 2008 2007 Net operating
revenues $10,354 $11,310 Costs and expenses: Costs of operations
8,845 9,472 Selling, general and administrative expenses 1,661
1,691 Operating (loss) income (152) 147 Other income (expense):
Interest expense (4) (5) Interest income 29 152 Other income, net
67 58 (Loss) income before taxes (60) 352 Provision (benefit) for
income taxes - - Net (loss) income $(60) $352 Net (loss) income per
share $(.02) $.09 Weighted average shares outstanding 3,803 3,803
AVALON HOLDINGS CORPORATION AND SUBSIDIARIES Condensed Consolidated
Balance Sheets (in thousands) March 31, December 31, 2008 2007
Assets: (Unaudited) Current Assets: Cash and cash equivalents
$3,953 $5,086 Accounts receivable, net 7,201 7,704 Prepaid expenses
309 287 Other current assets 597 366 Total current assets 12,060
13,443 Property and equipment, net 29,588 28,568 Leased property
under capital leases, net 5,702 5,759 Noncurrent deferred tax asset
19 19 Other assets, net 60 60 Total assets $47,429 $47,849
Liabilities and Shareholders' Equity Current Liabilities: Current
portion of obligations under capital leases $1 $1 Accounts payable
4,308 5,013 Accrued payroll and other compensation 498 594 Accrued
income taxes 27 43 Other accrued taxes 182 260 Other liabilities
and accrued expenses 2,806 2,271 Total current liabilities 7,822
8,182 Obligations under capital leases 231 231 Total shareholders'
equity 39,376 39,436 Total liabilities and shareholders' equity
$47,429 $47,849 DATASOURCE: Avalon Holdings Corporation CONTACT:
Mr. Timothy C. Coxson, Chief Financial Officer of Avalon Holdings
Corporation, +1-330-856-8800
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