Avalon Holdings Corporation Announces Second Quarter Results
12 August 2008 - 11:24PM
PR Newswire (US)
WARREN, Ohio, Aug. 12 /PRNewswire-FirstCall/ -- Avalon Holdings
Corporation (AMEX:AWX) today announced financial results for the
second quarter of 2008. Net operating revenues in the second
quarter of 2008 increased to $11.7 million compared with $11.5
million for the second quarter of 2007. The Company recorded net
income of $.3 million, or $.07 per share compared with $.4 million,
or $.10 per share for the second quarter of the 2007. Net income
for the second quarter of 2007 included $.1 million, or $.03 per
share from discontinued operations. For the first six months of
2008, net operating revenues decreased to $22.1 million compared
with $22.8 million for the first six months of 2007. The Company
recorded net income $.2 million, or $.05 per share for the first
six months of 2008 compared with $.7 million or $.19 per share for
the first six months of 2007. Net income for the first six months
of 2007 included $.1 million, or $.03 per share from discontinued
operations. 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, 2008 2007 2008 2007 Net operating revenues $11,720 $11,534
$22,074 $22,844 Costs and expenses: Costs of operations 9,864 9,695
18,709 19,167 Selling, general and administrative expenses 1,652
1,677 3,313 3,368 Operating income from continuing operations 204
162 52 309 Other income (expense): Interest expense (3) (4) (7) (9)
Interest income 8 133 37 285 Other income (expense), net 59 (38)
126 20 Income from continuing operations before income taxes 268
253 208 605 Provision for income taxes 14 3 14 3 Income from
continuing operations 254 250 194 602 Discontinued operations:
Income from discontinued operations, net of taxes - 113 - 113 Net
income $254 $363 $194 $715 Net income per share from continuing
operations $.07 $.07 $.05 $.16 Net income per share from
discontinued operations $- $.03 $- $.03 Net income per share $.07
$.10 $.05 $.19 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,
2008 2007 Assets: (Unaudited) Current Assets: Cash and cash
equivalents $3,552 $5,086 Accounts receivable, net 8,148 7,704
Prepaid expenses 299 287 Other current assets 703 366 Total current
assets 12,702 13,443 Property and equipment, net 29,894 28,568
Leased property under capital leases net 5,739 5,759 Noncurrent
deferred tax asset 19 19 Other assets, net 59 60 Total assets
$48,413 $47,849 Liabilities and Shareholders' Equity Current
Liabilities: Current portion of obligations under capital leases $1
$1 Accounts payable 4,751 5,013 Accrued payroll and other
compensation 708 594 Accrued income taxes 38 43 Other accrued taxes
148 260 Other liabilities and accrued expenses 2,906 2,271 Total
current liabilities 8,552 8,182 Obligations under capital leases
231 231 Total shareholders' equity 39,630 39,436 Total liabilities
and shareholders' equity $48,413 $47,849 DATASOURCE: Avalon
Holdings Corporation CONTACT: Mr. Timothy C. Coxson, Chief
Financial Officer, Avalon Holdings Corporation, +1-330-856-8800
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