Avalon Holdings Corporation Announces First Quarter Results
11 Mai 2011 - 11:49PM
PR Newswire (US)
WARREN, Ohio, May 11, 2011 /PRNewswire/ -- Avalon Holdings
Corporation (NYSE Amex: AWX) today announced financial results for
the first quarter of 2011.
Net operating revenues increased to $9.9
million in the first quarter of 2011 compared with
$8.3 million in the first quarter of
2010. The Company incurred a net loss of $.3 million in the first quarter of 2011 or
$.09 per share compared with a net
loss of $.6 million or $.15 per share for the first quarter of 2010.
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,
|
|
|
|
2011
|
|
2010
|
|
|
|
|
|
|
|
|
Net operating
revenues
|
|
$9,894
|
|
$8,330
|
|
|
|
|
|
|
|
|
Costs and expenses:
|
|
|
|
|
|
|
Costs of
operations
|
|
8,235
|
|
6,985
|
|
|
Depreciation and
amortization
|
|
419
|
|
420
|
|
|
Selling, general and
administrative expenses
|
|
1,632
|
|
1,568
|
|
|
Loss from operations
|
|
(392)
|
|
(643)
|
|
|
|
|
|
|
|
|
Other income
(expense):
|
|
|
|
|
|
|
Interest
expense
|
|
(3)
|
|
(3)
|
|
|
Interest income
|
|
2
|
|
8
|
|
|
Other income,
net
|
|
66
|
|
55
|
|
|
Loss before income
taxes
|
|
(327)
|
|
(583)
|
|
|
|
|
|
|
|
|
Provision for income
taxes
|
|
13
|
|
1
|
|
|
|
|
|
|
|
|
Net loss
|
|
$(340)
|
|
$(584)
|
|
|
|
|
|
|
|
|
Basic and dilutive net loss per
share
|
|
$(.09)
|
|
$(.15)
|
|
|
|
|
|
|
|
|
Weighted average shares
outstanding
|
|
3,803
|
|
3,803
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AVALON HOLDINGS CORPORATION AND
SUBSIDIARIES
Condensed Consolidated Balance
Sheets
(in thousands)
|
|
|
March
31,
|
|
December
31,
|
|
|
2011
|
|
2010
|
|
|
(Unaudited)
|
|
|
|
|
Assets:
|
|
|
|
|
|
Current Assets:
|
|
|
|
|
|
Cash and cash
equivalents
|
$6,059
|
|
$5,565
|
|
|
Accounts receivable,
net
|
7,882
|
|
8,202
|
|
|
Prepaid
expenses
|
287
|
|
341
|
|
|
Refundable income
taxes
|
14
|
|
14
|
|
|
Other current
assets
|
694
|
|
600
|
|
|
Total current
assets
|
14,936
|
|
14,722
|
|
|
|
|
|
|
|
Property and equipment,
net
|
27,086
|
|
27,265
|
|
|
Leased property under capital
leases, net
|
5,256
|
|
5,314
|
|
|
Noncurrent deferred tax
asset
|
8
|
|
8
|
|
|
Other assets, net
|
28
|
|
28
|
|
|
Total assets
|
$47,314
|
|
$47,337
|
|
|
|
|
|
|
|
Liabilities and Shareholders'
Equity
|
|
|
|
|
|
Current Liabilities:
|
|
|
|
|
|
Current portion of
obligations under capital leases
|
$1
|
|
$1
|
|
|
Accounts
payable
|
5,141
|
|
5,173
|
|
|
Accrued payroll and other
compensation
|
491
|
|
383
|
|
|
Accrued income
taxes
|
5
|
|
—
|
|
|
Other accrued
taxes
|
213
|
|
269
|
|
|
Deferred
revenues
|
2,206
|
|
1,988
|
|
|
Other liabilities and
accrued expenses
|
351
|
|
318
|
|
|
Total current
liabilities
|
8,408
|
|
8,132
|
|
|
|
|
|
|
|
Obligations under capital
leases
|
228
|
|
228
|
|
|
|
|
|
|
|
Total shareholders'
equity
|
38,678
|
|
38,977
|
|
|
Total liabilities and
shareholders' equity
|
$47,314
|
|
$47,337
|
|
|
|
|
|
|
|
|
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SOURCE Avalon Holdings Corporation
Copyright 2011 PR Newswire
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