WARREN, Ohio, Aug. 11, 2011 /PRNewswire/ -- Avalon Holdings
Corporation (NYSE Amex: AWX) today announced financial results for
the second quarter of 2011.
Net operating revenues in the second quarter of 2011 were
$11.4 million compared with
$12.1 million in the second quarter
of 2010. The Company recorded net income of $77,000, or $.02
per share for the second quarter of 2011 compared with a net loss
of $12,000, or $.01 per share for the second quarter of the
2010.
For the first six months of 2011, net operating revenues
increased to $21.3 million compared
with $20.4 million for the first six
months of 2010. The Company recorded a net loss $.3 million, or $.07 per share for the first six months of 2011
compared with a net loss of $.6
million or $.16 per share for
the first six months 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
June
30,
|
|
Six Months
Ended
June
30,
|
|
|
2011
|
|
2010
|
|
2011
|
|
2010
|
|
|
|
|
|
|
|
|
|
|
|
Net operating
revenues
|
$ 11,375
|
|
$ 12,051
|
|
$ 21,269
|
|
$ 20,381
|
|
|
|
|
|
|
|
|
|
|
|
Costs and expenses:
|
|
|
|
|
|
|
|
|
|
Costs of
operations
|
9,354
|
|
9,842
|
|
17,589
|
|
16,827
|
|
|
Depreciation and
Amortization
|
416
|
|
422
|
|
835
|
|
842
|
|
|
Selling, general and
administrative expenses
|
1,691
|
|
1,851
|
|
3,323
|
|
3,419
|
|
|
|
|
|
|
|
|
|
|
|
Operating loss
|
(86)
|
|
(64)
|
|
(478)
|
|
(707)
|
|
|
|
|
|
|
|
|
|
|
|
Other income
(expense):
|
|
|
|
|
|
|
|
|
|
Interest
expense
|
(4)
|
|
(4)
|
|
(7)
|
|
(7)
|
|
|
Interest
income
|
1
|
|
8
|
|
3
|
|
16
|
|
|
Other income,
net
|
177
|
|
61
|
|
243
|
|
116
|
|
|
Income (loss) before income
taxes
|
88
|
|
1
|
|
(239)
|
|
(582)
|
|
|
|
|
|
|
|
|
|
|
|
Provision for income
taxes
|
11
|
|
13
|
|
24
|
|
14
|
|
|
Net income (loss)
|
$
77
|
|
$
(12)
|
|
$ (263)
|
|
$
(596)
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per share-
basic
|
$
.02
|
|
$
(.01)
|
|
$
(.07)
|
|
$
(.16)
|
|
|
Net income (loss) per share-
diluted
|
$
.02
|
|
$
(.01)
|
|
$
(.07)
|
|
$
(.16)
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares
outstanding – basic
|
3,803
|
|
3,803
|
|
3,803
|
|
3,803
|
|
|
Weighted average shares
outstanding – diluted
|
3,869
|
|
3,803
|
|
3,803
|
|
3,803
|
|
|
|
|
|
|
|
|
|
|
|
|
AVALON HOLDINGS CORPORATION AND
SUBSIDIARIES
Condensed Consolidated Balance
Sheets
(in thousands)
|
|
|
|
June
30,
|
|
December
31,
|
|
|
|
2011
|
|
2010
|
|
|
Assets:
|
|
(Unaudited)
|
|
|
|
|
Current Assets:
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$
|
6,165
|
$
|
5,565
|
|
|
Accounts receivable,
net
|
|
7,846
|
|
8,202
|
|
|
Prepaid
expenses
|
|
244
|
|
341
|
|
|
Refundable income
taxes
|
|
14
|
|
14
|
|
|
Other current
assets
|
|
822
|
|
600
|
|
|
Total
current assets
|
|
15,091
|
|
14,722
|
|
|
|
|
|
|
|
|
Property and equipment,
net
|
|
26,580
|
|
27,265
|
|
|
Leased property under capital
leases, net
|
|
6,060
|
|
5,314
|
|
|
Noncurrent deferred tax
asset
|
|
8
|
|
8
|
|
|
Other assets, net
|
|
27
|
|
28
|
|
|
Total
assets
|
$
|
47,766
|
$
|
47,337
|
|
|
|
|
|
|
|
|
Liabilities and Shareholders'
Equity
|
|
|
|
|
|
|
Current Liabilities:
|
|
|
|
|
|
|
Current portion of
obligations under capital leases
|
$
|
1
|
$
|
1
|
|
|
Accounts
payable
|
|
4,976
|
|
5,173
|
|
|
Accrued payroll and other
compensation
|
|
685
|
|
383
|
|
|
Accrued income
taxes
|
|
2
|
|
—
|
|
|
Other accrued
taxes
|
|
214
|
|
269
|
|
|
Deferred
revenues
|
|
2,481
|
|
1,988
|
|
|
Other liabilities and
accrued expenses
|
|
372
|
|
318
|
|
|
Total
current liabilities
|
|
8,731
|
|
8,132
|
|
|
|
|
|
|
|
|
Obligations under capital
leases
|
|
228
|
|
228
|
|
|
|
|
|
|
|
|
Total shareholders'
equity
|
|
38,807
|
|
38,977
|
|
|
Total
liabilities and shareholders' equity
|
$
|
47,766
|
$
|
47,337
|
|
|
|
|
|
|
SOURCE Avalon Holdings Corporation