WARREN, Ohio, Nov. 10, 2011 /PRNewswire/ -- Avalon Holdings
Corporation (NYSE Amex:AWX) today announced financial results for
the third quarter of 2011.
Net operating revenues in the third quarter of 2011 were
$15.8 million compared with
$11.8 million in the third quarter of
2010. The Company recorded net income of $.3 million, or $.08 per share for the third quarter of 2011
compared with a net loss of $2,000 or
breakeven on a per share basis for the third quarter of 2010.
For the first nine months of 2011, net operating revenues
increased to $37.1 million compared
with $32.2 million for the first nine
months of 2010. The Company recorded net income of
$41,000, or $.01 per share for the first nine months of 2011
compared with a net loss of $.6
million or $.16 per share for
the first nine 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
September
30,
|
|
Nine Months
Ended
September
30,
|
|
|
2011
|
|
2010
|
|
2011
|
|
2010
|
|
|
|
|
|
|
|
|
|
|
|
Net operating
revenues
|
$ 15,835
|
|
$ 11,789
|
|
$ 37,104
|
|
$ 32,170
|
|
|
|
|
|
|
|
|
|
|
|
Costs and expenses:
|
|
|
|
|
|
|
|
|
|
Costs of
operations
|
13,267
|
|
9,581
|
|
30,856
|
|
26,408
|
|
|
Depreciation and
Amortization
|
415
|
|
421
|
|
1,250
|
|
1,263
|
|
|
Selling, general and
administrative expenses
|
1,877
|
|
1,830
|
|
5,200
|
|
5,249
|
|
Operating income
(loss)
|
276
|
|
(43)
|
|
(202)
|
|
(750)
|
|
|
|
|
|
|
|
|
|
|
|
Other income
(expense):
|
|
|
|
|
|
|
|
|
|
Interest
expense
|
(3)
|
|
(3)
|
|
(10)
|
|
(10)
|
|
|
Interest
income
|
1
|
|
5
|
|
4
|
|
21
|
|
|
Other income,
net
|
54
|
|
47
|
|
297
|
|
163
|
|
|
Income (loss) before income
taxes
|
328
|
|
6
|
|
89
|
|
(576)
|
|
|
|
|
|
|
|
|
|
|
|
Provision for income
taxes
|
24
|
|
8
|
|
48
|
|
22
|
|
|
Net income (loss)
|
$
304
|
|
$
( 2)
|
|
$
41
|
|
$
(598)
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per share-
basic
|
$
.08
|
|
$
(0)
|
|
$
.01
|
|
$
(.16)
|
|
|
Net income (loss) per share-
diluted
|
$
.08
|
|
$
(0)
|
|
$
.01
|
|
$
(.16)
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares
outstanding – basic
|
3,803
|
|
3,803
|
|
3,803
|
|
3,803
|
|
|
Weighted average shares
outstanding – diluted
|
3,826
|
|
3,803
|
|
3,865
|
|
3,803
|
|
|
|
|
|
|
|
|
|
|
|
|
AVALON HOLDINGS CORPORATION AND
SUBSIDIARIES
Condensed Consolidated Balance
Sheets
(in thousands)
|
|
|
|
|
|
|
|
September
30,
|
|
December
31,
|
|
|
2011
|
|
2010
|
|
|
(Unaudited)
|
|
|
|
|
Assets:
|
|
|
|
|
|
Current Assets:
|
|
|
|
|
|
Cash and cash
equivalents
|
$6,008
|
|
$5,565
|
|
|
Accounts
receivable, net
|
12,158
|
|
8,202
|
|
|
Prepaid
expenses
|
289
|
|
341
|
|
|
Refundable income
taxes
|
--
|
|
14
|
|
|
Other current
assets
|
796
|
|
600
|
|
|
Total current assets
|
19,251
|
|
14,722
|
|
|
|
|
|
|
|
Property and equipment,
net
|
26,337
|
|
27,265
|
|
|
Leased property under capital
leases, net
|
6,059
|
|
5,314
|
|
|
Noncurrent deferred tax
asset
|
8
|
|
8
|
|
|
Other assets, net
|
41
|
|
28
|
|
|
Total
assets
|
$51,696
|
|
$47,337
|
|
|
|
|
|
|
|
Liabilities and Shareholders'
Equity
|
|
|
|
|
|
Current Liabilities:
|
|
|
|
|
|
Current portion of
obligations under capital leases
|
$1
|
|
$1
|
|
|
Accounts
payable
|
8,652
|
|
5,173
|
|
|
Accrued payroll and
other compensation
|
718
|
|
383
|
|
|
Accrued income
taxes
|
10
|
|
—
|
|
|
Other accrued
taxes
|
220
|
|
269
|
|
|
Deferred
revenues
|
2,306
|
|
1,988
|
|
|
Other liabilities
and accrued expenses
|
398
|
|
318
|
|
|
Total current liabilities
|
12,305
|
|
8,132
|
|
|
|
|
|
|
|
Obligations under capital
leases
|
228
|
|
228
|
|
|
|
|
|
|
|
Total shareholders'
equity
|
39,163
|
|
38,977
|
|
|
Total liabilities and shareholders' equity
|
$51,696
|
|
$47,337
|
|
|
|
|
|
SOURCE Avalon Holdings Corporation