WARREN, Ohio, March 15, 2012 /PRNewswire/ -- Avalon Holdings
Corporation (NYSE Amex: AWX) today announced financial results for
the fourth quarter of 2011.
Net operating revenues were $16.9
million in the fourth quarter of 2011 compared with
$11.3 million in the fourth quarter
of the prior year. The Company recorded net income of $.7 million or $.19
per share in the fourth quarter of 2011 compared with a net income
of $.1 million or $.02 per share in the fourth quarter of 2010.
For the full year of 2011, net operating revenues increased to
$54.0 million compared with
$43.5 million for the prior year
period. The Company recorded net income of $.8 million, or $.20 per share for the full year of 2011 compared
with a net loss of $.5 million, or
$.14 per share for the prior year
period.
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.
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AVALON
HOLDINGS CORPORATION AND SUBSIDIARIES
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Condensed
Consolidated Statements of Operations
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(in
thousands, except for per share amounts)
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Three Months
Ended
|
Twelve
Months Ended
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|
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December
31,
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December
31,
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|
|
|
|
|
|
|
2011
|
2010
|
2011
|
2010
|
|
|
|
|
|
|
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Net operating
revenues
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$16,882
|
$11,283
|
$53,986
|
$43,453
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|
|
|
|
|
|
|
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Costs and expenses:
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|
|
|
|
|
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Costs of
operations
|
14,123
|
9,343
|
44,979
|
35,751
|
|
|
Depreciation and
amortization
|
413
|
421
|
1,663
|
1,684
|
|
|
Selling, general
and
|
|
|
|
|
|
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administrative
expenses
|
2,066
|
1,534
|
7,266
|
6,783
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Operating income
(loss)
|
280
|
(15)
|
78
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(765)
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|
|
|
|
|
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Interest expense
|
(4)
|
(4)
|
(14)
|
(14)
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Interest income
|
1
|
3
|
5
|
24
|
|
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Other income, net
|
499
|
90
|
796
|
253
|
|
|
|
|
|
|
|
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Income (loss) before income
taxes
|
776
|
74
|
865
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(502)
|
|
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Income tax provision
|
41
|
19
|
89
|
41
|
|
|
|
|
|
|
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Net income (loss)
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$735
|
$
55
|
$776
|
$(543)
|
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|
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Net income (loss) per
share-basic
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$.19
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$
02
|
$.20
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$(.14)
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Net income (loss) per
share-diluted
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$.19
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$.01
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$.20
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$(.14)
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Weighted average
shares
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Outstanding - basic
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3,803
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3,803
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3,803
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3,803
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- diluted
|
3,812
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3,921
|
3,852
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3,803
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AVALON HOLDINGS CORPORATION AND
SUBSIDIARIES
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Condensed Consolidated Balance
Sheets
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(in thousands)
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December
31,
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December
31,
|
|
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2011
|
2010
|
|
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Assets:
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Current
Assets:
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Cash and cash
equivalents
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$7,324
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$5,565
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Accounts
receivable, net
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12,885
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8,202
|
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Prepaid
expenses
|
281
|
341
|
|
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Refundable
income taxes
|
2
|
14
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Other current
assets
|
717
|
600
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Total current assets
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21,209
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14,722
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|
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Property and equipment,
net
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26,079
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27,265
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Leased property under capital
leases, net
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5,984
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5,314
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Noncurrent deferred tax
asset
|
8
|
8
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Other assets, net
|
87
|
28
|
|
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Total assets
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$53,367
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$47,337
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Liabilities and Shareholders'
Equity
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|
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Current Liabilities:
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Current
portion of obligations under capital leases
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$1
|
$1
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Accounts
payable
|
9,643
|
5,173
|
|
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Accrued
payroll and other compensation
|
755
|
383
|
|
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Accrued
income taxes
|
20
|
-
|
|
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Other accrued
taxes
|
260
|
269
|
|
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Deferred
revenues
|
2,105
|
1,988
|
|
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Other
liabilities and accrued expenses
|
406
|
318
|
|
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Total current liabilities
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13,190
|
8,132
|
|
|
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|
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Obligations under capital
leases
|
227
|
228
|
|
|
|
|
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Total shareholders'
equity
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39,950
|
38,977
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Total liabilities and shareholders' equity
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$53,367
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$47,337
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SOURCE Avalon Holdings Corporation