AWX Avalon Holdngs Corp

Avalon Holdings Corporation Announces Third Quarter Results WARREN, Ohio, Nov. 14 /PRNewswire-FirstCall/ -- Avalon Holdings Corporation today announced financial results for the third quarter of 2003. Net operating revenues in the third quarter of 2003 decreased to $15.7 million compared with $19.1 million in the prior year's third quarter. Avalon incurred a loss from continuing operations of $48,000 or a loss of $.01 per share for the third quarter of 2003 compared with a loss from continuing operations of $1.6 million or a loss of $.41 per share for the third quarter of 2002. For the first nine months of 2003, net operating revenues decreased to $46.1 million compared with $51.1 million for the first nine months of 2002. During the first nine months of 2003, Avalon incurred a loss from continuing operations of $1.4 million or a loss of $.37 per share compared with a loss from continuing operations of $3.3 million or a loss of $.88 per share for the first nine months of 2002. Avalon Holdings Corporation provides transportation services, waste disposal brokerage and management services and technical environmental services, including environmental engineering, site assessment, remediation and landfill management services to industrial, commercial, municipal and governmental customers. The Company also owns and operates a golf course. AVALON HOLDINGS CORPORATION Condensed Consolidated Statements of Operations (Unaudited) (in thousands, except for per share amounts) Three Months Ended Nine Months Ended September 30, September 30, 2003 2002 2003 2002 Net operating revenues $15,728 $19,116 $46,056 $51,085 Costs and expenses: Costs of operations 13,714 16,538 40,889 46,184 Selling, general and administrative expenses 2,207 4,308 7,003 8,785 Operating loss from continuing operations (193) (1,730) (1,836) (3,884) Other income: Interest income 49 57 164 201 Other income, net 96 100 258 341 Loss from continuing operations before income taxes (48) (1,573) (1,414) (3,342) Provision (benefit) for income taxes - - - - Loss from continuing operations (48) (1,573) (1,414) (3,342) Discontinued operations: Loss from discontinued operations before income taxes - (63) - (760) Provision (benefit) for income taxes - - - - Loss from discontinued operations - (63) - (760) Net loss $(48) $(1,636) $(1,414) $(4,102) Net loss per share from continuing operations $(.01) $(.41) $(.37) $(.88) Net loss per share from discontinued operations $- $(.02) $- $(.20) Net loss per share $(.01) $(.43) $(.37) $(1.08) Weighted average shares outstanding 3,803 3,803 3,803 3,803 AVALON HOLDINGS CORPORATION AND SUBSIDIARIES Condensed Consolidated Balance Sheets (in thousands, except per share amounts) September 30, December 31, 2003 2002 (Unaudited) Assets Current assets: Cash and cash equivalents $3,854 $2,595 Short-term investments 3,919 5,965 Accounts receivable, net 10,198 11,776 Prepaid expenses 2,436 1,781 Other current assets 529 549 Total current assets 20,936 22,666 Noncurrent investments 2,013 - Properties and equipment, net 26,701 28,303 Costs in excess of fair market value of net assets of acquired businesses, net 538 538 Other assets, net 138 139 Total assets $50,326 $51,646 Liabilities and Shareholders' Equity Current liabilities: Accounts payable $6,297 $5,852 Accrued payroll and other compensation 895 827 Accrued income taxes 280 236 Other accrued taxes 432 541 Other liabilities and accrued expenses 1,255 1,425 Total current liabilities 9,159 8,881 Other noncurrent liabilities 11 131 Shareholders' equity: Total shareholders' equity 41,156 42,634 Total liabilities and shareholders' equity $50,326 $51,646 Web site: DATASOURCE: Avalon Holdings Corporation CONTACT: Mr. Tim Coxson, Chief Financial Officer of Avalon Holdings Corporation, +1-330-856-8800

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