AWX Avalon Holdngs Corp

Avalon Holdings Corporation Announces Fourth Quarter Results WARREN, Ohio, March 29 /PRNewswire-FirstCall/ -- Avalon Holdings Corporation today announced financial results for the fourth quarter of 2003. Net operating revenues were $13.4 million in the fourth quarter of 2003 compared with $13.0 million in the fourth quarter of the prior year. The Company incurred a loss from continuing operations of $.5 million, or a loss of $.12 per share in the fourth quarter of 2003 compared with a loss from continuing operations of $1.3 million, or a loss of $.33 per share for the prior year period. Including the loss from discontinued operations, the Company incurred a net loss of $2.2 million, or a loss of $.59 per share in the fourth quarter of 2003 compared with a net loss of $1.7 million, or a loss of $.46 per share in the fourth quarter of the prior year. For the full year of 2003, net operating revenues were $53.5 million, compared with $56.0 million for the prior year period. The Company incurred a loss from continuing operations of $1.9 million, or a loss of $.50 per share for the full year of 2003 compared with a loss from continuing operations of $4.6 million, or a loss of $1.21 per share for the prior year period. Including the loss from discontinued operations, the Company incurred a net loss of $3.6 million for the full year of 2003, or a loss of $.96 per share compared with a net loss of $5.8 million, or a loss of $1.54 per share for the prior year period. Avalon Holdings Corporation provides transportation services and waste management services to industrial, commercial, municipal and governmental customers. Avalon Holdings Corporation also owns the Avalon Golf and Country Club, which operates two golf courses and related facilities. AVALON HOLDINGS CORPORATION Condensed Consolidated Statements of Operations (in thousands except for per share amounts) Three Months Ended Twelve Months Ended December 31, December 31, 2003 2002 2003 2002 Net operating revenues $13,394 $13,031 $53,512 $56,028 Costs and expenses: Costs of operations 12,153 11,827 47,742 50,781 Selling, general and administrative expenses 1,922 2,375 8,201 10,231 Operating loss from continuing operations (681) (1,171) (2,431) (4,984) Interest income 43 53 204 246 Other income (expense), net 127 55 302 344 Loss from continuing operations before income taxes (511) (1,063) (1,925) (4,394) Income tax provision (benefit) (26) 191 (26) 191 Loss from continuing operations (485) (1,254) (1,899) (4,585) Loss from discontinued operations (net of tax) (1,745) (482) (1,745) (1,253) Net loss $(2,230) $(1,736) $(3,644) $(5,838) Net loss per share from continuing operations $ (.12) $ (.33) $ (.50) $ (1.21) Net loss per share from discontinued operations $ (.47) $ (.13) $ (.46) $ (.33) Net loss per share $ (.59) $ (.46) $ (.96) $ (1.54) Weighted average shares outstanding 3,803 3,803 3,803 3,803 AVALON HOLDINGS CORPORATION AND SUBSIDIARIES Condensed Consolidated Balance Sheets (in thousands) December 31, 2003 2002 Assets Current Assets: Cash and cash equivalents $ 4,656 $ 1,929 Short-term investments - 5,965 Accounts receivable, net 7,803 9,187 Prepaid expenses 1,953 1,750 Other current assets 623 549 Current assets - discontinued operations 2,444 3,286 Total current assets 17,479 22,666 Noncurrent investments 6,009 - Property and equipment, net 21,871 23,613 Costs in excess of fair market value of net assets of acquired businesses, net 538 538 Other assets, net 448 130 Noncurrent assets - discontinued operations 2,709 4,699 Total assets $ 49,054 $ 51,646 Liabilities and Shareholders' Equity Current Liabilities: Accounts payable $ 5,938 $ 4,542 Accrued payroll and other compensation 582 497 Accrued income taxes 242 236 Other accrued taxes 415 525 Other liabilities and accrued expenses 1,828 1,170 Current liabilities - discontinued operations 1,129 1,911 Total current liabilities 10,134 8,881 Other noncurrent liabilities - 120 Noncurrent liabilities - discontinued operations - 11 Total shareholders' equity 38,920 42,634 Total liabilities and shareholders' equity $ 49,054 $ 51,646 DATASOURCE: Avalon Holdings Corporation CONTACT: Mr. Timothy C. Coxson, Chief Financial Officer of Avalon Holdings Corporation, +1-330-856-8800

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