AWX Avalon Holdngs Corp

Avalon Holdings Corporation Announces First Quarter Results WARREN, Ohio, May 17 /PRNewswire-FirstCall/ -- Avalon Holdings Corporation today announced financial results for the first quarter of 2004. Net operating revenues in the first quarter of 2004 increased to $13.8 million compared with $11.6 million in the prior year's first quarter. Avalon incurred a loss from continuing operations of $.7 million or a loss of $.18 per share for the first quarter of 2004 compared with a loss from continuing operations of $1.0 million or a loss of $.27 per share for the first quarter of 2003. Avalon Holdings Corporation provides transportation services and 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 two 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 March 31, 2004 2003 Net operating revenues $13,791 $11,585 Costs and expenses: Costs of operations 12,690 10,753 Selling, general and administrative expenses 1,871 1,982 Operating loss from continuing operations (770) (1,150) Other income: Interest income 41 51 Other income, net 46 79 Loss from continuing operations before income taxes (683) (1,020) Provision (benefit) for income taxes -- -- Loss from continuing operations (683) (1,020) Discontinued operations: (Loss) income from discontinued operations before income taxes (375) 41 Provision (benefit) for income taxes -- -- (Loss) income from discontinued operations (375) 41 Net loss $(1,058) $(979) Net loss per share from continuing operations $(.18) $(.27) Net income (loss) per share from discontinued operations $(.10) $ .01 Net loss per share $(.28) $(.26) Weighted average shares outstanding 3,803 3,803 AVALON HOLDINGS CORPORATION AND SUBSIDIARIES Condensed Consolidated Balance Sheets (in thousands) March 31, December 31, 2004 2003 Assets: (Unaudited) Current Assets: Cash and cash equivalents $4,129 $4,656 Short-term investments 3,013 -- Accounts receivable, net 8,557 7,803 Prepaid expenses 1,470 1,953 Other current assets 644 623 Current assets -- discontinued operations 1,006 2,444 Total current assets 18,819 17,479 Noncurrent investments 1,306 6,009 Property and equipment, net 21,370 21,871 Costs in excess of fair market value of net assets of acquired businesses, net 538 538 Noncurrent prepaid rent 2,206 324 Other assets, net 124 124 Noncurrent assets -- discontinued operations 2,549 2,709 Total assets $46,912 $49,054 Liabilities and Shareholders' Equity Current Liabilities: Accounts payable $5,309 $5,938 Accrued payroll and other compensation 643 582 Accrued income taxes 233 242 Other accrued taxes 135 415 Other liabilities and accrued expenses 2,017 1,828 Current liabilities -- discontinued operations 706 1,129 Total current liabilities 9,043 10,134 Total shareholders' equity 37,869 38,920 Total liabilities and shareholders' equity $46,912 $49,054 DATASOURCE: Avalon Holdings Corporation CONTACT: Mr. Tim Coxson, Chief Financial Officer of Avalon Holdings Corporation, +1-330-856-8800

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