Avalon Holdings Corporation Announces Second Quarter Results
14 August 2004 - 12:32AM
PR Newswire (US)
Avalon Holdings Corporation Announces Second Quarter Results
WARREN, Ohio, Aug. 13 /PRNewswire-FirstCall/ -- Avalon Holdings
Corporation (AMEX:AWX) today announced financial results for the
second quarter of 2004. Net operating revenues in the second
quarter of 2004 were $7.3 million compared with $7.2 million in the
prior year's second quarter. Avalon incurred a loss from continuing
operations of $.1 million or a loss of $.03 per share for the
second quarter of 2004 compared with a loss from continuing
operations of $.4 million or a loss of $.10 per share for the
second quarter of 2003. Including the loss from discontinued
operations, the Company incurred a net loss of $2.5 million or a
loss of $.66 per share in the second quarter of 2004 compared with
a net loss of $.4 million or a loss of $.10 per share for the
second quarter of the prior year. For the first six months of 2004,
net operating revenues were $13.5 million compared with $12.3
million for the first six months of 2003. For the first six months
of 2004, Avalon incurred a loss from continuing operations of $.5
million or a loss of $.14 per share compared with a loss from
continuing operations of $1.1 million or a loss of $.30 per share
for the first six months of 2003. Including the loss from
discontinued operations, the Company incurred a net loss of $3.6
million for the first six months of 2004 or a loss of $.94 per
share compared with a net loss of $1.4 million, or a loss of $.36
per share for the first six months of 2003. Avalon Holdings
Corporation provides hazardous and nonhazardous waste management
services to industrial, commercial, municipal and governmental
customers. The Company also owns and operates the Avalon Golf and
Country Club which has two golf courses, restaurants and banquet
facilities. AVALON HOLDINGS CORPORATION Condensed Consolidated
Statements of Operations (Unaudited) (in thousands, except for per
share amounts) Three Months Ended Six Months Ended June 30, June
30, 2004 2003 2004 2003 Net operating revenues $7,261 $7,213
$13,501 $12,316 Costs and expenses: Costs of operations 5,888 5,843
11,130 10,262 Selling, general and administrative expenses 1,545
1,833 3,068 3,365 Operating loss from continuing operations (172)
(463) (697) (1,311) Other income: Interest income 39 48 77 95 Other
income, net 29 29 73 71 Loss from continuing operations before
income taxes (104) (386) (547) (1,145) Provision (benefit) for
income taxes - - - - Loss from continuing operations (104) (386)
(547) (1,145) Discontinued operations: Loss from discontinued
operations (2,413) (1) (3,028) (221) Net loss $(2,517) $(387)
$(3,575) $(1,366) Net loss per share from continuing operations
$(.03) $(.10) $(.14) $(.30) Net loss per share from discontinued
operations $(.63) $- $(.80) $(.06) Net loss per share $(.66) $(.10)
$(.94) $(.36) 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) June 30, December 31, 2004 2003 (Unaudited) Assets Current
assets: Cash and cash equivalents $4,216 $3,224 Short-term
investments 1,399 - Accounts receivable, net 4,299 3,620 Prepaid
expenses 715 1,598 Other current assets 274 218 Current assets -
discontinued operations 7,255 8,819 Total current assets 18,158
17,479 Noncurrent investments 199 6,009 Properties and equipment,
net 18,039 18,392 Other assets, net 63 80 Noncurrent prepaid rent
4,646 324 Noncurrent assets - discontinued operations 2,976 6,770
Total assets $44,081 $49,054 Liabilities and Shareholders' Equity
Current liabilities: Accounts payable $2,719 $4,035 Accrued payroll
and other compensation 344 230 Accrued income taxes 225 242 Other
accrued taxes 113 295 Other liabilities and accrued expenses 1,607
1,447 Current liabilities - discontinued operations 3,738 3,885
Total current liabilities 8,746 10,134 Shareholders' Equity: Total
shareholders' equity 35,335 38,920 Total liabilities and
shareholders' equity $44,081 $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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