AWX Avalon Holdngs Corp

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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