AWX Avalon Holdngs Corp

Avalon Holdings Corporation Announces Third Quarter Results WARREN, Ohio, Nov. 15 /PRNewswire-FirstCall/ -- Avalon Holdings Corporation (AMEX:AWX) today announced financial results for the third quarter of 2004. Net operating revenues in the third quarter of 2004 were $8.4 million compared with $6.5 million in the prior year's third quarter. Avalon incurred a loss from continuing operations of $.4 million or a loss of $.12 per share for the third quarter of 2004 compared with a loss from continuing operations of $.2 million or a loss of $.04 per share for the third quarter of 2003. Including income from discontinued operations, the Company recorded net income of $1.1 million or income of $.28 per share in the third quarter of 2004 compared with a net loss of $48,000 or a loss of $.01 per share for the third quarter of the prior year. For the first nine months of 2004, net operating revenues were $21.9 million compared with $18.8 million for the first nine months of 2003. For the first nine months of 2004, Avalon incurred a loss from continuing operations of $1 million or a loss of $.26 per share compared with a loss from continuing operations of $1.3 million or a loss of $.34 per share for the first nine months of 2003. Including the loss from discontinued operations, the Company incurred a net loss of $2.5 million for the first nine months of 2004 or a loss of $.66 per share compared with a net loss of $1.4 million, or a loss of $.37 per share for the first nine 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 Nine Months Ended September 30, September 30, 2004 2003 2004 2003 Net operating revenues $8,448 $6,524 $21,949 $18,840 Costs and expenses: Costs of operations 7,055 5,114 18,185 15,376 Selling, general and administrative expenses 1,985 1,667 5,053 5,032 Operating loss from continuing operations (592) (257) (1,289) (1,568) Other income: Interest income 62 39 139 134 Other income, net 88 68 161 139 Loss from continuing operations before income taxes (442) (150) (989) (1,295) Provision (benefit) for income taxes - - - - Loss from continuing operations (442) (150) (989) (1,295) Discontinued operations: Income (loss) from discontinued operations 1,500 102 (1,528) (119) Net income (loss) $1,058 $(48) $(2,517) $(1,414) Net loss per share from continuing operations $(.12) $(.04) $(.26) $(.34) Net income (loss) per share from discontinued operations $.40 $ .03 $(.40) $(.03) Net income (loss) per share $.28 $(.01) $(.66) $(.37) 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, 2004 2003 (Unaudited) Assets Current assets: Cash and cash equivalents $6,664 $3,224 Short-term investments 1,598 - Accounts receivable, net 5,676 3,620 Prepaid expenses 492 1,598 Other current assets 190 218 Current assets - discontinued operations 1,879 8,819 Total current assets 16,499 17,479 Noncurrent investments - 6,009 Properties and equipment, net 17,910 18,392 Other assets, net 933 80 Noncurrent prepaid rent 5,076 324 Noncurrent assets - discontinued operations 2,650 6,770 Total assets $43,068 $49,054 Liabilities and Shareholders' Equity Current liabilities: Accounts payable $3,515 $4,035 Accrued payroll and other compensation 418 230 Accrued income taxes 171 242 Other accrued taxes 142 295 Other liabilities and accrued expenses 1,583 1,447 Current liabilities - discontinued operations 820 3,885 Total current liabilities 6,649 10,134 Other noncurrent liabilities 24 - Shareholders' Equity: Total shareholders' equity 36,395 38,920 Total liabilities and shareholders' equity $43,068 $49,054 DATASOURCE: Avalon Holdings Corporation CONTACT: Mr. Frank Lamanna, Chief Financial Officer of Avalon Holdings Corporation, +1-330-856-8800

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