Avalon Holdings Corporation Announces Third Quarter Results
15 November 2004 - 11:05PM
PR Newswire (US)
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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