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Avalon Holdings Corporation Announces First Quarter Results

Date : 05/11/2012 @ 5:27PM
Source : PR Newswire (US)
Stock : Avalon Holdings Corp. (AWX)
Quote : 3.4699  -0.0011 (-0.03%) @ 3:40PM
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Avalon Holdings Corporation Announces First Quarter Results

Avalon (AMEX:AWX)
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WARREN, Ohio, May 11, 2012 /PRNewswire/ -- Avalon Holdings Corporation (NYSE Amex:AWX) today announced financial results for the first quarter of 2012.

Net operating revenues increased to $10.9 million in the first quarter of 2012 compared with $9.9 million in the first quarter of 2011.  The Company incurred a net loss of $.4 million in the first quarter of 2012 or $.10 per share compared with a net loss of $.3 million or $.09 per share for the first quarter of 2011.

Avalon Holdings Corporation provides 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 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,



2012



2011

Net operating revenues

$     10,938



$       9,894









Costs and expenses:







  Costs of operations      

9,036



8,235

  Depreciation and amortization        

413



419

  Selling, general and administrative expenses

1,938



1,632

Loss from operations          

(449)



(392)









Other income (expense):







  Interest expense              

(3)



(3)

  Interest income.           

1



2

  Other income, net

75



66

Loss before income taxes      

(376)



(327)









Provision for income taxes

17



13









Net loss  

$         (393)



$          (340)









Basic and dilutive net loss per share

$          (.10)



$           (.09)









Weighted average shares outstanding     

3,803



3,803

 

 

AVALON HOLDINGS CORPORATION AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

(in thousands)



March 31,



December 31,



2012



2011

Assets:                                                                                             

 (Unaudited)



Current Assets:



     Cash and cash equivalents    

$      7,540



$    7,324

     Accounts receivable, net          

8,501



12,885

     Prepaid expenses      

337



281

     Refundable income taxes              

2



2

     Other current assets      

838



717

          Total current assets         

17,218



21,209





Property and equipment, net      

25,819



26,079

Leased property under capital leases, net         

5,940



5,984

Noncurrent deferred tax asset              

8



8

Other assets, net    

105



87

           Total assets   

$    49,090



$  53,367





Liabilities and Shareholders' Equity



Current Liabilities:



     Current portion of obligations under capital leases     

$             1



$           1

     Accounts payable          

5,619



9,643

     Accrued payroll and other compensation              

537



755

     Accrued income taxes               

15



20

     Other accrued taxes          

211



260

     Deferred revenues         

2,351



2,105

     Other liabilities and accrued expenses     

419



406

           Total current liabilities           

9,153



13,190





Obligations under capital leases              

227



227





Total shareholders' equity   

39,710



39,950

            Total liabilities and shareholders' equity   

$    49,090



$  53,367

 

 

 

SOURCE Avalon Holdings Corporation

Copyright 2012 PR Newswire



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