Avalon Holdings Corporation Announces First Quarter Results
May 11 2012 - 5:27PM
PR Newswire (US)
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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