Date: November 10, 2006
Source: Avalon Holdings Corp.
Avalon Holdings Corporation (Amex: AWX) today announced financial results for the third quarter of 2006.
Net operating revenues in the third quarter of 2006 increased to $11.1 million compared with $9.5 million in the prior year's third quarter. The Company recorded income from continuing operations of $.5 million, or $.13 per share, for the third quarter of 2006 compared with income from continuing operations of $.4 million, or $.09 per share, for the third quarter of 2005. Including the results from discontinued operations, the Company recorded net income of $.5 million or $.13 per share for the third quarter of 2006 compared with net income of $20,000 or zero cents per share for the third quarter of the prior year.
For the first nine months of 2006, net operating revenues increased to $29.3 million compared with $25.7 million for the first nine months of 2005. The Company recorded income from continuing operations of $.6 million, or $.16 per share, for the first nine months of 2006 compared with income from continuing operations of $.3 million, or $.08 per share, for the prior year period. Including the results from discontinued operations, the Company recorded net income of $1 million, or $.26 per share, for the first nine months of 2006 compared with net income of $57,000, or $.01 per share, for the first nine months of 2005.
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 two golf courses and related facilities.
For more information, visit: www.avalonholdings.com.
| AVALON HOLDINGS CORPORATION AND SUBSIDIARIES Condensed Consolidated Statements of Cash Flows (Unaudited) (in thousands) |
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| Three Months Ended September 30, |
Nine Months Ended September 30, |
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| 2006 | 2005 | 2006 | 2005 | |
| Net operating revenues from: Waste management services: |
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| External customers revenues | $ 9,036 | $ 7,601 | $ 24,658 | $ 21,476 |
| Intersegment revenues | -- | -- | -- | 4 |
| Total waste management services | 9,036 | 7,601 | 24,658 | 21,480 |
| Golf and related operations: | ||||
| External customers revenues | 2,094 | 1,916 | 4,626 | 4,210 |
| Intersegment revenues | 17 | 14 | 42 | 36 |
| Total golf and related operations | 2,111 | 1,930 | 4,668 | 4,246 |
| Segment operating revenues | 11,147 | 9,531 | 29,326 | 25,726 |
| Intersegment eliminations | (17) | (14) | (42) | (40) |
| Total net operating revenues | $ 11,130 | $ 9,517 | $ 29,284 | $ 25,686 |
| Income (loss) from continuing operations before taxes: | ||||
| Waste management services | $ 863 | $ 701 | $ 2,274 | $ 2,191 |
| Golf and related operations | 112 | 166 | (183) | (155) |
| Other business | -- | (1) | -- | (2) |
| Segment income before taxes | 975 | 866 | 2,091 | 2,034 |
| Corporate interest income | 149 | 65 | 365 | 159 |
| Corporate other income, net | 5 | 13 | 10 | 36 |
| General corporate expenses | (626) | (588) | (1844) | (1906) |
| Income from continuing operations before taxes | $ 503 | $ 356 | $ 622 | $ 323 |
| Interest income: | ||||
| Waste management services | $ 22 | $ 21 | $ 65 | $ 64 |
| Golf and related operations | 2 | 2 | 7 | 7 |
| Corporate | 149 | 65 | 365 | 159 |
| Total | $ 173 | $ 88 | $ 437 | $ 230 |
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