Date: March 18, 2008
Source: Avalon Holdings Corporation
Avalon Holdings Corporation (Amex: AWX) today announced financial results for the fourth quarter of 2007.
Net operating revenues were $10.4 million in the fourth quarter of 2007 compared with $10 million in the fourth quarter of the prior year. The Company recorded net income of $196,000, or $.05 per share in the fourth quarter of 2007 compared with net income of $343,000 or $.09 per share in the fourth quarter of 2006. The fourth quarter results for 2006 included income from discontinued operations of $95,000 or $.02 per share.
For the full year of 2007, net operating revenues were $45.4 million compared with $39.3 million for the prior year period. The Company recorded income from continuing operations of $1.3 million, or $.35 per share for the full year of 2007 compared with income from continuing operations of $.9 million, or $.23 per share for the prior year period. Including the results from discontinued operations, the Company recorded net income of $1.5 million for the full year of 2007, or $.38 per share compared with net income of $1.3 million, or $.35 per share for the prior year period.
Avalon Holdings Corporation provides waste management services to industrial, commercial, municipal and governmental customers. Avalon Holdings Corporation also owns the Avalon Golf and Country Club, which operates golf courses and related facilities.
AVALON HOLDINGS CORPORATION
Condensed Consolidated Statements of Operations
(in thousands, except for per share amounts)
Three Months Ended Twelve Months Ended
December 31, December 31,
2007 2006 2007 2006
Net operating revenues $10,449 $10,045 $45,432 $39,329
Costs and expenses:
Costs of operations 8,913 8,498 38,238 33,047
Selling, general and
administrative expenses 1,437 1,562 6,348 6,271
Operating income (loss)
from continuing operations 99 (15) 846 11
Interest expense (4) (4) (16) (15)
Interest income 56 162 435 599
Other income, net 55 118 120 288
Income from continuing
operations before income
taxes 206 261 1,385 883
Income tax provision 10 13 40 13
Income from continuing
operations 196 248 1,345 870
Income from discontinued
operations (net of tax) - 95 113 457
Net income $196 $343 $ 1,458 $ 1,327
Income per share from
continuing operations $.05 $.07 $.35 $.23
Income per share from
discontinued operations $- $.02 $.03 $.12
Net income per share $.05 $.09 $.38 $.35
Weighted average shares
outstanding 3,803 3,803 3,803 3,803
AVALON HOLDINGS CORPORATION AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(in thousands)
December 31,
2007 2006
Assets
Current Assets:
Cash and cash equivalents $5,086 $13,251
Accounts receivable, net 7,704 7,672
Prepaid expenses 287 223
Other current assets 366 224
Total current assets 13,443 21,370
Property and equipment, net 28,568 18,696
Leased property under capital leases, net 5,759 5,816
Other assets, net 60 69
Noncurrent deferred tax asset 19 -
Total assets $47,849 $45,951
Liabilities and Shareholders' Equity
Current Liabilities:
Current portion of obligations under capital
leases $1 $40
Accounts payable 5,013 4,723
Accrued payroll and other compensation 594 561
Accrued income taxes 43 24
Other accrued taxes 260 252
Other liabilities and accrued expenses 2,271 2,056
Total current liabilities 8,182 7,656
Obligations under capital leases 231 317
Total shareholders' equity 39,436 37,978
Total liabilities and shareholders' equity $47,849 $45,951
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