Date: May 12, 2008
Source: Avalon Holdings Corporation
Avalon Holdings Corporation (Amex: AWX) today announced financial results for the first quarter of 2008.
Net operating revenues in the first quarter of 2008 decreased to $10.4 million compared with $11.3 million in the first quarter of 2007. The Company recorded a net loss of $60,000 in the first quarter of 2008 or a loss of $.02 per share compared with net income of $352,000 or $.09 per share for the first quarter of 2007.
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,
2008 2007
Net operating revenues $10,354 $11,310
Costs and expenses:
Costs of operations 8,845 9,472
Selling, general and administrative expenses 1,661 1,691
Operating (loss) income (152) 147
Other income (expense):
Interest expense (4) (5)
Interest income 29 152
Other income, net 67 58
(Loss) income before taxes (60) 352
Provision (benefit) for income taxes - -
Net (loss) income $(60) $352
Net (loss) income per share $(.02) $.09
Weighted average shares outstanding 3,803 3,803
AVALON HOLDINGS CORPORATION AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(in thousands)
March 31, December 31,
2008 2007
Assets: (Unaudited)
Current Assets:
Cash and cash equivalents $3,953 $5,086
Accounts receivable, net 7,201 7,704
Prepaid expenses 309 287
Other current assets 597 366
Total current assets 12,060 13,443
Property and equipment, net 29,588 28,568
Leased property under capital leases, net 5,702 5,759
Noncurrent deferred tax asset 19 19
Other assets, net 60 60
Total assets $47,429 $47,849
Liabilities and Shareholders' Equity
Current Liabilities:
Current portion of obligations under capital
leases $1 $1
Accounts payable 4,308 5,013
Accrued payroll and other compensation 498 594
Accrued income taxes 27 43
Other accrued taxes 182 260
Other liabilities and accrued expenses 2,806 2,271
Total current liabilities 7,822 8,182
Obligations under capital leases 231 231
Total shareholders' equity 39,376 39,436
Total liabilities and shareholders' equity $47,429 $47,849
For more information, visit: www.awmsi.com.
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