Date: August 12, 2008
Source: Avalon Holdings Corporation
Avalon Holdings Corporation (Amex: AWX) today announced financial results for the second quarter of 2008.
Net operating revenues in the second quarter of 2008 increased to $11.7 million compared with $11.5 million for the second quarter of 2007. The Company recorded net income of $.3 million, or $.07 per share compared with $.4 million, or $.10 per share for the second quarter of the 2007. Net income for the second quarter of 2007 included $.1 million, or $.03 per share from discontinued operations.
For the first six months of 2008, net operating revenues decreased to $22.1 million compared with $22.8 million for the first six months of 2007. The Company recorded net income $.2 million, or $.05 per share for the first six months of 2008 compared with $.7 million or $.19 per share for the first six months of 2007. Net income for the first six months of 2007 included $.1 million, or $.03 per share from discontinued operations.
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 Six Months Ended
June 30, June 30,
2008 2007 2008 2007
Net operating revenues $11,720 $11,534 $22,074 $22,844
Costs and expenses:
Costs of operations 9,864 9,695 18,709 19,167
Selling, general and
administrative expenses 1,652 1,677 3,313 3,368
Operating income from
continuing operations 204 162 52 309
Other income (expense):
Interest expense (3) (4) (7) (9)
Interest income 8 133 37 285
Other income (expense), net 59 (38) 126 20
Income from continuing
operations before income taxes 268 253 208 605
Provision for income taxes 14 3 14 3
Income from continuing
operations 254 250 194 602
Discontinued operations:
Income from discontinued
operations, net of taxes - 113 - 113
Net income $254 $363 $194 $715
Net income per share from
continuing operations $.07 $.07 $.05 $.16
Net income per share from
discontinued operations $- $.03 $- $.03
Net income per share $.07 $.10 $.05 $.19
Weighted average shares
outstanding 3,803 3,803 3,803 3,803
AVALON HOLDINGS CORPORATION AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(in thousands)
June 30, December 31,
2008 2007
Assets: (Unaudited)
Current Assets:
Cash and cash equivalents $3,552 $5,086
Accounts receivable, net 8,148 7,704
Prepaid expenses 299 287
Other current assets 703 366
Total current assets 12,702 13,443
Property and equipment, net 29,894 28,568
Leased property under capital leases net 5,739 5,759
Noncurrent deferred tax asset 19 19
Other assets, net 59 60
Total assets $48,413 $47,849
Liabilities and Shareholders' Equity
Current Liabilities:
Current portion of obligations under
capital leases $1 $1
Accounts payable 4,751 5,013
Accrued payroll and other compensation 708 594
Accrued income taxes 38 43
Other accrued taxes 148 260
Other liabilities and accrued expenses 2,906 2,271
Total current liabilities 8,552 8,182
Obligations under capital leases 231 231
Total shareholders' equity 39,630 39,436
Total liabilities and shareholders'
equity $48,413 $47,849
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