Date: March 20, 2009
Source: Avalon Holdings Corporation
Avalon Holdings Corporation (NYSE Amex: AWX) today announced financial results for the fourth quarter of 2008.
Net operating revenues were
For the full year of 2008, net operating revenues were
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,
2008 2007 2008 2007
Net operating
revenues $12,649 $10,449 $48,978 $45,432
Costs and expenses:
Costs of
operations 10,789 8,913 41,494 38,238
Selling, general
and
administrative
expenses 1,837 1,437 6,958 6,348
Operating income
from continuing
operations 23 99 526 846
Interest expense (4) (4) (14) (16)
Interest income 5 56 49 435
Other income, net 44 55 213 120
Income from
continuing
operations before
income taxes 68 206 774 1,385
Income tax
provision 6 10 36 40
Income from
continuing
operations 62 196 738 1,345
Income from
discontinued
operations
(net of tax) -- -- -- 113
Net income $ 62 $ 196 $ 738 $ 1,458
Income per
share from
continuing
operations $ .02 $ .05 $ .19 $ .35
Income per
share from
discontinued
operations $ -- $ -- $ -- $ .03
Net income
per share $ .02 $ .05 $ .19 $ .38
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,
2008 2007
Assets
Current Assets:
Cash and cash equivalents $3,061 $5,086
Accounts receivable, net 9,304 7,704
Prepaid expenses 309 287
Other current assets 636 366
Total current assets 13,310 13,443
Property and equipment, net 29,437 28,568
Leased property under capital
leases, net 5,882 5,759
Other assets, net 59 60
Noncurrent deferred tax asset 25 19
Total assets $48,713 $47,849
Liabilities and Shareholders'
Equity
Current Liabilities:
Current portion of obligations
under capital leases $1 $1
Accounts payable 4,831 5,013
Accrued payroll and other
compensation 711 594
Accrued income taxes 19 43
Other accrued taxes 281 260
Other liabilities and accrued
expenses 2,466 2,271
Total current liabilities 8,309 8,182
Obligations under capital leases 230 231
Total shareholders' equity 40,174 39,436
Total liabilities and
shareholders' equity $48,713 $47,849
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