Date: May 14, 2009
Source: Avalon Holdings Corporation
Avalon Holdings Corporation (NYSE Amex: AWX) today announced financial results for the first quarter of 2009.
Net operating revenues decreased to
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,
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2009 2008
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Net operating revenues $8,843 $10,354
Costs and expenses:
Costs of operations 7,697 8,845
Selling, general and
administrative expenses 1,609 1,661
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Operating loss (463) (152)
Other income (expense):
Interest expense (3) (4)
Interest income 3 29
Other income, net 59 67
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Loss before taxes (404) (60)
Provision (benefit) for income taxes - -
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Net loss $(404) $(60)
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Net loss per share $(.11) $(.02)
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Weighted average shares outstanding 3,803 3,803
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AVALON HOLDINGS CORPORATION AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(in thousands)
March 31, December 31,
2009 2008
----------- ------------
Assets: (Unaudited)
Current Assets:
Cash and cash equivalents $5,350 $3,061
Accounts receivable, net 6,626 9,304
Prepaid expenses 294 309
Other current assets 679 636
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Total current assets 12,949 13,310
Property and equipment, net 29,126 29,437
Leased property under
capital leases, net 5,785 5,882
Noncurrent deferred tax asset 25 25
Other assets, net 59 59
Total assets $47,944 $48,713
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Liabilities and Shareholders' Equity
Current Liabilities:
Current portion of
obligations under
capital leases $1 $1
Accounts payable 4,537 4,831
Accrued payroll and
other compensation 432 711
Accrued income taxes 6 19
Other accrued taxes 213 281
Other liabilities and
accrued expenses 2,755 2,466
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Total current liabilities 7,944 8,309
Obligations under capital leases 230 230
Total shareholders' equity 39,770 40,174
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Total liabilities and
shareholders' equity $47,944 $48,713
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