Date: November 11, 2009
Source: Avalon Holdings Corporation
Avalon Holdings Corporation (NYSE AMEX: AWX) today announced financial results for the third quarter of 2009.
Net operating revenues in the third quarter of 2009 decreased to $9.6 million compared with $14.3 million in the prior year's third quarter. The Company broke even for the third quarter of 2009 compared with net income of $.5 million, or $.13 per share for the third quarter of 2008.
For the first nine months of 2009, net operating revenues decreased to $26.8 million compared with $36.3 million for the first nine months of 2008. The Company incurred a net loss of $.7 million, or $.18 per share for the first nine months of 2009 compared with net income of $.7 million, or $.18 per share for the prior year period.
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 Nine Months Ended
September 30, September 30,
------------------ ------------------
2009 2008 2009 2008
---- ---- ---- ----
Net operating revenues $9,619 $14,255 $26,834 $36,329
Costs and expenses:
Costs of operations 7,757 11,589 21,833 29,579
Depreciation and
Amortization 420 407 1,268 1,126
Selling, general and
administrative expenses 1,484 1,808 4,549 5,121
----- ----- ----- -----
Operating (loss) income (42) 451 (816) 503
Other income (expense):
Interest expense (5) (3) (12) (10)
Interest income 10 7 24 44
Other income, net 41 43 155 169
-- -- --- ---
Income (loss) before
income taxes 4 498 (649) 706
Provision for income taxes 4 16 18 30
--- -- -- --
Net income (loss) $0 $482 $(667) $676
== ==== ===== ====
Net income (loss) per
share $0 $.13 $(.18) $.18
== ==== ===== ====
Weighted average shares
outstanding 3,803 3,803 3,803 3,803
===== ===== ===== =====
AVALON HOLDINGS CORPORATION AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(in thousands)
September 30, December 31,
2009 2008
---- ----
(Unaudited)
Assets:
Current Assets:
Cash and cash equivalents $5,546 $3,061
Accounts receivable, net 6,156 9,304
Prepaid expenses 248 309
Other current assets 625 636
--- ---
Total current assets 12,575 13,310
Property and equipment, net 28,588 29,437
Leased property under capital leases, net 5,605 5,882
Noncurrent deferred tax asset 25 25
Other assets, net 58 59
-- --
Total assets $46,851 $48,713
Liabilities and Shareholders' Equity
Current Liabilities:
Current portion of obligations under
capital leases $1 $1
Accounts payable 3,973 4,831
Accrued payroll and other compensation 586 711
Accrued income taxes 1 19
Other accrued taxes 219 281
Other liabilities and accrued expenses 2,334 2,466
----- -----
Total current liabilities 7,114 8,309
Obligations under capital leases 230 230
Total shareholders' equity 39,507 40,174
------ ------
Total liabilities and shareholders'
equity $46,851 $48,713
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