Avalon Holdings Reports Improved 2Q Profit

Date: August 11, 2011

Source: Avalon Holdings Corporation

Avalon Holdings Corporation Announces Second Quarter Results

Avalon Holdings Corporation (NYSE Amex: AWX) today announced financial results for the second quarter of 2011.

Net operating revenues in the second quarter of 2011 were $11.4 million compared with $12.1 million in the second quarter of 2010. The Company recorded net income of $77,000, or $.02 per share for the second quarter of 2011 compared with a net loss of $12,000, or $.01 per share for the second quarter of the 2010.

For the first six months of 2011, net operating revenues increased to $21.3 million compared with $20.4 million for the first six months of 2010. The Company recorded a net loss $.3 million, or $.07 per share for the first six months of 2011 compared with a net loss of $.6 million or $.16 per share for the first six months of 2010.

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 June 30,
Six Months Ended June 30,

2011
2010
2011
2010








Net operating revenues $ 11,375
$ 12,051
$ 21,269
$ 20,381








Costs and expenses:






Costs of operations 9,354
9,842
17,589
16,827
Depreciation and Amortization 416
422
835
842
Selling, general and administrative expenses 1,691
1,851
3,323
3,419








Operating loss (86)
(64)
(478)
(707)








Other income (expense):






Interest expense (4)
(4)
(7)
(7)
Interest income 1
8
3
16
Other income, net 177
61
243
116
Income (loss) before income taxes 88
1
(239)
(582)








Provision for income taxes 11
13
24
14
Net income (loss) $ 77
$ (12)
$ (263)
$ (596)








Net income (loss) per share- basic $ .02
$ (.01)
$ (.07)
$ (.16)
Net income (loss) per share- diluted $ .02
$ (.01)
$ (.07)
$ (.16)








Weighted average shares outstanding basic 3,803
3,803
3,803
3,803
Weighted average shares outstanding diluted 3,869
3,803
3,803
3,803

 

AVALON HOLDINGS CORPORATION AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(in thousands)


June 30,
December 31,


2011
2010
Assets:
(Unaudited)

Current Assets:



Cash and cash equivalents $ 6,165 $ 5,565
Accounts receivable, net
7,846
8,202
Prepaid expenses
244
341
Refundable income taxes
14
14
Other current assets
822
600
Total current assets
15,091
14,722





Property and equipment, net
26,580
27,265
Leased property under capital leases, net
6,060
5,314
Noncurrent deferred tax asset
8
8
Other assets, net
27
28
Total assets $ 47,766 $ 47,337





Liabilities and Shareholders' Equity



Current Liabilities:



Current portion of obligations under capital leases $ 1 $ 1
Accounts payable
4,976
5,173
Accrued payroll and other compensation
685
383
Accrued income taxes
2
Other accrued taxes
214
269
Deferred revenues
2,481
1,988
Other liabilities and accrued expenses
372
318
Total current liabilities
8,731
8,132





Obligations under capital leases
228
228





Total shareholders' equity
38,807
38,977
Total liabilities and shareholders' equity $ 47,766 $ 47,337

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