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Avalon Reports Q3 Earnings and Revenue Down

Date: November 13, 2012

Source: Avalon Holdings Corp.

Avalon Holdings Corporation Announces Third Quarter Results

Avalon Holdings Corporation (NYSE Amex: AWX) today announced financial results for the third quarter of 2012.

Net operating revenues in the third quarter of 2012 were $13.2 million compared with $15.8 million in the third quarter of 2011.  The Company recorded net income of $.1 million, or $.02 per share for the third quarter of 2012 compared with net income of $.3 million, or $.08 per share, for the third quarter of 2011.

For the first nine months of 2012, net operating revenues were $36.8 million compared with $37.1 million for the first nine months of 2011.  The Company incurred a net loss of $32,000, or $.01 per share for the first nine months of 2012 compared with net income of $41,000 or $.01 per share, for the first nine months of 2011.

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 September 30, Nine Months Ended September 30,
2012 2011 2012 2011
Net operating revenues $  13,230 $ 15,835 $ 36,777 $  37,104
Costs and expenses:
   Costs of operations 10,963 13,267 30,194 30,856
   Depreciation and Amortization 406 415 1,226 1,250
   Selling, general and administrative expenses 1,815 1,877 5,534 5,200
Operating income (loss) 46 276 (177) (202)
Other income (expense):
   Interest expense (3) (3) (10) (10)
   Interest income — 1 2 4
   Other income, net 57 54 202 297
Income before income taxes 100 328 17 89
Provision for income taxes 13 24 49 48
Net income (loss) $          87 $       304 $       (32) $         41
Net income (loss) per share- basic $         .02 $        .08 $      (.01) $         .01
Net income (loss) per share- diluted $         .02 $        .08 $      (.01) $         .01
Weighted average shares outstanding – basic 3,803 3,803 3,803 3,803
Weighted average shares outstanding – diluted 4,041 3,826 3,803 3,865

 

AVALON HOLDINGS CORPORATION AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(in thousands)
September 30, December 31,
2012 2011
Assets: (Unaudited) 
Current Assets:
   Cash and cash equivalents $ 6,876 $ 7,324
   Accounts receivable, net 9,890 12,885
   Prepaid expenses 338 281
   Refundable income taxes 2 2
   Other current assets 829 717
      Total current assets 17,935 21,209
Property and equipment, net 25,363 26,079
Leased property under capital leases, net 6,747 5,984
Noncurrent deferred tax asset 8 8
Other assets, net 100 87
      Total assets $ 50,153 $ 53,367
Liabilities and Shareholders' Equity
Current Liabilities:
   Current portion of obligations under capital leases $ 1 $ 1
   Accounts payable 6,052 9,643
   Accrued payroll and other compensation 662 755
   Accrued income taxes 3 20
   Other accrued taxes 208 260
   Deferred revenues 2,486 2,105
   Other liabilities and accrued expenses 390 406
      Total current liabilities 9,802 13,190
Obligations under capital leases 227 227
Total shareholders' equity 40,124 39,950
      Total liabilities and shareholders' equity $ 50,153 $ 53,367

 

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