WARREN, Ohio, May 12 /PRNewswire-FirstCall/ -- Avalon Holdings Corporation today announced financial results for the first quarter of 2006.
Net operating revenues in the first quarter of 2006 increased to $8.9 million compared with $7.4 million in the prior year's first quarter. The Company basically broke even during the first quarter of 2006, recording income from continuing operations of $9,000 compared with income from continuing operations of $32,000 or $.01 per share for the first quarter of 2005.
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 two 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,
2006 2005
Net operating revenues $8,924 $7,430
Costs and expenses:
Costs of operations 7,540 6,238
Selling, general and administrative expenses 1,547 1,268
Operating loss from continuing operations (163) (76)
Other income (expense):
Interest expense (4) (3)
Interest income 123 64
Other income, net 53 47
Income from continuing operations before income
taxes 9 32
Provision (benefit) for income taxes - -
Income from continuing operations 9 32
Discontinued operations:
Income (loss) from discontinued operations before
income taxes (7) 80
Provision (benefit) for income taxes - -
Income (loss) from discontinued operations (7) 80
Net income $2 $112
Net income per share from continuing operations $- $.01
Net income (loss) per share from discontinued
operations $- $.02
Net income per share $- $.03
Weighted average shares outstanding 3,803 3,803
AVALON HOLDINGS CORPORATION AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(in thousands)
March 31, December 31,
2006 2005
Assets: (Unaudited)
Current Assets:
Cash and cash equivalents $7,509 $7,759
Short-term investments 4,469 4,433
Accounts receivable, net 6,359 5,639
Prepaid expenses 218 220
Other current asset 326 255
Current assets - discontinued operations 28 29
Total current assets 18,909 18,335
Property and equipment, net 17,456 17,571
Leased property under capital leases, net 5,722 5,740
Other assets, net 60 61
Noncurrent assets - discontinued operations 1,881 1,881
Total assets $44,028 $43,588
Liabilities and Shareholders' Equity
Current Liabilities:
Current portion of obligations under capital
leases $1 $1
Accounts payable 4,270 3,837
Accrued payroll and other compensation 410 469
Accrued income taxes 117 145
Other accrued taxes 161 239
Other liabilities and accrued expense 1,794 1,623
Current liabilities - discontinued operations 391 391
Total current liabilities 7,144 6,705
Obligations under capital leases 233 233
Other noncurrent liabilities 5 9
Total shareholders' equity 36,646 36,641
Total liabilities and shareholders' equity $44,028 $43,588
