WARREN, Ohio, May 11 /PRNewswire-FirstCall/ -- Avalon Holdings Corporation today announced financial results for the first quarter of 2007.
Net operating revenues in the first quarter of 2007 increased to $11.3 million compared with $8.9 million in the prior year's first quarter. The Company recorded net income of $352,000 in the first quarter of 2007 or $.09 per share compared with net income of $2,000 or basically breakeven during the first quarter of 2006.
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,
2007 2006
Net operating revenues $ 11,310 $ 8,924
Costs and expenses:
Costs of operations 9,472 7,540
Selling, general and administrative
expenses 1,691 1,547
Operating income (loss) from continuing
operations 147 (163)
Other income (expense):
Interest expense (5) (4)
Interest income 152 123
Other income, net 58 53
Income from continuing operations before
income taxes 352 9
Provision (benefit) for income taxes - -
Income from continuing operations 352 9
Discontinued operations:
Loss from discontinued operations before
income taxes - (7)
Provision (benefit) for income taxes - -
Loss from discontinued operations - (7)
Net income $ 352 $ 2
Net income per share from continuing
operations $ .09 $ -
Net income (loss) per share from discontinued
operations $ - $ -
Net income per share $ .09 $ -
Weighted average shares outstanding 3,803 3,803
AVALON HOLDINGS CORPORATION AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(in thousands)
March 31, December 31,
2007 2006
Assets: (Unaudited)
Current Assets:
Cash and cash equivalents $ 12,775 $ 13,251
Accounts receivable, net 8,021 7,672
Prepaid expenses 286 223
Other current assets 308 224
Total current assets 21,390 21,370
Property and equipment, net 20,051 18,696
Leased property under capital leases, net 5,755 5,816
Other assets, net 69 69
Total assets $ 47,265 $ 45,951
Liabilities and Shareholders' Equity
Current Liabilities:
Current portion of obligations under
capital leases $40 $40
Accounts payable 5,549 4,723
Accrued payroll and other compensation 550 561
Accrued income taxes 18 24
Other accrued taxes 176 252
Other liabilities and accrued expenses 2,294 2,056
Total current liabilities 8,627 7,656
Obligations under capital leases 308 317
Total shareholders' equity 38,330 37,978
Total liabilities and shareholders' equity $ 47,265 $ 45,951
