WARREN, Ohio, Aug. 10 /PRNewswire-FirstCall/ -- Avalon Holdings Corporation today announced financial results for the second quarter of 2007.
Net operating revenues in the second quarter of 2007 increased to $11.5 million compared with $9.2 million in the prior year's second quarter. The Company recorded income from continuing operations of $.3 million, or $.07 per share for the second quarter of 2007 compared with income from continuing operations of $.1 million or $.03 per share for the second quarter of 2006. Including the results from discontinued operations, the Company recorded net income of $.4 million, or $.10 per share in the second quarter of 2007 compared with net income of $.5 million, or $.013 per share in the second quarter of the prior year.
For the first six months of 2007, net operating revenues increased to $22.8 million compared with $18.2 million for the first six months of 2006. The Company recorded income from continuing operations of $.6 million, or $.16 per share for the first six months of 2007 compared with income from continuing operations of $.1 million, or $.03 per share for the prior year period. Including the results from discontinued operations, the Company recorded net income of $.7 million, or $.19 per share for the first six months of 2007 compared with net income of $.5 million, or $.013 per share for the first six months 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 Six Months Ended
June 30, June 30,
2007 2006 2007 2006
Net operating revenues $11,534 $9,230 $22,844 $18,154
Costs and expenses:
Costs of operations 9,695 7,798 19,167 15,338
Selling, general and
administrative expenses 1,677 1,529 3,368 3,076
Operating income (loss) from
continuing operations 162 (97) 309 (260)
Other income (expense):
Interest expense (4) (3) (9) (7)
Interest income 133 141 285 264
Other income (expense), net (38) 69 20 122
Income from continuing operations
before income taxes 253 110 605 119
Provision for income taxes 3 - 3 -
Income from continuing operations 250 110 602 119
Discontinued operations:
Income from discontinued
operations before income taxes 113 371 113 364
Provision (benefit) for income
taxes - - - -
Income from discontinued
operations 113 371 113 364
Net income $363 $481 $715 $483
Net income per share from
continuing operations $.07 $.03 $.16 $.03
Net income per share from
discontinued operations $.03 $.10 $.03 $.10
Net income per share $.10 $.13 $.19 $.13
Weighted average shares
outstanding 3,803 3,803 3,803 3,803
AVALON HOLDINGS CORPORATION AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(in thousands)
June 30, December 31,
2007 2006
(Unaudited)
Assets:
Current Assets:
Cash and cash equivalents $9,487 $13,251
Accounts receivable, net 8,034 7,672
Prepaid expenses 327 223
Other current assets 387 224
Total current assets 18,235 21,370
Property and equipment, net 23,893 18,696
Leased property under capital leases net 5,725 5,816
Other assets, net 61 69
Total assets $47,914 $45,951
Liabilities and Shareholders' Equity
Current Liabilities:
Current portion of obligations under capital leases $1 $40
Accounts payable 5,777 4,723
Accrued payroll and other compensation 681 561
Accrued income taxes 19 24
Other accrued taxes 235 252
Other liabilities and accrued expenses 2,276 2,056
Total current liabilities 8,989 7,656
Obligations under capital leases 232 317
Total shareholders' equity 38,693 37,978
Total liabilities and shareholders' equity $47,914 $45,951
