WARREN, Ohio, Nov. 13 /PRNewswire-FirstCall/ -- Avalon Holdings Corporation today announced financial results for the third quarter of 2007.
Net operating revenues in the third quarter of 2007 increased to $12.1 million compared with $11.1 million in the prior year's third quarter. The Company recorded net income of $547,000 or $.14 per share for the third quarter of 2007 compared with net income of $501,000 or $.13 per share for the third quarter of 2006.
For the first nine months of 2007, net operating revenues increased to $35 million compared with $29.3 million for the first nine months of 2006. The Company recorded income from continuing operations of $1.1 million, or $.30 per share for the first nine months of 2007 compared with income from continuing operations of $.6 million, or $.16 per share for the prior year period. Including the results from discontinued operations, the Company recorded net income of $1.3 million, or $.33 per share for the first nine months of 2007 compared with net income of $1.0 million, or $.26 per share for the first nine 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 Nine Months Ended September 30 September 30, 2007 2006 2007 2006 Net operating revenues $12,139 $11,130 $34,983 $29,284 Costs and expenses: Costs of operations 10,158 9,211 29,325 24,549 Selling, general and administrative expenses 1,543 1,633 4,911 4,709 Operating income from continuing operations 438 286 747 26 Other income (expense): Interest expense (3) (4) (12) (11) Interest income 94 173 379 437 Other income, net 45 48 65 170 Income from continuing operations before income taxes 574 503 1,179 622 Provision for income taxes 27 - 30 - Income from continuing operations 547 503 1,149 622 (Loss) income from discontinued operations - (2) 113 362 Net income $ 547 $ 501 $ 1,262 $ 984 Net income per share from continuing operations $ .14 $ .13 $ .30 $ .16 Net income(loss) per share from discontinued operations $ - $ - $ .03 $ .10 Net income per share $ .14 $ .13 $ .33 $ .26 Weighted average shares outstanding 3,803 3,803 3,803 3,803 AVALON HOLDINGS CORPORATION AND SUBSIDIARIES Condensed Consolidated Balance Sheets (in thousands) September 30, December 31, 2007 2006 Assets: (Unaudited) Current Assets: Cash and cash equivalents $ 6,741 $13,251 Accounts receivable, net 7,902 7,672 Prepaid expenses 308 223 Other current assets 369 224 Total current assets 15,320 21,370 Property and equipment, net 27,077 18,696 Leased property under capital leases net 5,675 5,816 Other assets, net 61 69 Total assets $48,133 $45,951 Liabilities and Shareholders' Equity Current Liabilities: Current portion of obligations under capital leases $ 1 $ 40 Accounts payable 5,387 4,723 Accrued payroll and other compensation 700 561 Accrued income taxes 34 24 Other accrued taxes 204 252 Other liabilities and accrued expenses 2,335 2,056 Total current liabilities 8,661 7,656 Obligations under capital leases 232 317 Total shareholders' equity 39,240 37,978 Total liabilities and shareholders' equity $48,133 $45,951
