WARREN, Ohio, March 18 /PRNewswire-FirstCall/ -- Avalon Holdings Corporation today announced financial results for the fourth quarter of 2007.
Net operating revenues were $10.4 million in the fourth quarter of 2007 compared with $10 million in the fourth quarter of the prior year. The Company recorded net income of $196,000, or $.05 per share in the fourth quarter of 2007 compared with net income of $343,000 or $.09 per share in the fourth quarter of 2006. The fourth quarter results for 2006 included income from discontinued operations of $95,000 or $.02 per share.
For the full year of 2007, net operating revenues were $45.4 million compared with $39.3 million for the prior year period. The Company recorded income from continuing operations of $1.3 million, or $.35 per share for the full year of 2007 compared with income from continuing operations of $.9 million, or $.23 per share for the prior year period. Including the results from discontinued operations, the Company recorded net income of $1.5 million for the full year of 2007, or $.38 per share compared with net income of $1.3 million, or $.35 per share for the prior year period.
Avalon Holdings Corporation provides waste management services to industrial, commercial, municipal and governmental customers. Avalon Holdings Corporation also owns the Avalon Golf and Country Club, which operates golf courses and related facilities.
AVALON HOLDINGS CORPORATION Condensed Consolidated Statements of Operations (in thousands, except for per share amounts) Three Months Ended Twelve Months Ended December 31, December 31, 2007 2006 2007 2006 Net operating revenues $10,449 $10,045 $45,432 $39,329 Costs and expenses: Costs of operations 8,913 8,498 38,238 33,047 Selling, general and administrative expenses 1,437 1,562 6,348 6,271 Operating income (loss) from continuing operations 99 (15) 846 11 Interest expense (4) (4) (16) (15) Interest income 56 162 435 599 Other income, net 55 118 120 288 Income from continuing operations before income taxes 206 261 1,385 883 Income tax provision 10 13 40 13 Income from continuing operations 196 248 1,345 870 Income from discontinued operations (net of tax) - 95 113 457 Net income $196 $343 $ 1,458 $ 1,327 Income per share from continuing operations $.05 $.07 $.35 $.23 Income per share from discontinued operations $- $.02 $.03 $.12 Net income per share $.05 $.09 $.38 $.35 Weighted average shares outstanding 3,803 3,803 3,803 3,803 AVALON HOLDINGS CORPORATION AND SUBSIDIARIES Condensed Consolidated Balance Sheets (in thousands) December 31, 2007 2006 Assets Current Assets: Cash and cash equivalents $5,086 $13,251 Accounts receivable, net 7,704 7,672 Prepaid expenses 287 223 Other current assets 366 224 Total current assets 13,443 21,370 Property and equipment, net 28,568 18,696 Leased property under capital leases, net 5,759 5,816 Other assets, net 60 69 Noncurrent deferred tax asset 19 - Total assets $47,849 $45,951 Liabilities and Shareholders' Equity Current Liabilities: Current portion of obligations under capital leases $1 $40 Accounts payable 5,013 4,723 Accrued payroll and other compensation 594 561 Accrued income taxes 43 24 Other accrued taxes 260 252 Other liabilities and accrued expenses 2,271 2,056 Total current liabilities 8,182 7,656 Obligations under capital leases 231 317 Total shareholders' equity 39,436 37,978 Total liabilities and shareholders' equity $47,849 $45,951
