WARREN, Ohio, May 12 /PRNewswire-FirstCall/ -- Avalon Holdings Corporation today announced financial results for the first quarter of 2008.
Net operating revenues in the first quarter of 2008 decreased to $10.4 million compared with $11.3 million in the first quarter of 2007. The Company recorded a net loss of $60,000 in the first quarter of 2008 or a loss of $.02 per share compared with net income of $352,000 or $.09 per share for the first quarter of 2007.
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, 2008 2007 Net operating revenues $10,354 $11,310 Costs and expenses: Costs of operations 8,845 9,472 Selling, general and administrative expenses 1,661 1,691 Operating (loss) income (152) 147 Other income (expense): Interest expense (4) (5) Interest income 29 152 Other income, net 67 58 (Loss) income before taxes (60) 352 Provision (benefit) for income taxes - - Net (loss) income $(60) $352 Net (loss) income per share $(.02) $.09 Weighted average shares outstanding 3,803 3,803 AVALON HOLDINGS CORPORATION AND SUBSIDIARIES Condensed Consolidated Balance Sheets (in thousands) March 31, December 31, 2008 2007 Assets: (Unaudited) Current Assets: Cash and cash equivalents $3,953 $5,086 Accounts receivable, net 7,201 7,704 Prepaid expenses 309 287 Other current assets 597 366 Total current assets 12,060 13,443 Property and equipment, net 29,588 28,568 Leased property under capital leases, net 5,702 5,759 Noncurrent deferred tax asset 19 19 Other assets, net 60 60 Total assets $47,429 $47,849 Liabilities and Shareholders' Equity Current Liabilities: Current portion of obligations under capital leases $1 $1 Accounts payable 4,308 5,013 Accrued payroll and other compensation 498 594 Accrued income taxes 27 43 Other accrued taxes 182 260 Other liabilities and accrued expenses 2,806 2,271 Total current liabilities 7,822 8,182 Obligations under capital leases 231 231 Total shareholders' equity 39,376 39,436 Total liabilities and shareholders' equity $47,429 $47,849
