WARREN, Ohio, Aug. 12 /PRNewswire-FirstCall/ -- Avalon Holdings Corporation today announced financial results for the second quarter of 2008.
Net operating revenues in the second quarter of 2008 increased to $11.7 million compared with $11.5 million for the second quarter of 2007. The Company recorded net income of $.3 million, or $.07 per share compared with $.4 million, or $.10 per share for the second quarter of the 2007. Net income for the second quarter of 2007 included $.1 million, or $.03 per share from discontinued operations.
For the first six months of 2008, net operating revenues decreased to $22.1 million compared with $22.8 million for the first six months of 2007. The Company recorded net income $.2 million, or $.05 per share for the first six months of 2008 compared with $.7 million or $.19 per share for the first six months of 2007. Net income for the first six months of 2007 included $.1 million, or $.03 per share from discontinued operations.
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, 2008 2007 2008 2007 Net operating revenues $11,720 $11,534 $22,074 $22,844 Costs and expenses: Costs of operations 9,864 9,695 18,709 19,167 Selling, general and administrative expenses 1,652 1,677 3,313 3,368 Operating income from continuing operations 204 162 52 309 Other income (expense): Interest expense (3) (4) (7) (9) Interest income 8 133 37 285 Other income (expense), net 59 (38) 126 20 Income from continuing operations before income taxes 268 253 208 605 Provision for income taxes 14 3 14 3 Income from continuing operations 254 250 194 602 Discontinued operations: Income from discontinued operations, net of taxes - 113 - 113 Net income $254 $363 $194 $715 Net income per share from continuing operations $.07 $.07 $.05 $.16 Net income per share from discontinued operations $- $.03 $- $.03 Net income per share $.07 $.10 $.05 $.19 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, 2008 2007 Assets: (Unaudited) Current Assets: Cash and cash equivalents $3,552 $5,086 Accounts receivable, net 8,148 7,704 Prepaid expenses 299 287 Other current assets 703 366 Total current assets 12,702 13,443 Property and equipment, net 29,894 28,568 Leased property under capital leases net 5,739 5,759 Noncurrent deferred tax asset 19 19 Other assets, net 59 60 Total assets $48,413 $47,849 Liabilities and Shareholders' Equity Current Liabilities: Current portion of obligations under capital leases $1 $1 Accounts payable 4,751 5,013 Accrued payroll and other compensation 708 594 Accrued income taxes 38 43 Other accrued taxes 148 260 Other liabilities and accrued expenses 2,906 2,271 Total current liabilities 8,552 8,182 Obligations under capital leases 231 231 Total shareholders' equity 39,630 39,436 Total liabilities and shareholders' equity $48,413 $47,849
