WARREN, Ohio, Nov. 13 /PRNewswire-FirstCall/ -- Avalon Holdings Corporation (NYSE Alternext US: AWX) today announced financial results for the third quarter of 2008.
Net operating revenues in the third quarter of 2008 increased to $14.3 million compared with $12.1 million in the prior year's third quarter. The Company recorded net income of $482,000 or $.13 per share for the third quarter of 2008 compared with net income of $547,000 or $.14 per share for the third quarter of 2007.
For the first nine months of 2008, net operating revenues increased to $36.3 million compared with $35.0 million for the first nine months of 2007. The Company recorded net income of $.7 million, or $.18 per share for the first nine months of 2008 compared with net income of $1.3 million, or $.33 per share for the prior year period. Net income for the first nine 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 Nine Months Ended September 30, September 30, 2008 2007 2008 2007 Net operating revenues $14,255 $12,139 $36,329 $34,983 Costs and expenses: Costs of operations 11,996 10,158 30,705 29,325 Selling, general and administrative expenses 1,808 1,543 5,121 4,911 Operating income from continuing operations 451 438 503 747 Other income (expense): Interest expense (3) (3) (10) (12) Interest income 7 94 44 379 Other income, net 43 45 169 65 Income from continuing operations before income taxes 498 574 706 1,179 Provision for income taxes 16 27 30 30 Income from continuing operations 482 547 676 1,149 Income from discontinued operations - - - 113 Net income $482 $547 $676 $1,262 Net income per share from continuing operations $.13 $.14 $.18 $.30 Net income per share from discontinued operations operations $ - $ - $ - $.03 Net income per share $.13 $.14 $.18 $.33 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, 2008 2007 Assets: (Unaudited) Current Assets: Cash and cash equivalents $4,080 $5,086 Accounts receivable, net 9,654 7,704 Prepaid expenses 318 287 Other current assets 683 366 Total current assets 14,735 13,443 Property and equipment, net 29,704 28,568 Leased property under capital leases net 5,766 5,759 Noncurrent deferred tax asset 19 19 Other assets, net 59 60 Total assets $50,283 $47,849 Liabilities and Shareholders' Equity Current Liabilities: Current portion of obligations under capital leases $1 $1 Accounts payable 6,246 5,013 Accrued payroll and other compensation 873 594 Accrued income taxes 17 43 Other accrued taxes 230 260 Other liabilities and accrued expenses 2,573 2,271 Total current liabilities 9,940 8,182 Obligations under capital leases 231 231 Total shareholders' equity 40,112 39,436 Total liabilities and shareholders' equity $50,283 $47,849
