WARREN, Ohio, March 20 /PRNewswire-FirstCall/ -- Avalon Holdings Corporation (NYSE Amex: AWX) today announced financial results for the fourth quarter of 2008.
Net operating revenues were $12.6 million in the fourth quarter of 2008 compared with $10.4 million in the fourth quarter of the prior year. The Company recorded net income of $62,000 or $.02 per share in the fourth quarter of 2008 compared with net income of $196,000 or $.05 per share in the fourth quarter of 2007.
For the full year of 2008, net operating revenues were $49 million compared with $45.4 million for the prior year period. The Company recorded net income of $.7 million, or $.19 per share for the full year of 2008 compared with net income of $1.5 million, or $.38 per share for the prior year period. Net income for the full year 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. 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, 2008 2007 2008 2007 Net operating revenues $12,649 $10,449 $48,978 $45,432 Costs and expenses: Costs of operations 10,789 8,913 41,494 38,238 Selling, general and administrative expenses 1,837 1,437 6,958 6,348 Operating income from continuing operations 23 99 526 846 Interest expense (4) (4) (14) (16) Interest income 5 56 49 435 Other income, net 44 55 213 120 Income from continuing operations before income taxes 68 206 774 1,385 Income tax provision 6 10 36 40 Income from continuing operations 62 196 738 1,345 Income from discontinued operations (net of tax) -- -- -- 113 Net income $ 62 $ 196 $ 738 $ 1,458 Income per share from continuing operations $ .02 $ .05 $ .19 $ .35 Income per share from discontinued operations $ -- $ -- $ -- $ .03 Net income per share $ .02 $ .05 $ .19 $ .38 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, 2008 2007 Assets Current Assets: Cash and cash equivalents $3,061 $5,086 Accounts receivable, net 9,304 7,704 Prepaid expenses 309 287 Other current assets 636 366 Total current assets 13,310 13,443 Property and equipment, net 29,437 28,568 Leased property under capital leases, net 5,882 5,759 Other assets, net 59 60 Noncurrent deferred tax asset 25 19 Total assets $48,713 $47,849 Liabilities and Shareholders' Equity Current Liabilities: Current portion of obligations under capital leases $1 $1 Accounts payable 4,831 5,013 Accrued payroll and other compensation 711 594 Accrued income taxes 19 43 Other accrued taxes 281 260 Other liabilities and accrued expenses 2,466 2,271 Total current liabilities 8,309 8,182 Obligations under capital leases 230 231 Total shareholders' equity 40,174 39,436 Total liabilities and shareholders' equity $48,713 $47,849
