WARREN, Ohio, Aug. 11 /PRNewswire-FirstCall/ -- Avalon Holdings Corporation (NYSE Amex: AWX) today announced financial results for the second quarter of 2009.
Net operating revenues in the second quarter of 2009 were $8.4 million compared with $11.7 million in the second quarter of 2008. The Company recorded a net loss of $.3 million, or a loss of $.07 per share for the second quarter of 2009 compared with net income of $.3 million, or $.07 per share for the second quarter of the 2008.
For the first six months of 2009, net operating revenues decreased to $17.2 million compared with $22.1 million for the first six months of 2008. The Company recorded a net loss $.7 million, or a loss of $.18 per share for the first six months of 2009 compared with net income of $.2 million or $.05 per share for the first six months of 2008.
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, -------- -------- 2009 2008 2009 2008 ---- ---- ---- ---- Net operating revenues $8,372 $11,720 $17,215 $22,074 Costs and expenses: Costs of operations 6,804 9,464 14,076 17,990 Depreciation and Amortization 423 400 848 719 Selling, general and administrative expenses 1,456 1,652 3,065 3,313 ----- ----- ----- ----- Operating (loss) income (311) 204 (774) 52 Other income (expense): Interest expense (4) (3) (7) (7) Interest income 11 8 14 37 Other income, net 55 59 114 126 -- -- --- --- (Loss) income before income taxes (249) 268 (653) 208 Provision for income taxes 14 14 14 14 -- -- -- -- Net (loss) income (263) 254 (667) 194 ===== === ===== === Net (loss) income per share $(.07) $.07 $(.18) $.05 ===== ==== ===== ==== 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, 2009 2008 ----- ----- Assets: (Unaudited) Current Assets: Cash and cash equivalents $5,926 $3,061 Accounts receivable, net 5,720 9,304 Prepaid expenses 279 309 Other current assets 708 636 ------ ------ Total current assets 12,633 13,310 Property and equipment, net 28,849 29,437 Leased property under capital leases, net 5,694 5,882 Noncurrent deferred tax asset 25 25 Other assets, net 58 59 ------ ------ Total assets $47,259 $48,713 ======= ======= Liabilities and Shareholders' Equity Current Liabilities: Current portion of obligations under capital leases $1 $1 Accounts payable 4,151 4,831 Accrued payroll and other compensation 536 711 Accrued income taxes 11 19 Other accrued taxes 163 281 Other liabilities and accrued expenses 2,660 2,466 ------ ------ Total current liabilities 7,522 8,309 Obligations under capital leases 230 230 Total shareholders' equity 39,507 40,174 ------ ------ Total liabilities and shareholders' equity $47,259 $48,713 ======= =======
Avalon Holdings Corporation
CONTACT: Mr. Timothy C. Coxson, Chief Financial Officer, Avalon Holdings
Corporation, +1-330-856-8800
