WARREN, Ohio, May 13 /PRNewswire-FirstCall/ -- Avalon Holdings Corporation (NYSE Amex: AWX) today announced financial results for the first quarter of 2010.
Net operating revenues decreased to $8.3 million in the first quarter of 2010 compared with $8.8 million in the first quarter of 2009. The Company recorded a net loss of $.6 million in the first quarter of 2010 or $.15 per share compared with a net loss of $.4 million or $.11 per share for the first quarter of 2009.
Steven M. Berry, CEO and President of Avalon Holdings Corporation stated, "Revenue and earnings in the first quarter were impacted by the severe weather in several markets and the economy during a quarter which is typically challenging within the industry. However, we experienced an upturn in March which provides optimism for future quarters. According to an industry analyst, weather during January and February of 2010 was unprecedentedly severe."
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.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains forward-looking statements. Forward-looking statements generally include discussions and descriptions other than historical information. These forward-looking statements can generally be identified as such because the context of the statement will include words such as "may," "should," "outlook," "project," "intend," "seek," "plan," "believe," "expect," "estimate," "anticipate," "estimate," "potential," "continue," or "opportunity,", the negatives of these words, or similar words or expressions. The forward-looking statements made herein are only made as of the date of this press release and we undertake no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.
AVALON HOLDINGS CORPORATION AND SUBSIDIARIES Condensed Consolidated Statements of Operations (Unaudited) (in thousands, except for per share amounts) Three Months Ended March 31, --------- 2010 2009 ---- ---- Net operating revenues $8,330 $8,843 Costs and expenses: Costs of operations 6,985 7,272 Depreciation and amortization 420 425 Selling, general and administrative expenses 1,568 1,609 Operating loss (643) (463) Other income (expense): Interest expense (3) (3) Interest income 8 Other income, net 55 59 --- --- Loss before taxes (583) (404) Provision for income taxes 1 - --- --- Net loss $(584) $(404) ----- ----- Net loss per share $(.15) $(.11) ----- ----- Weighted average shares outstanding 3,803 3,803 ----- ----- AVALON HOLDINGS CORPORATION AND SUBSIDIARIES Condensed Consolidated Balance Sheets (in thousands) December March 31, 31, 2010 2009 ---- ---- Assets: (Unaudited) Current Assets: Cash and cash equivalents $5,445 $5,862 Accounts receivable, net 6,097 7,094 Prepaid expenses 328 291 Refundable income taxes 25 25 Other current assets 588 568 Total current assets 12,483 13,840 Property and equipment, net 27,975 28,277 Leased property under capital leases, net 5,561 5,574 Noncurrent deferred tax asset 8 8 Other assets, net 59 58 --- --- Total assets $46,086 $47,757 ------- ------- Liabilities and Shareholders' Equity Current Liabilities: Current portion of obligations under capital leases $1 $1 Accounts payable 3,874 5,119 Accrued payroll and other compensation 406 545 Other accrued taxes 207 274 Deferred revenues 2,194 1,943 Other liabilities and accrued expenses 337 246 --- --- Total current liabilities 7,019 8,128 Obligations under capital leases 229 229 Total shareholders' equity 38,838 39,400 ------ ------ Total liabilities and shareholders' equity $46,086 $47,757 ------- -------
Avalon Holdings Corporation
CONTACT: Mr. Timothy C. Coxson, Chief Financial Officer, Avalon Holdings
Corporation, +1-330-856-8800
