WARREN, Ohio, March 11, 2011 /PRNewswire/ -- Avalon Holdings Corporation today announced financial results for the fourth quarter of 2010.
Net operating revenues were $11.3 million in the fourth quarter of 2010 compared with $10.1 million in the fourth quarter of the prior year. The Company recorded net income $.1 million or $.02 per share in the fourth quarter of 2010 compared with a net loss of $.1 million or $.03 per share in the fourth quarter of 2009.
For the full year of 2010, net operating revenues increased to $43.5 million compared with $36.9 million for the prior year period. The Company incurred a net loss of $.5 million, or $.14 per share for the full year of 2010 compared with a net loss of $.8 million, or $.20 per share for the prior year period.
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 (in thousands, except for per share amounts)
Three Months Twelve Months Ended Ended December 31, December 31, ------------ ------------ 2010 2009 2010 2009 ---- ---- ---- ---- Net operating revenues $11,283 $10,086 $43,453 $36,920 Costs and expenses: Costs of operations 9,343 8,281 35,751 30,114 Depreciation and amortization 421 420 1,684 1,688 Selling, general and administrative expenses 1,534 1,547 6,783 6,096 ----- ----- ----- ----- Operating loss (15) (162) (765) (978) Interest expense (4) (3) (14) (15) Interest income 3 9 24 33 Other income, net 90 55 253 210 --- --- --- --- Income (loss) before income taxes 74 (101) (502) (750) Income tax provision 19 6 41 24 --- --- --- --- Net income (loss) $55 $(107) $(543) $(774) === ===== ===== ===== Net income (loss) per share-basic $.02 $(.03) $(.14) $(.20) Net income (loss) per share-diluted $.01 $(.03) $(.14) $(.20) ==== ===== ===== ===== Weighted average shares Outstanding - basic 3,803 3,803 3,803 3,803 -diluted 3,921 3,803 3,803 3,803 ===== ===== ===== =====
AVALON HOLDINGS CORPORATION AND SUBSIDIARIES Condensed Consolidated Balance Sheets (in thousands)
December December 31, 31, 2010 2009 ---- ---- Assets: Current Assets: Cash and cash equivalents $5,565 $5,862 Accounts receivable, net 8,202 7,094 Prepaid expenses 341 291 Refundable income taxes 14 25 Other current assets 600 568 --- --- Total current assets 14,722 13,840 Property and equipment, net 27,265 28,277 Leased property under capital leases, net 5,314 5,574 Noncurrent deferred tax asset 8 8 Other assets, net 28 58 --- --- Total assets $47,337 $47,757 ======= ======= Liabilities and Shareholders' Equity ----------------------------- Current Liabilities: Current portion of obligations under capital leases $1 $1 Accounts payable 5,173 5,119 Accrued payroll and other compensation 383 545 Other accrued taxes 269 274 Deferred revenues 1988 1,943 Other liabilities and accrued expenses 318 246 --- --- Total current liabilities 8,132 8,128 Obligations under capital leases 228 229 Total shareholders' equity 38,977 39,400 ------ ------ Total liabilities and shareholders' equity $47,337 $47,757 ======= =======
Avalon Holdings Corporation
CONTACT: Mr. Timothy C. Coxson, Chief Financial Officer, Avalon Holdings
Corporation, +1-330-856-8800
