WARREN, Ohio, May 11, 2011 /PRNewswire/ -- Avalon Holdings Corporation (NYSE Amex: AWX) today announced financial results for the first quarter of 2011.
Net operating revenues increased to $9.9 million in the first quarter of 2011 compared with $8.3 million in the first quarter of 2010. The Company incurred a net loss of $.3 million in the first quarter of 2011 or $.09 per share compared with a net loss of $.6 million or $.15 per share for the first quarter of 2010.
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 | |||||
March 31, | |||||
2011 | 2010 | ||||
Net operating revenues | $9,894 | $8,330 | |||
Costs and expenses: | |||||
Costs of operations | 8,235 | 6,985 | |||
Depreciation and amortization | 419 | 420 | |||
Selling, general and administrative expenses | 1,632 | 1,568 | |||
Loss from operations | (392) | (643) | |||
Other income (expense): | |||||
Interest expense | (3) | (3) | |||
Interest income | 2 | 8 | |||
Other income, net | 66 | 55 | |||
Loss before income taxes | (327) | (583) | |||
Provision for income taxes | 13 | 1 | |||
Net loss | $(340) | $(584) | |||
Basic and dilutive net loss per share | $(.09) | $(.15) | |||
Weighted average shares outstanding | 3,803 | 3,803 | |||
AVALON HOLDINGS CORPORATION AND SUBSIDIARIES Condensed Consolidated Balance Sheets (in thousands) | ||||
March 31, | December 31, | |||
2011 | 2010 | |||
(Unaudited) | ||||
Assets: | ||||
Current Assets: | ||||
Cash and cash equivalents | $6,059 | $5,565 | ||
Accounts receivable, net | 7,882 | 8,202 | ||
Prepaid expenses | 287 | 341 | ||
Refundable income taxes | 14 | 14 | ||
Other current assets | 694 | 600 | ||
Total current assets | 14,936 | 14,722 | ||
Property and equipment, net | 27,086 | 27,265 | ||
Leased property under capital leases, net | 5,256 | 5,314 | ||
Noncurrent deferred tax asset | 8 | 8 | ||
Other assets, net | 28 | 28 | ||
Total assets | $47,314 | $47,337 | ||
Liabilities and Shareholders' Equity | ||||
Current Liabilities: | ||||
Current portion of obligations under capital leases | $1 | $1 | ||
Accounts payable | 5,141 | 5,173 | ||
Accrued payroll and other compensation | 491 | 383 | ||
Accrued income taxes | 5 | - | ||
Other accrued taxes | 213 | 269 | ||
Deferred revenues | 2,206 | 1,988 | ||
Other liabilities and accrued expenses | 351 | 318 | ||
Total current liabilities | 8,408 | 8,132 | ||
Obligations under capital leases | 228 | 228 | ||
Total shareholders' equity | 38,678 | 38,977 | ||
Total liabilities and shareholders' equity | $47,314 | $47,337 | ||
SOURCE Avalon Holdings Corporation
