WARREN, Ohio, Aug. 11, 2011 /PRNewswire/ -- Avalon Holdings Corporation (NYSE Amex: AWX) today announced financial results for the second quarter of 2011.
Net operating revenues in the second quarter of 2011 were $11.4 million compared with $12.1 million in the second quarter of 2010. The Company recorded net income of $77,000, or $.02 per share for the second quarter of 2011 compared with a net loss of $12,000, or $.01 per share for the second quarter of the 2010.
For the first six months of 2011, net operating revenues increased to $21.3 million compared with $20.4 million for the first six months of 2010. The Company recorded a net loss $.3 million, or $.07 per share for the first six months of 2011 compared with a net loss of $.6 million or $.16 per share for the first six months 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 June 30, | Six Months Ended June 30, | |||||||
2011 | 2010 | 2011 | 2010 | |||||
Net operating revenues | $ 11,375 | $ 12,051 | $ 21,269 | $ 20,381 | ||||
Costs and expenses: | ||||||||
Costs of operations | 9,354 | 9,842 | 17,589 | 16,827 | ||||
Depreciation and Amortization | 416 | 422 | 835 | 842 | ||||
Selling, general and administrative expenses | 1,691 | 1,851 | 3,323 | 3,419 | ||||
Operating loss | (86) | (64) | (478) | (707) | ||||
Other income (expense): | ||||||||
Interest expense | (4) | (4) | (7) | (7) | ||||
Interest income | 1 | 8 | 3 | 16 | ||||
Other income, net | 177 | 61 | 243 | 116 | ||||
Income (loss) before income taxes | 88 | 1 | (239) | (582) | ||||
Provision for income taxes | 11 | 13 | 24 | 14 | ||||
Net income (loss) | $ 77 | $ (12) | $ (263) | $ (596) | ||||
Net income (loss) per share- basic | $ .02 | $ (.01) | $ (.07) | $ (.16) | ||||
Net income (loss) per share- diluted | $ .02 | $ (.01) | $ (.07) | $ (.16) | ||||
Weighted average shares outstanding - basic | 3,803 | 3,803 | 3,803 | 3,803 | ||||
Weighted average shares outstanding - diluted | 3,869 | 3,803 | 3,803 | 3,803 | ||||
AVALON HOLDINGS CORPORATION AND SUBSIDIARIES Condensed Consolidated Balance Sheets (in thousands) | |||||
June 30, | December 31, | ||||
2011 | 2010 | ||||
Assets: | (Unaudited) | ||||
Current Assets: | |||||
Cash and cash equivalents | $ | 6,165 | $ | 5,565 | |
Accounts receivable, net | 7,846 | 8,202 | |||
Prepaid expenses | 244 | 341 | |||
Refundable income taxes | 14 | 14 | |||
Other current assets | 822 | 600 | |||
Total current assets | 15,091 | 14,722 | |||
Property and equipment, net | 26,580 | 27,265 | |||
Leased property under capital leases, net | 6,060 | 5,314 | |||
Noncurrent deferred tax asset | 8 | 8 | |||
Other assets, net | 27 | 28 | |||
Total assets | $ | 47,766 | $ | 47,337 | |
Liabilities and Shareholders' Equity | |||||
Current Liabilities: | |||||
Current portion of obligations under capital leases | $ | 1 | $ | 1 | |
Accounts payable | 4,976 | 5,173 | |||
Accrued payroll and other compensation | 685 | 383 | |||
Accrued income taxes | 2 | - | |||
Other accrued taxes | 214 | 269 | |||
Deferred revenues | 2,481 | 1,988 | |||
Other liabilities and accrued expenses | 372 | 318 | |||
Total current liabilities | 8,731 | 8,132 | |||
Obligations under capital leases | 228 | 228 | |||
Total shareholders' equity | 38,807 | 38,977 | |||
Total liabilities and shareholders' equity | $ | 47,766 | $ | 47,337 | |
SOURCE Avalon Holdings Corporation
