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PR Newswire
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Avalon Holdings Corporation Announces Second Quarter Results

WARREN, Ohio, Aug. 9, 2012 /PRNewswire/ --Avalon Holdings Corporation (NYSE Amex: AWX) today announced financial results for the second quarter of 2012.

Net operating revenues in the second quarter of 2012 were $12.6 million compared with $11.4 million in the second quarter of 2011. The Company recorded net income of $.3 million, or $.07 per share for the second quarter of 2012 compared with net income of $.1 million, or $.02 per share for the second quarter of 2011.

For the first six months of 2012, net operating revenues increased to $23.5 million compared with $21.3 million for the first six months of 2011. The Company incurred a net loss of $.1 million, or $.03 per share for the first six months of 2012 compared with a net loss of $.3 million or $.07 per share for the first six months of 2011.

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,


2012


2011


2012


2011









Net operating revenues

$ 12,609


$ 11,375


$ 23,547


$ 21,269









Costs and expenses:








Costs of operations

10,195


9,354


19,231


17,589

Depreciation and Amortization

407


416


820


835

Selling, general and administrative expenses

1,781


1,691


3,719


3,323

Operating income (loss)

226


(86)


(223)


(478)









Other income (expense):








Interest expense

(4)


(4)


(7)


(7)

Interest income

1


1


2


3

Other income, net

70


177


145


243

Income (loss) before income taxes

293


88


(83)


(239)









Provision for income taxes

19


11


36


24









Net income (loss)

$ 274


$ 77


$ (119)


$ (263)









Net income (loss) per share- basic

$ .07


$ .02


$ (.03)


$ (.07)

Net income (loss) per share- diluted

$ .07


$ .02


$ (.03)


$ (.07)









Weighted average shares outstanding - basic

3,803


3,803


3,803


3,803

Weighted average shares outstanding - diluted

4,108


3,869


3,803


3,803

AVALON HOLDINGS CORPORATION AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(in thousands)


June 30,


December 31,


2012


2011

Assets:

(Unaudited)



Current Assets:




Cash and cash equivalents

$ 6,961


$ 7,324

Accounts receivable, net

9,712


12,885

Prepaid expenses

293


281

Refundable income taxes

2


2

Other current assets

910


717

Total current assets

17,878


21,209





Property and equipment, net

25,630


26,079

Leased property under capital leases, net

6,700


5,984

Noncurrent deferred tax asset

8


8

Other assets, net

108


87

Total assets.

$ 50,324


$ 53,367





Liabilities and Shareholders' Equity




Current Liabilities:




Current portion of obligations under capital leases

$ 1


$ 1

Accounts payable

5,927


9,643

Accrued payroll and other compensation

615


755

Accrued income taxes

7


20

Other accrued taxes

168


260

Deferred revenues

2,862


2,105

Other liabilities and accrued expenses

506


406

Total current liabilities

10,086


13,190





Obligations under capital leases

227


227





Total shareholders' equity

40,011


39,950

Total liabilities and shareholders' equity

$ 50,324


$ 53,367

SOURCE Avalon Holdings Corporation

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