Avalon Holdings Corporation Announces First Quarter Results

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May 11, 2012, 05:27 ET

WARREN, Ohio, May 11, 2012 /PRNewswire/ -- Avalon Holdings Corporation (NYSE Amex:AWX) today announced financial results for the first quarter of 2012.

Net operating revenues increased to $10.9 million in the first quarter of 2012 compared with $9.9 million in the first quarter of 2011. The Company incurred a net loss of $.4 million in the first quarter of 2012 or $.10 per share compared with a net loss of $.3 million or $.09 per share for the first quarter 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
	March 31,
	2012	2011
Net operating revenues	$ 10,938	$ 9,894

Costs and expenses:
Costs of operations	9,036	8,235
Depreciation and amortization	413	419
Selling, general and administrative expenses	1,938	1,632
Loss from operations	(449)	(392)

Other income (expense):
Interest expense	(3)	(3)
Interest income.	1	2
Other income, net	75	66
Loss before income taxes	(376)	(327)

Provision for income taxes	17	13

Net loss	$ (393)	$ (340)

Basic and dilutive net loss per share	$ (.10)	$ (.09)

Weighted average shares outstanding	3,803	3,803

AVALON HOLDINGS CORPORATION AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(in thousands)
	March 31,	December 31,
	2012	2011
Assets:	(Unaudited)
Current Assets:
Cash and cash equivalents	$ 7,540	$ 7,324
Accounts receivable, net	8,501	12,885
Prepaid expenses	337	281
Refundable income taxes	2	2
Other current assets	838	717
Total current assets	17,218	21,209

Property and equipment, net	25,819	26,079
Leased property under capital leases, net	5,940	5,984
Noncurrent deferred tax asset	8	8
Other assets, net	105	87
Total assets	$ 49,090	$ 53,367

Liabilities and Shareholders' Equity
Current Liabilities:
Current portion of obligations under capital leases	$ 1	$ 1
Accounts payable	5,619	9,643
Accrued payroll and other compensation	537	755
Accrued income taxes	15	20
Other accrued taxes	211	260
Deferred revenues	2,351	2,105
Other liabilities and accrued expenses	419	406
Total current liabilities	9,153	13,190

Obligations under capital leases	227	227

Total shareholders' equity	39,710	39,950
Total liabilities and shareholders' equity	$ 49,090	$ 53,367