Avalon Holdings Corporation Announces First Quarter Results
WARREN, Ohio, May 13 /PRNewswire-FirstCall/ -- Avalon Holdings Corporation (NYSE Amex: AWX) today announced financial results for the first quarter of 2010.
Net operating revenues decreased to $8.3 million in the first quarter of 2010 compared with $8.8 million in the first quarter of 2009. The Company recorded a net loss of $.6 million in the first quarter of 2010 or $.15 per share compared with a net loss of $.4 million or $.11 per share for the first quarter of 2009.
Steven M. Berry, CEO and President of Avalon Holdings Corporation stated, "Revenue and earnings in the first quarter were impacted by the severe weather in several markets and the economy during a quarter which is typically challenging within the industry. However, we experienced an upturn in March which provides optimism for future quarters. According to an industry analyst, weather during January and February of 2010 was unprecedentedly severe."
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.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains forward-looking statements. Forward-looking statements generally include discussions and descriptions other than historical information. These forward-looking statements can generally be identified as such because the context of the statement will include words such as "may," "should," "outlook," "project," "intend," "seek," "plan," "believe," "expect," "estimate," "anticipate," "estimate," "potential," "continue," or "opportunity,", the negatives of these words, or similar words or expressions. The forward-looking statements made herein are only made as of the date of this press release and we undertake no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.
AVALON HOLDINGS CORPORATION AND SUBSIDIARIES |
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Condensed Consolidated Statements of Operations (Unaudited) |
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(in thousands, except for per share amounts) |
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Three Months Ended |
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March 31, |
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2010 |
2009 |
|||
Net operating revenues |
$8,330 |
$8,843 |
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Costs and expenses: |
||||
Costs of operations |
6,985 |
7,272 |
||
Depreciation and amortization |
420 |
425 |
||
Selling, general and administrative expenses |
1,568 |
1,609 |
||
Operating loss |
(643) |
(463) |
||
Other income (expense): |
||||
Interest expense |
(3) |
(3) |
||
Interest income |
8 |
|||
Other income, net |
55 |
59 |
||
Loss before taxes |
(583) |
(404) |
||
Provision for income taxes |
1 |
– |
||
Net loss |
$(584) |
$(404) |
||
Net loss per share |
$ (.15) |
$(.11) |
||
Weighted average shares outstanding |
3,803 |
3,803 |
||
AVALON HOLDINGS CORPORATION AND SUBSIDIARIES |
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Condensed Consolidated Balance Sheets |
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(in thousands) |
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March 31, |
December 31, |
|||
2010 |
2009 |
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Assets: |
(Unaudited) |
|||
Current Assets: |
||||
Cash and cash equivalents |
$5,445 |
$5,862 |
||
Accounts receivable, net |
6,097 |
7,094 |
||
Prepaid expenses |
328 |
291 |
||
Refundable income taxes |
25 |
25 |
||
Other current assets |
588 |
568 |
||
Total current assets |
12,483 |
13,840 |
||
Property and equipment, net |
27,975 |
28,277 |
||
Leased property under capital leases, net |
5,561 |
5,574 |
||
Noncurrent deferred tax asset |
8 |
8 |
||
Other assets, net |
59 |
58 |
||
Total assets |
$46,086 |
$47,757 |
||
Liabilities and Shareholders' Equity |
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Current Liabilities: |
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Current portion of obligations under capital leases |
$1 |
$1 |
||
Accounts payable |
3,874 |
5,119 |
||
Accrued payroll and other compensation |
406 |
545 |
||
Other accrued taxes |
207 |
274 |
||
Deferred revenues |
2,194 |
1,943 |
||
Other liabilities and accrued expenses |
337 |
246 |
||
Total current liabilities |
7,019 |
8,128 |
||
Obligations under capital leases |
229 |
229 |
||
Total shareholders' equity |
38,838 |
39,400 |
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Total liabilities and shareholders' equity |
$46,086 |
$47,757 |
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SOURCE Avalon Holdings Corporation
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