Avalon Holdings Corporation Announces Fourth Quarter Results

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Mar 11, 2011, 05:41 ET

WARREN, Ohio, March 11, 2011 /PRNewswire/ -- Avalon Holdings Corporation (NYSE Amex: AWX) today announced financial results for the fourth quarter of 2010.

Net operating revenues were $11.3 million in the fourth quarter of 2010 compared with $10.1 million in the fourth quarter of the prior year. The Company recorded net income $.1 million or $.02 per share in the fourth quarter of 2010 compared with a net loss of $.1 million or $.03 per share in the fourth quarter of 2009.

For the full year of 2010, net operating revenues increased to $43.5 million compared with $36.9 million for the prior year period. The Company incurred a net loss of $.5 million, or $.14 per share for the full year of 2010 compared with a net loss of $.8 million, or $.20 per share for the prior year period.

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
(in thousands, except for per share amounts)

	Three Months Ended		Twelve Months Ended
	December 31,		December 31,

	2010	2009	2010	2009

Net operating revenues	$11,283	$10,086	$43,453	$36,920

Costs and expenses:
Costs of operations	9,343	8,281	35,751	30,114
Depreciation and amortization	421	420	1,684	1,688
Selling, general and
administrative expenses	1,534	1,547	6,783	6,096


Operating loss	(15)	(162)	(765)	(978)

Interest expense	(4)	(3)	(14)	(15)
Interest income	3	9	24	33
Other income, net	90	55	253	210

Income (loss) before income taxes	74	(101)	(502)	(750)
Income tax provision	19	6	41	24

Net income (loss)	$55	$(107)	$(543)	$(774)

Net income (loss) per share-basic	$.02	$(.03)	$(.14)	$(.20)
Net income (loss) per share-diluted	$.01	$(.03)	$(.14)	$(.20)

Weighted average shares
Outstanding - basic	3,803	3,803	3,803	3,803
- diluted	3,921	3,803	3,803	3,803

AVALON HOLDINGS CORPORATION AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(in thousands)
	December 31,	December 31,
	2010	2009
Assets:
Current Assets:
Cash and cash equivalents	$5,565	$5,862
Accounts receivable, net	8,202	7,094
Prepaid expenses	341	291
Refundable income taxes	14	25
Other current assets	600	568
Total current assets	14,722	13,840

Property and equipment, net	27,265	28,277
Leased property under capital leases, net	5,314	5,574
Noncurrent deferred tax asset	8	8
Other assets, net	28	58
Total assets	$47,337	$47,757

Liabilities and Shareholders' Equity
Current Liabilities:
Current portion of obligations under capital leases	$1	$1
Accounts payable	5,173	5,119
Accrued payroll and other compensation	383	545
Other accrued taxes	269	274
Deferred revenues	1988	1,943
Other liabilities and accrued expenses	318	246
Total current liabilities	8,132	8,128

Obligations under capital leases	228	229

Total shareholders' equity	38,977	39,400
Total liabilities and shareholders' equity	$47,337	$47,757