Avalon Holdings Corporation Announces Fourth Quarter Results

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Mar 15, 2012, 05:47 ET

WARREN, Ohio, March 15, 2012 /PRNewswire/ -- Avalon Holdings Corporation (NYSE Amex: AWX) today announced financial results for the fourth quarter of 2011.

Net operating revenues were $16.9 million in the fourth quarter of 2011 compared with $11.3 million in the fourth quarter of the prior year. The Company recorded net income of $.7 million or $.19 per share in the fourth quarter of 2011 compared with a net income of $.1 million or $.02 per share in the fourth quarter of 2010.

For the full year of 2011, net operating revenues increased to $54.0 million compared with $43.5 million for the prior year period. The Company recorded net income of $.8 million, or $.20 per share for the full year of 2011 compared with a net loss of $.5 million, or $.14 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,

	2011	2010	2011	2010

Net operating revenues	$16,882	$11,283	$53,986	$43,453

Costs and expenses:
Costs of operations	14,123	9,343	44,979	35,751
Depreciation and amortization	413	421	1,663	1,684
Selling, general and
administrative expenses	2,066	1,534	7,266	6,783


Operating income (loss)	280	(15)	78	(765)

Interest expense	(4)	(4)	(14)	(14)
Interest income	1	3	5	24
Other income, net	499	90	796	253

Income (loss) before income taxes	776	74	865	(502)
Income tax provision	41	19	89	41

Net income (loss)	$735	$ 55	$776	$(543)

Net income (loss) per share-basic	$.19	$ 02	$.20	$(.14)
Net income (loss) per share-diluted	$.19	$.01	$.20	$(.14)

Weighted average shares
Outstanding - basic	3,803	3,803	3,803	3,803
- diluted	3,812	3,921	3,852	3,803

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

	December 31,	December 31,
	2011	2010
Assets:
Current Assets:
Cash and cash equivalents	$7,324	$5,565
Accounts receivable, net	12,885	8,202
Prepaid expenses	281	341
Refundable income taxes	2	14
Other current assets	717	600
Total current assets	21,209	14,722

Property and equipment, net	26,079	27,265
Leased property under capital leases, net	5,984	5,314
Noncurrent deferred tax asset	8	8
Other assets, net	87	28
Total assets	$53,367	$47,337

Liabilities and Shareholders' Equity
Current Liabilities:
Current portion of obligations under capital leases	$1	$1
Accounts payable	9,643	5,173
Accrued payroll and other compensation	755	383
Accrued income taxes	20	-
Other accrued taxes	260	269
Deferred revenues	2,105	1,988
Other liabilities and accrued expenses	406	318
Total current liabilities	13,190	8,132

Obligations under capital leases	227	228

Total shareholders' equity	39,950	38,977
Total liabilities and shareholders' equity	$53,367	$47,337