Avalon Holdings Corporation Announces Second Quarter Results

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Aug 13, 2013, 05:07 ET

WARREN, Ohio, Aug. 13, 2013 /PRNewswire/ -- Avalon Holdings Corporation (NYSE Amex: AWX) today announced financial results for the second quarter of 2013.

Net operating revenues in the second quarter of 2013 were $15.7 million compared with $12.6 million in the second quarter of 2012. The Company recorded net income of $.5 million, or $.12 per share for the second quarter of 2013 compared with net income of $.3 million, or $.07 per share for the second quarter of 2012.

For the first six months of 2013, net operating revenues increased to $30.4 million compared with $23.5 million for the first six months of 2012. The Company recorded net income of $.3 million, or $.08 per share for the first six months of 2013 compared with a net loss of $.1 million or $.03 per share for the first six months of 2012.

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,
	2013	2012	2013	2012

Net operating revenues	$ 15,733	$ 12,609	$ 30,402	$ 23,547

Costs and expenses:
Costs of operations	13,038	10,195	25,592	19,231
Depreciation and Amortization	405	407	809	820
Selling, general and administrative expenses	1,894	1,781	3,794	3,719
Operating income (loss)	396	226	207	(223)

Other income (expense):
Interest expense	(5)	(4)	(10)	(7)
Interest income	1	1	1	2
Other income, net	97	70	176	145
Income (loss) before income taxes	489	293	374	(83)

Provision for income taxes	30	19	59	36
Net income (loss)	$ 459	$ 274	$ 315	$ (119)

Net income (loss) per share- basic	$ .12	$ .07	$ .08	$ (.03)
Net income (loss) per share- diluted	$ .11	$ .07	$ .08	$ (.03)

Weighted average shares outstanding – basic	3,803	3,803	3,803	3,803
Weighted average shares outstanding – diluted	4,018	4,108	4,039	3,803

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

	June 30, 2013	December 31, 2012
	(Unaudited)
Assets:
Current Assets:
Cash and cash equivalents	$ 8,567	$ 7,888
Accounts receivable, net	10,992	9,244
Prepaid expenses	282	287
Refundable income taxes	9	9
Other current assets	983	758
Total current assets	20,833	18,186

Property and equipment, net	24,885	25,177
Leased property under capital leases, net	6,832	6,680
Noncurrent deferred tax asset	8	8
Other assets, net	106	104
Total assets	$ 52,664	$ 50,155

Liabilities and Shareholders' Equity
Current Liabilities:
Current portion of obligations under capital leases	$ 55	$ 2
Accounts payable	7,357	6,677
Accrued payroll and other compensation	701	486
Accrued income taxes	14	2
Other accrued taxes	292	303
Deferred revenues	3,079	2,180
Other liabilities and accrued expenses	510	424
Total current liabilities	12,008	10,074

Obligations under capital leases	424	224


Total shareholders' equity	40,232	39,857

Total liabilities and shareholders' equity	$ 52,664	$ 50,155