Avalon Holdings Corporation Announces First Quarter Results

WARREN, Ohio, May 14, 2013 /PRNewswire/ -- Avalon Holdings Corporation (NYSE Amex: AWX) today announced financial results for the first quarter of 2013.

Net operating revenues increased to $14.7 million in the first quarter of 2013 compared with $10.9 million in the first quarter of 2012.  The Company incurred a net loss of $.1 million in the first quarter of 2013 or $.04 per share compared with a net loss of $.4 million or $.10 per share for the first quarter 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



March 31,



2013


2012

Net operating revenues


$       14,669


$       10,938






Costs and expenses:





     Costs of operations


12,554


9,036

     Depreciation and amortization


404


413

     Selling, general and administrative expenses


1,900


1,938

Loss from operations


(189)


(449)






Other income (expense):





     Interest expense


(5)


(3)

     Interest income




1

     Other income, net


79


75

Loss before income taxes


(115)


(376)






Provision for income taxes


29


17






Net loss


$          (144)


$          (393)






Basic and dilutive net loss per share


$           (.04)


$           (.10)






Weighted average shares outstanding


3,803


3,803

 

AVALON HOLDINGS CORPORATION AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

(in thousands)




March 31,


December 31,



2013


2012

Assets:


(Unaudited)



Current Assets:





     Cash and cash equivalents


$       7,624


$      7,888

     Accounts receivable, net


11,423


9,244

     Prepaid expenses


357


287

     Refundable income taxes


9


9

     Other current assets


973


758

          Total current assets


20,386


18,186


Property and equipment, net


24,931


25,177

Leased property under capital leases, net


6,871


6,680

Noncurrent deferred tax asset


8


8

Other assets, net


107


104

          Total assets


$     52,303


$    50,155






Liabilities and Shareholders' Equity





Current Liabilities:





     Current portion of obligations under capital leases


$           55


$            2

     Accounts payable


8,302


6,677

     Accrued payroll and other compensation


606


486

     Accrued income taxes


21


2

     Other accrued taxes


218


303

     Deferred revenues


2,459


2,180

     Other liabilities and accrued expenses


459


424

          Total current liabilities


12,120


10,074


Obligations under capital leases


437


224


Total shareholders' equity


39,746


39,857

          Total liabilities and shareholders' equity


$     52,303


$    50,155

 

SOURCE Avalon Holdings Corporation



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