Avalon Holdings Corporation Announces First Quarter Results

May 14, 2013, 17:50 ET from Avalon Holdings Corporation

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