Avalon Holdings Corporation Announces Fourth Quarter Results
WARREN, Ohio, March 14, 2013 /PRNewswire/ -- Avalon Holdings Corporation (NYSE Amex: AWX) today announced financial results for the fourth quarter of 2012.
Net operating revenues were $12.1 million in the fourth quarter of 2012 compared with $16.9 million in the fourth quarter of the prior year. The Company incurred a net loss of $.3 million or $.08 per share in the fourth quarter of 2012 compared with net income of $.7 million or $.19 per share in the fourth quarter of 2011.
For the full year of 2012, net operating revenues decreased to $48.9 million compared with $54.0 million for the prior year period. The Company incurred a net loss of $.3 million, or $.09 per share for the full year of 2012 compared with net income 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.
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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, | |||
|
2012 |
2011 |
2012 |
2011 | |
|
Net operating revenues |
$12,114 |
$16,882 |
$48,891 |
$53,986 |
|
Costs and expenses: |
||||
|
Costs of operations |
10,127 |
14,123 |
40,321 |
44,979 |
|
Depreciation and amortization |
409 |
413 |
1,635 |
1,663 |
|
Selling, general and |
||||
|
administrative expenses |
1,902 |
2,066 |
7,436 |
7,266 |
|
Operating (loss) income |
(324) |
280 |
(501) |
78 |
|
Interest expense |
(3) |
(4) |
(13) |
(14) |
|
Interest income |
— |
1 |
2 |
5 |
|
Other income, net |
55 |
499 |
257 |
796 |
|
(Loss) income before income taxes |
(272) |
776 |
(255) |
865 |
|
Income tax provision |
22 |
41 |
71 |
89 |
|
Net (loss) income |
$ (294) |
$ 735 |
$ (326) |
$ 776 |
|
Net (loss) income per share-basic |
$ (.08) |
$ .19 |
$ (.09) |
$ .20 |
|
Net (loss) income per share-diluted |
$ (.08) |
$ .19 |
$ (.09) |
$ .20 |
|
Weighted average shares |
||||
|
Outstanding - basic |
3,803 |
3,803 |
3,803 |
3,803 |
|
- diluted |
3,803 |
3,812 |
3,803 |
3,852 |
|
AVALON HOLDINGS CORPORATION AND SUBSIDIARIES Condensed Consolidated Balance Sheets (in thousands)
| ||
|
December 31, |
December 31, | |
|
2012 |
2011 | |
|
Assets: |
||
|
Current Assets: |
||
|
Cash and cash equivalents |
$ 7,888 |
$ 7,324 |
|
Accounts receivable, net |
9,244 |
12,885 |
|
Prepaid expenses |
287 |
281 |
|
Refundable income taxes |
9 |
2 |
|
Other current assets |
758 |
717 |
|
Total current assets |
18,186 |
21,209 |
|
Property and equipment, net |
25,177 |
26,079 |
|
Leased property under capital leases, net |
6,680 |
5,984 |
|
Noncurrent deferred tax asset |
8 |
8 |
|
Other assets, net |
104 |
87 |
|
Total assets |
$ 50,155 |
$ 53,367 |
|
Liabilities and Shareholders' Equity |
||
|
Current Liabilities: |
||
|
Current portion of obligations under capital leases |
$ 2 |
$ 1 |
|
Accounts payable |
6,677 |
9,643 |
|
Accrued payroll and other compensation |
486 |
755 |
|
Accrued income taxes |
2 |
20 |
|
Other accrued taxes |
303 |
260 |
|
Deferred revenues |
2,180 |
2,105 |
|
Other liabilities and accrued expenses |
424 |
406 |
|
Total current liabilities |
10,074 |
13,190 |
|
Obligations under capital leases |
224 |
227 |
|
Total shareholders' equity |
39,857 |
39,950 |
|
Total liabilities and shareholders' equity |
$ 50,155 |
$ 53,367 |
SOURCE Avalon Holdings Corporation
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