Avalon Holdings Corporation Announces First Quarter Results

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May 11, 2011, 05:49 ET

WARREN, Ohio, May 11, 2011 /PRNewswire/ -- Avalon Holdings Corporation (NYSE Amex: AWX) today announced financial results for the first quarter of 2011.

Net operating revenues increased to $9.9 million in the first quarter of 2011 compared with $8.3 million in the first quarter of 2010. The Company incurred a net loss of $.3 million in the first quarter of 2011 or $.09 per share compared with a net loss of $.6 million or $.15 per share for the first quarter of 2010.

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,
	2011	2010

Net operating revenues	$9,894	$8,330

Costs and expenses:
Costs of operations	8,235	6,985
Depreciation and amortization	419	420
Selling, general and administrative expenses	1,632	1,568
Loss from operations	(392)	(643)

Other income (expense):
Interest expense	(3)	(3)
Interest income	2	8
Other income, net	66	55
Loss before income taxes	(327)	(583)

Provision for income taxes	13	1

Net loss	$(340)	$(584)

Basic and dilutive net loss per share	$(.09)	$(.15)

Weighted average shares outstanding	3,803	3,803

AVALON HOLDINGS CORPORATION AND SUBSIDIARIES Condensed Consolidated Balance Sheets (in thousands)
	March 31,	December 31,
	2011	2010
	(Unaudited)
Assets:
Current Assets:
Cash and cash equivalents	$6,059	$5,565
Accounts receivable, net	7,882	8,202
Prepaid expenses	287	341
Refundable income taxes	14	14
Other current assets	694	600
Total current assets	14,936	14,722

Property and equipment, net	27,086	27,265
Leased property under capital leases, net	5,256	5,314
Noncurrent deferred tax asset	8	8
Other assets, net	28	28
Total assets	$47,314	$47,337

Liabilities and Shareholders' Equity
Current Liabilities:
Current portion of obligations under capital leases	$1	$1
Accounts payable	5,141	5,173
Accrued payroll and other compensation	491	383
Accrued income taxes	5	—
Other accrued taxes	213	269
Deferred revenues	2,206	1,988
Other liabilities and accrued expenses	351	318
Total current liabilities	8,408	8,132

Obligations under capital leases	228	228

Total shareholders' equity	38,678	38,977
Total liabilities and shareholders' equity	$47,314	$47,337