Avalon Holdings Corporation Announces Fourth Quarter Results

Mar 11, 2011, 17:41 ET from Avalon Holdings Corporation

WARREN, Ohio, March 11, 2011 /PRNewswire/ -- Avalon Holdings Corporation (NYSE Amex: AWX) today announced financial results for the fourth quarter of 2010.

Net operating revenues were $11.3 million in the fourth quarter of 2010 compared with $10.1 million in the fourth quarter of the prior year. The Company recorded net income $.1 million or $.02 per share in the fourth quarter of 2010 compared with a net loss of $.1 million or $.03 per share in the fourth quarter of 2009.

For the full year of 2010, net operating revenues increased to $43.5 million compared with $36.9 million for the prior year period.  The Company incurred a net loss of $.5 million, or $.14 per share for the full year of 2010 compared with a net loss 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.

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,

2010

2009

2010

2009

Net operating revenues

$11,283

$10,086

$43,453

$36,920

Costs and expenses:

       Costs of operations

9,343

8,281

35,751

30,114

 Depreciation and amortization

421

420

1,684

1,688

 Selling, general and

administrative expenses

1,534

1,547

6,783

6,096

    Operating loss

(15)

(162)

(765)

(978)

Interest expense

(4)

(3)

(14)

(15)

Interest income

3

9

24

33

Other income, net

90

55

253

210

Income (loss) before income taxes

74

(101)

(502)

(750)

Income tax provision

19

6

41

24

Net income (loss)

$55

$(107)

$(543)

$(774)

Net income (loss) per share-basic

$.02

$(.03)

$(.14)

$(.20)

Net income (loss) per share-diluted

$.01

$(.03)

$(.14)

$(.20)

Weighted average shares

Outstanding - basic

3,803

3,803

3,803

3,803

                    - diluted

3,921

3,803

3,803

3,803

AVALON HOLDINGS CORPORATION AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

(in thousands)

December 31,

December 31,

2010

2009

Assets:

Current Assets:

      Cash and cash equivalents

$5,565

$5,862

      Accounts receivable, net

8,202

7,094

      Prepaid expenses

341

291

      Refundable income taxes

14

25

      Other current assets

600

568

           Total current assets

14,722

13,840

Property and equipment, net

27,265

28,277

Leased property under capital leases, net

5,314

5,574

Noncurrent deferred tax asset

8

8

Other assets, net

28

58

           Total assets

$47,337

$47,757

Liabilities and Shareholders' Equity

Current Liabilities:

      Current portion of obligations under capital leases

$1

$1

      Accounts payable

5,173

5,119

      Accrued payroll and other compensation

383

545

      Other accrued taxes

269

274

      Deferred revenues

1988

1,943

      Other liabilities and accrued expenses

318

246

           Total current liabilities

8,132

8,128

Obligations under capital leases

228

229

Total shareholders' equity

38,977

39,400

           Total liabilities and shareholders' equity

$47,337

$47,757

SOURCE Avalon Holdings Corporation