Avalon Holdings Corporation Announces Fourth Quarter Results

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Mar 14, 2013, 05:45 ET

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.

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