Avalon Holdings Corporation Announces Third Quarter Results

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Nov 13, 2013, 05:20 ET

WARREN, Ohio, Nov. 13, 2013 /PRNewswire/ -- Avalon Holdings Corporation (NYSE Amex:AWX) today announced financial results for the third quarter of 2013.

Net operating revenues in the third quarter of 2013 were $16.4 million compared with $13.2 million in the third quarter of 2012. The Company recorded net income of $.4 million, or $.11 per share for the third quarter of 2013 compared with net income of $.1 million, or $.02 per share for the third quarter of 2012.

For the first nine months of 2013, net operating revenues increased to $46.8 million compared with $36.8 million for the first nine months of 2012. The Company recorded net income of $.7 million, or $.19 per share for the first nine months of 2013 compared with a net loss of $32,000 or $.01 per share for the first nine months 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 September 30,		Nine Months Ended September 30,
	2013	2012	2013	2012

Net operating revenues	$ 16,386	$ 13,230	$ 46,788	$ 36,777

Costs and expenses:
Costs of operations	13,432	10,963	39,024	30,194
Depreciation and Amortization	408	406	1,217	1,226
Selling, general and administrative expenses	2,145	1,815	5,939	5,534
Operating income (loss)	401	46	608	(177)

Other income (expense):
Interest expense	(6)	(3)	(16)	(10)
Interest income	--	--	1	2
Other income, net	56	57	232	202
Income before income taxes	451	100	825	17

Provision for income taxes	36	13	95	49

Net income (loss)	$ 415	$ 87	$ 730	$ (32)

Net income (loss) per share- basic	$ .11	$ .02	$ .19	$ (.01)
Net income (loss) per share- diluted	$ .10	$ .02	$ .18	$ (.01)

Weighted average shares outstanding – basic	3,803	3,803	3,803	3,803
Weighted average shares outstanding – diluted	4,103	4,041	4,060	3,803

AVALON HOLDINGS CORPORATION AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(in thousands)

	September 30, 2013	December 31, 2012
	(Unaudited)
Assets:
Current Assets:
Cash and cash equivalents	$ 8,618	$ 7,888
Accounts receivable, net	11,282	9,244
Prepaid expenses	337	287
Refundable income taxes	9	9
Other current assets	877	758
Total current assets	21,123	18,186

Property and equipment, net	24,908	25,177
Leased property under capital leases, net	6,832	6,680
Noncurrent deferred tax asset	8	8
Other assets, net	108	104
Total assets	$ 52,979	$ 50,155

Liabilities and Shareholders' Equity
Current Liabilities:
Current portion of obligations under capital leases	$ 55	$ 2
Accounts payable	7,634	6,677
Accrued payroll and other compensation	804	486
Accrued income taxes	34	2
Other accrued taxes	228	303
Deferred revenues	2,622	2,180
Other liabilities and accrued expenses	501	424
Total current liabilities	11,878	10,074

Obligations under capital leases	411	224


Total shareholders' equity	40,690	39,857

Total liabilities and shareholders' equity	$ 52,979	$ 50,155