Avalon Holdings Corporation Announces Fourth Quarter Results
WARREN, Ohio, March 18 /PRNewswire-FirstCall/ -- Avalon Holdings Corporation (NYSE Amex: AWX) today announced financial results for the fourth quarter of 2009.
Net operating revenues were $10.1 million in the fourth quarter of 2009 compared with $12.6 million in the fourth quarter of the prior year. The Company incurred a net loss of $107,000 or $.03 per share in the fourth quarter of 2009 compared with net income of $62,000 or $.02 per share in the fourth quarter of 2008.
For the full year of 2009, net operating revenues were $36.9 million compared with $49 million for the prior year period. The Company incurred a net loss of $.8 million, or $.20 per share for the full year of 2009 compared with net income of $.7 million, or $.19 per share for the prior year period.
Avalon Holdings Corporation provides waste management services to industrial, commercial, municipal and governmental customers. Avalon Holdings Corporation also owns the Avalon Golf and Country Club, which operates golf courses and related facilities.
AVALON HOLDINGS CORPORATION Condensed Consolidated Statements of Operations (in thousands, except for per share amounts) Three Months Ended Twelve Months Ended December 31, December 31, 2009 2008 2009 2008 Net operating revenues $10,086 $12,649 $36,920 $48,978 Costs and expenses: Costs of operations 8,281 10,369 30,114 39,948 Depreciation and amortization 420 420 1,688 1,546 Selling, general and administrative expenses 1,547 1,837 6,096 6,958 Operating (loss) income (162) 23 (978) 526 Interest expense (3) (4) (15) (14) Interest income 9 5 33 49 Other income, net 55 44 210 213 Income before income taxes (101) 68 (750) 774 Income tax provision 6 6 24 36 Net(loss)income $(107) $62 $(774) $738 Net(loss)income per share $(.03) $.02 $(.20) $.19 Weighted average shares outstanding 3,803 3,803 3,803 3,803 AVALON HOLDINGS CORPORATION AND SUBSIDIARIES Condensed Consolidated Balance Sheets (in thousands) December 31, 2009 2008 Assets Current Assets: Cash and cash equivalents $5,862 $3,061 Accounts receivable, net 7,094 9,304 Prepaid expenses 291 309 Refundable income taxes 25 - Other current assets 568 636 Total current assets 13,840 13,310 Property and equipment, net 28,277 29,437 Leased property under capital leases, net 5,574 5,882 Other assets, net 58 59 Noncurrent deferred tax asset 8 25 Total assets $47,757 $48,713 Liabilities and Shareholders' Equity Current Liabilities: Current portion of obligations under capital leases $1 $1 Accounts payable 5,119 4,831 Accrued payroll and other compensation 545 711 Accrued income taxes - 19 Other accrued taxes 274 281 Other liabilities and accrued expenses 2,189 2,466 Total current liabilities 8,128 8,309 Obligations under capital leases 229 230 Total shareholders' equity 39,400 40,174 Total liabilities and shareholders' equity $47,757 $48,713SOURCE Avalon Holdings Corp.
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