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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
                       Condensed Consolidated Balance Sheets
                                    (in thousands)
                                                              December 31,
                                                             2009     2008
    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  $48,713

SOURCE Avalon Holdings Corp.

Copyright 2009 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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