Avalon Holdings Corporation Announces Fourth Quarter Results

Date: March 20, 2006

Source: PR Newswire

Avalon Holdings Corporation (Amex: AWX) today announced financial results for the fourth quarter of 2005.

Net operating revenues were $8.5 million in the fourth quarter of 2005 compared with $8.1 million in the fourth quarter of the prior year. The Company recorded income from continuing operations of $.2 million, or $.06 per share in the fourth quarter of 2005 compared with income from continuing operations of $.1 million, or $.04 per share for the prior year period. Including the results from discontinued operations, the Company recorded net income of $.3 million, or $.09 per share in the fourth quarter of 2005 compared with a net loss of $.2 million, or $.04 per share in the fourth quarter of the prior year.

For the full year of 2005, net operating revenues were $34.2 million compared with $30.0 million for the prior year period. The Company recorded income from continuing operations of $.5 million, or $.14 per share for the full year of 2005 compared with a loss from continuing operations of $.8 million, or $.22 per share for the prior year period. Including the results from discontinued operations, the Company recorded net income $.4 million for the full year of 2005, or $.10 per share compared with a net loss of $2.7 million, or $.70 per share for the prior year period.

In addition, Ronald E. Klingle, Chairman of the Board of Avalon Holdings Corporation, announced that Frank Lamanna, Chief Financial Officer and Treasurer, will be resigning to pursue a new professional opportunity. Mr. Lamanna's resignation will take effect March 24, 2006. The Board of Directors has appointed Timothy C. Coxson as interim Chief Financial Officer and Treasurer. Mr. Coxson had been the Chief Financial Officer and Treasurer of Avalon Holdings Corporation from 1998 to 2004 and has been the Director of Corporate Services since 2004. The Company plans to commence a search for a permanent Chief Financial Officer and Treasurer immediately.

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 two golf courses and related facilities.

More information: www.avalonholdings.com.

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