Date: March 20, 2007
Source: Avalon Holdings Corp.
Avalon Holdings Corporation (Amex: AWX) today announced financial results for the fourth quarter of 2006.
Net operating revenues were $10 million in the fourth quarter of 2006 compared with $8.5 million in the fourth quarter of the prior year. The Company recorded income from continuing operations of $248,000, or $.07 per share in the fourth quarter of 2006 compared with income from continuing operations of $218,000, or $.06 per share for the prior year period. Including the results from discontinued operations, the Company recorded net income of $343,000, or $.09 per share in the fourth quarter of 2006 compared with net income of $333,000, or $.09 per share in the fourth quarter of the prior year.
For the full year of 2006, net operating revenues were $39.3 million compared with $34.2 million for the prior year period. The Company recorded income from continuing operations of $.9 million, or $.23 per share for the full year of 2006 compared with income from continuing operations of $.5 million, or $.14 per share for the prior year period. Including the results from discontinued operations, the Company recorded net income $1.3 million for the full year of 2006, or $.35 per share compared with net income of $.4 million, or $.10 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,
2006 2005 2006 2005
Net operating revenues $10,045 $8,471 $39,329 $34,157
Costs and expenses:
Costs of operations 8,498 7,128 33,047 28,532
Selling, general and
administrative expenses 1,562 1,261 6,271 5,577
Operating income (loss)
from continuing operations (15) 82 11 48
Interest expense (4) (4) (15) (14)
Interest income 162 114 599 344
Other income, net 118 39 288 176
Income (loss) from continuing
operations before income taxes 261 231 883 554
Income tax provision (benefit) 13 13 13 13
Income (loss) from
continuing operations 248 218 870 541
Income (loss) from discontinued
operations (net of tax) 95 115 457 (151)
Net income (loss) $ 343 $ 333 $ 1,327 $ 390
Income (loss) per share
from continuing operations $ .07 $ .06 $ .23 $ .14
Income (loss) per share from
discontinued operations $ .02 $ .03 $ .12 $ (.04)
Net income (loss) per share $ .09 $ .09 $ .35 $ .10
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,
2006 2005
Assets
Current Assets:
Cash and cash equivalents................. $ 13,251 $ 7,759
Short-term investments.................... - 4,433
Accounts receivable, net.................. 7,672 5,639
Prepaid expenses.......................... 223 220
Other current assets...................... 224 255
Current assets - discontinued operations.. - 29
Total current assets.................... 21,370 18,335
Property and equipment, net................. 18,696 17,571
Leased property under capital leases, net... 5,816 5,740
Other assets, net........................... 69 61
Noncurrent assets - discontinued operations. - 1,881
Total assets............................ $ 45,951 $ 43,588
Liabilities and Shareholders' Equity
Current Liabilities:
Current portion of obligations
under capital leases $ 40 $ 1
Accounts payable.......................... 4,723 3,837
Accrued payroll and other compensation.... 561 469
Accrued income taxes...................... 24 145
Other accrued taxes....................... 252 239
Other liabilities and accrued expenses.... 2,056 1,623
Current liabilities - discontinued operations - 391
Total current liabilities............... 7,656 6,705
Other noncurrent liabilities................ - 9
Obligations under capital leases............ 317 233
Total shareholders' equity.............. 37,978 36,641
Total liabilities and shareholders' equity $45,951 $43,588
For more information, contact:
Avalon Holdings Corp.
One American Way
Warren, OH 44484-5555
Phone: 330-856-8800
Fax: 330-856-8481
www.avalonholdings.com.
Sign up to receive our free Weekly News Bulletin