Date: August 11, 2009
Source: Avalon Holdings Corporation
Avalon Holdings Corporation (NYSE Amex: AWX) today announced financial results for the second quarter of 2009.
Net operating revenues in the second quarter of 2009 were $8.4 million compared with $11.7 million in the second quarter of 2008. The Company recorded a net loss of $.3 million, or a loss of $.07 per share for the second quarter of 2009 compared with net income of $.3 million, or $.07 per share for the second quarter of the 2008.
For the first six months of 2009, net operating revenues decreased to $17.2 million compared with $22.1 million for the first six months of 2008. The Company recorded a net loss $.7 million, or a loss of $.18 per share for the first six months of 2009 compared with net income of $.2 million or $.05 per share for the first six months of 2008.
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 Six Months Ended
June 30, June 30,
-------- --------
2009 2008 2009 2008
---- ---- ---- ----
Net operating revenues $8,372 $11,720 $17,215 $22,074
Costs and expenses:
Costs of operations 6,804 9,464 14,076 17,990
Depreciation and
Amortization 423 400 848 719
Selling, general and
administrative
expenses 1,456 1,652 3,065 3,313
----- ----- ----- -----
Operating (loss) income (311) 204 (774) 52
Other income (expense):
Interest expense (4) (3) (7) (7)
Interest income 11 8 14 37
Other income, net 55 59 114 126
-- -- --- ---
(Loss) income before
income taxes (249) 268 (653) 208
Provision for income
taxes 14 14 14 14
-- -- -- --
Net (loss) income (263) 254 (667) 194
===== === ===== ===
Net (loss) income per
share $(.07) $.07 $(.18) $.05
===== ==== ===== ====
Weighted average shares
outstanding 3,803 3,803 3,803 3,803
===== ===== ===== =====
AVALON HOLDINGS CORPORATION AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(in thousands)
June 30, December 31,
2009 2008
----- -----
Assets: (Unaudited)
Current Assets:
Cash and cash equivalents $5,926 $3,061
Accounts receivable, net 5,720 9,304
Prepaid expenses 279 309
Other current assets 708 636
------ ------
Total current assets 12,633 13,310
Property and equipment, net 28,849 29,437
Leased property under capital leases, net 5,694 5,882
Noncurrent deferred tax asset 25 25
Other assets, net 58 59
------ ------
Total assets $47,259 $48,713
======= =======
Liabilities and Shareholders' Equity
Current Liabilities:
Current portion of obligations under
capital leases $1 $1
Accounts payable 4,151 4,831
Accrued payroll and other compensation 536 711
Accrued income taxes 11 19
Other accrued taxes 163 281
Other liabilities and accrued expenses 2,660 2,466
------ ------
Total current liabilities 7,522 8,309
Obligations under capital leases 230 230
Total shareholders' equity 39,507 40,174
------ ------
Total liabilities and
shareholders' equity $47,259 $48,713
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