Date: March 18, 2010
Source: Avalon Holdings Corp.
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 $48,713
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