Date: May 13, 2010
Source: Avalon Holdings Corporation
Avalon Holdings Corporation (NYSE Amex: AWX) today announced financial results for the first quarter of 2010.
Net operating revenues decreased to $8.3 million in the first quarter of 2010 compared with $8.8 million in the first quarter of 2009. The Company recorded a net loss of $.6 million in the first quarter of 2010 or $.15 per share compared with a net loss of $.4 million or $.11 per share for the first quarter of 2009.
Steven M. Berry, CEO and President of Avalon Holdings Corporation stated, "Revenue and earnings in the first quarter were impacted by the severe weather in several markets and the economy during a quarter which is typically challenging within the industry. However, we experienced an upturn in March which provides optimism for future quarters. According to an industry analyst, weather during January and February of 2010 was unprecedentedly severe."
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.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains forward-looking statements. Forward-looking statements generally include discussions and descriptions other than historical information. These forward-looking statements can generally be identified as such because the context of the statement will include words such as "may," "should," "outlook," "project," "intend," "seek," "plan," "believe," "expect," "estimate," "anticipate," "estimate," "potential," "continue," or "opportunity,", the negatives of these words, or similar words or expressions. The forward-looking statements made herein are only made as of the date of this press release and we undertake no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.
AVALON HOLDINGS CORPORATION AND SUBSIDIARIES
Condensed Consolidated Statements of Operations (Unaudited)
(in thousands, except for per share amounts)
Three Months Ended
March 31,
---------
2010 2009
---- ----
Net operating revenues $8,330 $8,843
Costs and expenses:
Costs of operations 6,985 7,272
Depreciation and amortization 420 425
Selling, general and
administrative expenses 1,568 1,609
Operating loss (643) (463)
Other income (expense):
Interest expense (3) (3)
Interest income 8
Other income, net 55 59
--- ---
Loss before taxes (583) (404)
Provision for income taxes 1 -
--- ---
Net loss $(584) $(404)
----- -----
Net loss per share $(.15) $(.11)
----- -----
Weighted average shares
outstanding 3,803 3,803
----- -----
AVALON HOLDINGS CORPORATION AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(in thousands)
December
March 31, 31,
2010 2009
---- ----
Assets: (Unaudited)
Current Assets:
Cash and cash equivalents $5,445 $5,862
Accounts receivable, net 6,097 7,094
Prepaid expenses 328 291
Refundable income taxes 25 25
Other current assets 588 568
Total current assets 12,483 13,840
Property and equipment, net 27,975 28,277
Leased property under capital
leases, net 5,561 5,574
Noncurrent deferred tax asset 8 8
Other assets, net 59 58
--- ---
Total assets $46,086 $47,757
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Liabilities and Shareholders'
Equity
Current Liabilities:
Current portion of obligations
under capital leases $1 $1
Accounts payable 3,874 5,119
Accrued payroll and other
compensation 406 545
Other accrued taxes 207 274
Deferred revenues 2,194 1,943
Other liabilities and accrued
expenses 337 246
--- ---
Total current liabilities 7,019 8,128
Obligations under capital leases 229 229
Total shareholders' equity 38,838 39,400
------ ------
Total liabilities and shareholders'
equity $46,086 $47,757
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