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Avalon Holdings Reports Improved Second Quarter Results

Date: August 13, 2010

Source: Avalon Holdings Corporation

Avalon Holdings Corporation Announces Second Quarter Results

Avalon Holdings Corporation (NYSE Amex: AWX) today announced financial results for the second quarter of 2010.

Net operating revenues in the second quarter of 2010 were $12.1 million compared with $8.4 million in the second quarter of 2009. The Company recorded a net loss of $12,000, or $.01 per share for the second quarter of 2010 compared with a net loss of $.3 million, or $.07 per share for the second quarter of the 2009.

For the first six months of 2010, net operating revenues increased to $20.4 million compared with $17.2 million for the first six months of 2009. The Company recorded a net loss $.6 million, or $.16 per share for the first six months of 2010 compared with a net loss of $.7 million or $.18 per share for the first six months of 2009.

Steven M. Berry, President and Chief Executive Officer of Avalon Holdings Corporation, commented, "We continued to make steady progress during the second quarter of 2010. Revenues increased by 44% compared with the second quarter of 2009. This increase was driven primarily by our waste management services segment whose revenues increased by 65%. We are pleased with our financial progress in the quarter and look forward to building on this momentum and remain committed to identifying opportunities for the creation of future shareholder value."

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 June 30, Six Months EndedJune 30,
2010 2009 2010 2009
Net operating revenue $  12,051 $ 8,372 $ 20,381 $  17,215
Costs and expenses:
  Costs of operations 9,842 6,804 16,827 14,076
  Depreciation and Amortization 422 423 842 848
  Selling, general and administrative expenses 1,851 1,456 3,419 3,065
Operating loss (64) (311) (707) (774)
Other income (expense):
  Interest expense (4) (4) (7) (7)
  Interest income 8 11 16 14
  Other income, net 61 55 116 114
Income (loss) before income taxes 1 (249) (582) (653)
Provision for income taxes 13 14 14 14
Net loss (12) (263) (596) (667)
Net loss per share- basic and diluted $       (.01) $       (.07) $      (.16) $        (.18)
Weighted average shares outstanding – basic and diluted 3,803 3,803 3,803 3,803
 
AVALON HOLDINGS CORPORATION AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(in thousands)
June 30, 2010     December 31, 2009
Assets: (Unaudited)
Current Assets:
    Cash and cash equivalents $5,663 $5,862
    Accounts receivable, net 8,452 7,094
    Prepaid expenses 270 291
    Refundable income taxes 25 25
    Other current assets 737 568
        Total current assets 15,147 13,840
Property and equipment, net 27,695 28,277
Leased property under capital leases, net 5,487 5,574
Noncurrent deferred tax asset 8 8
Other assets, net 58 58
        Total assets $48,395 $47,757
Liabilities and Shareholders' Equity
Current Liabilities:
    Current portion of obligations under capital leases $1 $1
    Accounts payable 5,592 5,119
    Accrued payroll and other compensation 792 545
    Accrued income taxes 7 -
    Other accrued taxes 161 274
    Deferred revenues 2,348 1,943
     Other liabilities and accrued expenses 374 246
         Total current liabilities 9,275 8,128
Obligations under capital leases 229 229
Total shareholders' equity 38,891 39,400
        Total liabilities and shareholders' equity $48,395 $47,757

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