Date: March 11, 2011
Source: Avalon Holdings Corporation
Avalon Holdings Corporation (NYSE Amex: AWX) today announced financial results for the fourth quarter of 2010.
Net operating revenues were $11.3 million in the fourth quarter of 2010 compared with $10.1 million in the fourth quarter of the prior year. The Company recorded net income $.1 million or $.02 per share in the fourth quarter of 2010 compared with a net loss of $.1 million or $.03 per share in the fourth quarter of 2009.
For the full year of 2010, net operating revenues increased to $43.5 million compared with $36.9 million for the prior year period. The Company incurred a net loss of $.5 million, or $.14 per share for the full year of 2010 compared with a net loss of $.8 million, or $.20 per share for the prior year period.
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 | ||||||||
| (in thousands, except for per share amounts) | ||||||||
| Three Months Ended | Twelve Months Ended | |||||||
| December 31, | December 31, | |||||||
| 2010 | 2009 | 2010 | 2009 | |||||
| Net operating revenues | $11,283 | $10,086 | $43,453 | $36,920 | ||||
| Costs and expenses: | ||||||||
| Costs of operations | 9,343 | 8,281 | 35,751 | 30,114 | ||||
| Depreciation and amortization | 421 | 420 | 1,684 | 1,688 | ||||
| Selling, general and | ||||||||
| administrative expenses | 1,534 | 1,547 | 6,783 | 6,096 | ||||
| Operating loss | (15) | (162) | (765) | (978) | ||||
| Interest expense | (4) | (3) | (14) | (15) | ||||
| Interest income | 3 | 9 | 24 | 33 | ||||
| Other income, net | 90 | 55 | 253 | 210 | ||||
| Income (loss) before income taxes | 74 | (101) | (502) | (750) | ||||
| Income tax provision | 19 | 6 | 41 | 24 | ||||
| Net income (loss) | $55 | $(107) | $(543) | $(774) | ||||
| Net income (loss) per share-basic | $.02 | $(.03) | $(.14) | $(.20) | ||||
| Net income (loss) per share-diluted | $.01 | $(.03) | $(.14) | $(.20) | ||||
| Weighted average shares | ||||||||
| Outstanding - basic | 3,803 | 3,803 | 3,803 | 3,803 | ||||
| - diluted | 3,921 | 3,803 | 3,803 | 3,803 | ||||
| AVALON HOLDINGS CORPORATION AND SUBSIDIARIES | |||
| Condensed Consolidated Balance Sheets | |||
| (in thousands) | |||
| December 31, | December 31, | ||
| 2010 | 2009 | ||
| Assets: | |||
| Current Assets: | |||
| Cash and cash equivalents | $5,565 | $5,862 | |
| Accounts receivable, net | 8,202 | 7,094 | |
| Prepaid expenses | 341 | 291 | |
| Refundable income taxes | 14 | 25 | |
| Other current assets | 600 | 568 | |
| Total current assets | 14,722 | 13,840 | |
| Property and equipment, net | 27,265 | 28,277 | |
| Leased property under capital leases, net | 5,314 | 5,574 | |
| Noncurrent deferred tax asset | 8 | 8 | |
| Other assets, net | 28 | 58 | |
| Total assets | $47,337 | $47,757 | |
| Liabilities and Shareholders' Equity | |||
| Current Liabilities: | |||
| Current portion of obligations under capital leases | $1 | $1 | |
| Accounts payable | 5,173 | 5,119 | |
| Accrued payroll and other compensation | 383 | 545 | |
| Other accrued taxes | 269 | 274 | |
| Deferred revenues | 1988 | 1,943 | |
| Other liabilities and accrued expenses | 318 | 246 | |
| Total current liabilities | 8,132 | 8,128 | |
| Obligations under capital leases | 228 | 229 | |
| Total shareholders' equity | 38,977 | 39,400 | |
| Total liabilities and shareholders' equity | $47,337 | $47,757 | |
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