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Avalon Holdings Posts Strong Q3 on Improved Volume and Pricing

Date: November 10, 2011

Source: Avalon Holdings Corporation

Avalon Holdings Corporation Announces Third Quarter Results

Avalon Holdings Corporation (NYSE Amex: AWX) today announced financial results for the third quarter of 2011.

Net operating revenues in the third quarter of 2011 were $15.8 million compared with $11.8 million in the third quarter of 2010.  The Company recorded net income of $.3 million, or $.08 per share for the third quarter of 2011 compared with a net loss of $2,000 or breakeven on a per share basis for the third quarter of 2010.

For the first nine months of 2011, net operating revenues increased to $37.1 million compared with $32.2 million for the first nine months of 2010.  The Company recorded net income of $41,000, or $.01 per share for the first nine months of 2011 compared with a net loss of $.6 million or $.16 per share for the first nine months of 2010.

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 September 30, Nine Months Ended September 30,
2011  2010 2011 2010
Net operating revenues $  15,835 $ 11,789 $ 37,104 $  32,170
Costs and expenses:
  Costs of operations 13,267 9,581 30,856 26,408
  Depreciation and Amortization 415 421 1,250 1,263
  Selling, general and administrative expenses 1,877 1,830 5,200 5,249
Operating income (loss) 276 (43) (202) (750)
Other income (expense):
  Interest expense (3) (3) (10) (10)
  Interest income 1 5 4 21
  Other income, net 54 47 297 163
Income (loss) before income taxes 328 6 89 (576)
Provision for income taxes 24 8 48 22
Net income (loss) $      304 $        ( 2) $         41 $      (598)
Net income (loss) per share- basic $         .08 $         (0) $        .01 $        (.16)
Net income (loss) per share- diluted $         .08 $         (0) $        .01 $        (.16)
Weighted average shares outstanding – basic 3,803 3,803 3,803 3,803
Weighted average shares outstanding – diluted 3,826 3,803 3,865 3,803

 

AVALON HOLDINGS CORPORATION AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(in thousands)
September 30, December 31,
2011 2010
(Unaudited)
Assets:
Current Assets:
   Cash and cash equivalents $6,008 $5,565
   Accounts receivable, net 12,158 8,202
   Prepaid expenses 289 341
   Refundable income taxes -- 14
   Other current assets 796 600
        Total current assets 19,251 14,722
Property and equipment, net 26,337 27,265
Leased property under capital leases, net 6,059 5,314
Noncurrent deferred tax asset 8 8
Other assets, net 41 28
       Total assets $51,696 $47,337
Liabilities and Shareholders' Equity
Current Liabilities:
   Current portion of obligations under capital leases $1 $1
   Accounts payable 8,652 5,173
   Accrued payroll and other compensation 718 383
   Accrued income taxes 10 —
   Other accrued taxes 220 269
   Deferred revenues 2,306 1,988
   Other liabilities and accrued expenses 398 318
        Total current liabilities 12,305 8,132
Obligations under capital leases 228 228
Total shareholders' equity 39,163 38,977
           Total liabilities and shareholders' equity $51,696 $47,337

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