WARREN, Ohio, Aug. 9, 2012 /PRNewswire/ -- Avalon
Holdings Corporation (NYSE Amex: AWX) today announced financial
results for the second quarter of 2012.
Net operating revenues in the second quarter of 2012 were
$12.6 million compared with
$11.4 million in the second quarter
of 2011. The Company recorded net income of $.3 million, or $.07 per share for the second quarter of 2012
compared with net income of $.1
million, or $.02 per share for
the second quarter of 2011.
For the first six months of 2012, net operating revenues
increased to $23.5 million compared
with $21.3 million for the first six
months of 2011. The Company incurred a net loss of
$.1 million, or $.03 per share for the first six months of 2012
compared with a net loss of $.3
million or $.07 per share for
the first six months of 2011.
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.
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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
Ended
June
30,
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
|
|
|
|
|
|
|
|
|
Net
operating revenues
|
$
12,609
|
|
$
11,375
|
|
$
23,547
|
|
$
21,269
|
|
|
|
|
|
|
|
|
|
Costs and
expenses:
|
|
|
|
|
|
|
|
|
Costs of operations
|
10,195
|
|
9,354
|
|
19,231
|
|
17,589
|
|
Depreciation and Amortization
|
407
|
|
416
|
|
820
|
|
835
|
|
Selling, general and administrative
expenses
|
1,781
|
|
1,691
|
|
3,719
|
|
3,323
|
|
Operating
income (loss)
|
226
|
|
(86)
|
|
(223)
|
|
(478)
|
|
|
|
|
|
|
|
|
|
Other
income (expense):
|
|
|
|
|
|
|
|
|
Interest expense
|
(4)
|
|
(4)
|
|
(7)
|
|
(7)
|
|
Interest income
|
1
|
|
1
|
|
2
|
|
3
|
|
Other income, net
|
70
|
|
177
|
|
145
|
|
243
|
|
Income
(loss) before income taxes
|
293
|
|
88
|
|
(83)
|
|
(239)
|
|
|
|
|
|
|
|
|
|
Provision
for income taxes
|
19
|
|
11
|
|
36
|
|
24
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
$
274
|
|
$
77
|
|
$
(119)
|
|
$
(263)
|
|
|
|
|
|
|
|
|
|
Net income
(loss) per share- basic
|
$
.07
|
|
$
.02
|
|
$
(.03)
|
|
$
(.07)
|
|
Net income
(loss) per share- diluted
|
$
.07
|
|
$
.02
|
|
$
(.03)
|
|
$
(.07)
|
|
|
|
|
|
|
|
|
|
Weighted
average shares outstanding – basic
|
3,803
|
|
3,803
|
|
3,803
|
|
3,803
|
|
Weighted
average shares outstanding – diluted
|
4,108
|
|
3,869
|
|
3,803
|
|
3,803
|
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AVALON
HOLDINGS CORPORATION AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(in thousands)
|
|
June
30,
|
|
December
31,
|
|
2012
|
|
2011
|
|
Assets:
|
(Unaudited)
|
|
|
|
Current
Assets:
|
|
|
|
|
Cash and cash
equivalents
|
$
6,961
|
|
$
7,324
|
|
Accounts receivable,
net
|
9,712
|
|
12,885
|
|
Prepaid
expenses
|
293
|
|
281
|
|
Refundable income
taxes
|
2
|
|
2
|
|
Other current assets
|
910
|
|
717
|
|
Total current
assets
|
17,878
|
|
21,209
|
|
|
|
|
|
Property
and equipment, net
|
25,630
|
|
26,079
|
|
Leased
property under capital leases, net
|
6,700
|
|
5,984
|
|
Noncurrent
deferred tax
asset
|
8
|
|
8
|
|
Other
assets, net
|
108
|
|
87
|
|
Total
assets.
|
$
50,324
|
|
$
53,367
|
|
|
|
|
|
Liabilities and Shareholders'
Equity
|
|
|
|
|
Current
Liabilities:
|
|
|
|
|
Current portion of obligations
under capital leases
|
$
1
|
|
$
1
|
|
Accounts
payable
|
5,927
|
|
9,643
|
|
Accrued payroll and other
compensation
|
615
|
|
755
|
|
Accrued income
taxes
|
7
|
|
20
|
|
Other accrued
taxes
|
168
|
|
260
|
|
Deferred
revenues
|
2,862
|
|
2,105
|
|
Other liabilities and accrued
expenses
|
506
|
|
406
|
|
Total current
liabilities
|
10,086
|
|
13,190
|
|
|
|
|
|
Obligations under capital
leases
|
227
|
|
227
|
|
|
|
|
|
Total
shareholders' equity
|
40,011
|
|
39,950
|
|
Total
liabilities and shareholders' equity
|
$
50,324
|
|
$
53,367
|
SOURCE Avalon Holdings Corporation