WARREN, Ohio, Nov. 13, 2012 /PRNewswire/ -- Avalon
Holdings Corporation (NYSE Amex: AWX) today announced financial
results for the third quarter of 2012.
Net operating revenues in the third quarter of 2012 were
$13.2 million compared with
$15.8 million in the third quarter of
2011. The Company recorded net income of $.1 million, or $.02 per share for the third quarter of 2012
compared with net income of $.3
million, or $.08 per share,
for the third quarter of 2011.
For the first nine months of 2012, net operating revenues were
$36.8 million compared with
$37.1 million for the first nine
months of 2011. The Company incurred a net loss of
$32,000, or $.01 per share for the first nine months of 2012
compared with net income of $41,000
or $.01 per share, for the first nine
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.
|
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,
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
|
|
|
|
|
|
|
|
|
Net
operating revenues
|
$
13,230
|
|
$
15,835
|
|
$
36,777
|
|
$
37,104
|
|
|
|
|
|
|
|
|
|
Costs and
expenses:
|
|
|
|
|
|
|
|
|
Costs of operations
|
10,963
|
|
13,267
|
|
30,194
|
|
30,856
|
|
Depreciation and Amortization
|
406
|
|
415
|
|
1,226
|
|
1,250
|
|
Selling, general and administrative
expenses
|
1,815
|
|
1,877
|
|
5,534
|
|
5,200
|
|
|
|
|
|
|
|
|
|
Operating
income (loss)
|
46
|
|
276
|
|
(177)
|
|
(202)
|
|
|
|
|
|
|
|
|
|
Other
income (expense):
|
|
|
|
|
|
|
|
|
Interest expense
|
(3)
|
|
(3)
|
|
(10)
|
|
(10)
|
|
Interest income
|
—
|
|
1
|
|
2
|
|
4
|
|
Other income, net
|
57
|
|
54
|
|
202
|
|
297
|
|
Income
before income taxes
|
100
|
|
328
|
|
17
|
|
89
|
|
|
|
|
|
|
|
|
|
Provision
for income taxes
|
13
|
|
24
|
|
49
|
|
48
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
$
87
|
|
$ 304
|
|
$ (32)
|
|
$ 41
|
|
|
|
|
|
|
|
|
|
Net income
(loss) per share- basic
|
$ .02
|
|
$ .08
|
|
$ (.01)
|
|
$ .01
|
|
Net income
(loss) per share- diluted
|
$ .02
|
|
$ .08
|
|
$ (.01)
|
|
$ .01
|
|
|
|
|
|
|
|
|
|
Weighted
average shares outstanding – basic
|
3,803
|
|
3,803
|
|
3,803
|
|
3,803
|
|
Weighted
average shares outstanding – diluted
|
4,041
|
|
3,826
|
|
3,803
|
|
3,865
|
|
AVALON
HOLDINGS CORPORATION AND SUBSIDIARIES
|
|
Condensed
Consolidated Balance Sheets
|
|
(in
thousands)
|
|
September
30,
|
December
31,
|
|
2012
|
2011
|
|
Assets:
|
(Unaudited)
|
|
|
|
Current
Assets:
|
|
|
|
|
|
Cash and cash equivalents
|
$
|
6,876
|
$
|
7,324
|
|
Accounts receivable, net
|
|
9,890
|
|
12,885
|
|
Prepaid expenses
|
|
338
|
|
281
|
|
Refundable income taxes
|
|
2
|
|
2
|
|
Other current assets
|
|
829
|
|
717
|
|
Total current
assets
|
|
17,935
|
|
21,209
|
|
|
|
|
|
|
Property
and equipment, net
|
|
25,363
|
|
26,079
|
|
Leased
property under capital leases, net
|
|
6,747
|
|
5,984
|
|
Noncurrent
deferred tax asset
|
|
8
|
|
8
|
|
Other
assets, net
|
|
100
|
|
87
|
|
Total
assets
|
$
|
50,153
|
$
|
53,367
|
|
|
|
|
|
|
Liabilities and Shareholders'
Equity
|
|
|
|
|
|
Current
Liabilities:
|
|
|
|
|
|
Current portion of obligations under
capital leases
|
$
|
1
|
$
|
1
|
|
Accounts payable
|
|
6,052
|
|
9,643
|
|
Accrued payroll and other
compensation
|
|
662
|
|
755
|
|
Accrued income taxes
|
|
3
|
|
20
|
|
Other accrued taxes
|
|
208
|
|
260
|
|
Deferred revenues
|
|
2,486
|
|
2,105
|
|
Other liabilities and accrued
expenses
|
|
390
|
|
406
|
|
Total current
liabilities
|
|
9,802
|
|
13,190
|
|
|
|
|
|
|
Obligations under capital leases
|
|
227
|
|
227
|
|
|
|
|
|
|
Total
shareholders' equity
|
|
40,124
|
|
39,950
|
|
Total liabilities and
shareholders' equity
|
$
|
50,153
|
$
|
53,367
|
SOURCE Avalon Holdings Corporation