WARREN, Ohio, March 14, 2013 /PRNewswire/ -- Avalon Holdings
Corporation (NYSE Amex:AWX) today announced financial results for
the fourth quarter of 2012.
Net operating revenues were $12.1
million in the fourth quarter of 2012 compared with
$16.9 million in the fourth quarter
of the prior year. The Company incurred a net loss of $.3 million or $.08
per share in the fourth quarter of 2012 compared with net income of
$.7 million or $.19 per share in the fourth quarter of 2011.
For the full year of 2012, net operating revenues decreased to
$48.9 million compared with
$54.0 million for the prior year
period. The Company incurred a net loss of $.3 million, or $.09 per share for the full year of 2012 compared
with net income 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,
|
|
|
|
|
|
|
2012
|
2011
|
2012
|
2011
|
|
|
|
|
|
|
Net
operating
revenues
|
$12,114
|
$16,882
|
$48,891
|
$53,986
|
|
|
|
|
|
|
Costs and
expenses:
|
|
|
|
|
|
Costs of
operations
|
10,127
|
14,123
|
40,321
|
44,979
|
|
Depreciation and
amortization
|
409
|
413
|
1,635
|
1,663
|
|
Selling, general and
|
|
|
|
|
|
administrative
expenses
|
1,902
|
2,066
|
7,436
|
7,266
|
|
|
|
|
|
|
|
|
|
|
|
Operating (loss)
income
|
(324)
|
280
|
(501)
|
78
|
|
|
|
|
|
|
Interest
expense
|
(3)
|
(4)
|
(13)
|
(14)
|
|
Interest
income
|
—
|
1
|
2
|
5
|
|
Other
income,
net
|
55
|
499
|
257
|
796
|
|
|
|
|
|
|
(Loss)
income before income taxes
|
(272)
|
776
|
(255)
|
865
|
|
Income tax
provision
|
22
|
41
|
71
|
89
|
|
|
|
|
|
|
Net (loss)
income
|
$ (294)
|
$ 735
|
$ (326)
|
$ 776
|
|
|
|
|
|
|
Net (loss)
income per share-basic
|
$ (.08)
|
$ .19
|
$ (.09)
|
$ .20
|
|
Net (loss)
income per share-diluted
|
$ (.08)
|
$ .19
|
$ (.09)
|
$ .20
|
|
|
|
|
|
|
Weighted
average shares
|
|
|
|
|
|
Outstanding -
basic
|
3,803
|
3,803
|
3,803
|
3,803
|
|
-
diluted
|
3,803
|
3,812
|
3,803
|
3,852
|
|
AVALON
HOLDINGS CORPORATION AND SUBSIDIARIES
Condensed
Consolidated Balance Sheets
(in
thousands)
|
|
December 31,
|
December 31,
|
|
2012
|
2011
|
|
Assets:
|
|
|
|
Current
Assets:
|
|
|
|
Cash and cash equivalents
|
$
7,888
|
$
7,324
|
|
Accounts receivable, net
|
9,244
|
12,885
|
|
Prepaid expenses
|
287
|
281
|
|
Refundable income taxes
|
9
|
2
|
|
Other current assets
|
758
|
717
|
|
Total current assets
|
18,186
|
21,209
|
|
|
Property
and equipment, net
|
25,177
|
26,079
|
|
Leased
property under capital leases, net
|
6,680
|
5,984
|
|
Noncurrent
deferred tax asset
|
8
|
8
|
|
Other
assets, net
|
104
|
87
|
|
Total assets
|
$
50,155
|
$
53,367
|
|
|
Liabilities and Shareholders'
Equity
|
|
|
|
Current
Liabilities:
|
|
|
|
Current portion of obligations under
capital leases
|
$
2
|
$
1
|
|
Accounts payable
|
6,677
|
9,643
|
|
Accrued payroll and other
compensation
|
486
|
755
|
|
Accrued income taxes
|
2
|
20
|
|
Other accrued taxes
|
303
|
260
|
|
Deferred revenues
|
2,180
|
2,105
|
|
Other liabilities and accrued
expenses
|
424
|
406
|
|
Total current liabilities
|
10,074
|
13,190
|
|
|
Obligations under capital leases
|
224
|
227
|
|
|
Total
shareholders' equity
|
39,857
|
39,950
|
|
Total liabilities and shareholders' equity
|
$
50,155
|
$
53,367
|
SOURCE Avalon Holdings Corporation