Avalon Holdings Corporation Announces First Quarter Results

WARREN, Ohio, May 14, 2013 /PRNewswire/ -- Avalon Holdings Corporation (NYSE Amex: AWX) today announced financial results for the first quarter of 2013.

Net operating revenues increased to $14.7 million in the first quarter of 2013 compared with $10.9 million in the first quarter of 2012. The Company incurred a net loss of $.1 million in the first quarter of 2013 or $.04 per share compared with a net loss of $.4 million or $.10 per share for the first quarter of 2012.

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
	March 31,
	2013	2012
Net operating revenues	$ 14,669	$ 10,938

Costs and expenses:
Costs of operations	12,554	9,036
Depreciation and amortization	404	413
Selling, general and administrative expenses	1,900	1,938
Loss from operations	(189)	(449)

Other income (expense):
Interest expense	(5)	(3)
Interest income		1
Other income, net	79	75
Loss before income taxes	(115)	(376)

Provision for income taxes	29	17

Net loss	$ (144)	$ (393)

Basic and dilutive net loss per share	$ (.04)	$ (.10)

Weighted average shares outstanding	3,803	3,803

AVALON HOLDINGS CORPORATION AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(in thousands)

	March 31,	December 31,
	2013	2012
Assets:	(Unaudited)
Current Assets:
Cash and cash equivalents	$ 7,624	$ 7,888
Accounts receivable, net	11,423	9,244
Prepaid expenses	357	287
Refundable income taxes	9	9
Other current assets	973	758
Total current assets	20,386	18,186

Property and equipment, net	24,931	25,177
Leased property under capital leases, net	6,871	6,680
Noncurrent deferred tax asset	8	8
Other assets, net	107	104
Total assets	$ 52,303	$ 50,155

Liabilities and Shareholders' Equity
Current Liabilities:
Current portion of obligations under capital leases	$ 55	$ 2
Accounts payable	8,302	6,677
Accrued payroll and other compensation	606	486
Accrued income taxes	21	2
Other accrued taxes	218	303
Deferred revenues	2,459	2,180
Other liabilities and accrued expenses	459	424
Total current liabilities	12,120	10,074

Obligations under capital leases	437	224

Total shareholders' equity	39,746	39,857
Total liabilities and shareholders' equity	$ 52,303	$ 50,155