WARREN, Ohio, Nov. 13, 2013 /PRNewswire/ -- Avalon
Holdings Corporation (NYSE Amex:AWX) today announced financial
results for the third quarter of 2013.
Net operating revenues in the third quarter of 2013 were
$16.4 million compared with
$13.2 million in the third quarter of
2012. The Company recorded net income of $.4 million, or $.11 per share for the third quarter of 2013
compared with net income of $.1
million, or $.02 per share for
the third quarter of 2012.
For the first nine months of 2013, net operating revenues
increased to $46.8 million compared
with $36.8 million for the first nine
months of 2012. The Company recorded net income of
$.7 million, or $.19 per share for the first nine months of 2013
compared with a net loss of $32,000
or $.01 per share for the first nine
months 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
September
30,
|
|
Nine Months
Ended
September
30,
|
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
|
|
|
|
|
|
|
|
|
Net operating
revenues
|
|
$
16,386
|
|
$ 13,230
|
|
$ 46,788
|
|
$
36,777
|
|
|
|
|
|
|
|
|
|
Costs and
expenses:
|
|
|
|
|
|
|
|
|
Costs of
operations
|
|
13,432
|
|
10,963
|
|
39,024
|
|
30,194
|
Depreciation and Amortization
|
|
408
|
|
406
|
|
1,217
|
|
1,226
|
Selling,
general and administrative expenses
|
|
2,145
|
|
1,815
|
|
5,939
|
|
5,534
|
Operating income
(loss)
|
|
401
|
|
46
|
|
608
|
|
(177)
|
|
|
|
|
|
|
|
|
|
Other income
(expense):
|
|
|
|
|
|
|
|
|
Interest
expense
|
|
(6)
|
|
(3)
|
|
(16)
|
|
(10)
|
Interest
income
|
|
--
|
|
--
|
|
1
|
|
2
|
Other
income, net
|
|
56
|
|
57
|
|
232
|
|
202
|
Income before income
taxes
|
|
451
|
|
100
|
|
825
|
|
17
|
|
|
|
|
|
|
|
|
|
Provision for income
taxes
|
|
36
|
|
13
|
|
95
|
|
49
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
|
$
415
|
|
$
87
|
|
$
730
|
|
$
(32)
|
|
|
|
|
|
|
|
|
|
Net income (loss) per
share- basic
|
|
$
.11
|
|
$
.02
|
|
$
.19
|
|
$
(.01)
|
Net income (loss) per
share- diluted
|
|
$
.10
|
|
$
.02
|
|
$
.18
|
|
$
(.01)
|
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding – basic
|
|
3,803
|
|
3,803
|
|
3,803
|
|
3,803
|
Weighted average
shares outstanding – diluted
|
|
4,103
|
|
4,041
|
|
4,060
|
|
3,803
|
AVALON HOLDINGS CORPORATION AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(in thousands)
|
|
September
30,
2013
|
|
December 31,
2012
|
|
|
(Unaudited)
|
|
|
Assets:
|
|
|
|
|
Current
Assets:
|
|
|
|
|
Cash and cash
equivalents
|
|
$
8,618
|
|
$
7,888
|
Accounts receivable,
net
|
|
11,282
|
|
9,244
|
Prepaid expenses
|
|
337
|
|
287
|
Refundable income
taxes
|
|
9
|
|
9
|
Other current
assets
|
|
877
|
|
758
|
Total current assets
|
|
21,123
|
|
18,186
|
|
|
|
|
|
Property and
equipment, net
|
|
24,908
|
|
25,177
|
Leased property under
capital leases, net
|
|
6,832
|
|
6,680
|
Noncurrent deferred
tax asset
|
|
8
|
|
8
|
Other assets,
net
|
|
108
|
|
104
|
Total assets
|
|
$
52,979
|
|
$
50,155
|
|
|
|
|
|
Liabilities and
Shareholders' Equity
|
|
|
|
|
Current
Liabilities:
|
|
|
|
|
Current portion of
obligations under capital leases
|
|
$
55
|
|
$
2
|
Accounts payable
|
|
7,634
|
|
6,677
|
Accrued payroll and other
compensation
|
|
804
|
|
486
|
Accrued income
taxes
|
|
34
|
|
2
|
Other accrued
taxes
|
|
228
|
|
303
|
Deferred revenues
|
|
2,622
|
|
2,180
|
Other liabilities and
accrued expenses
|
|
501
|
|
424
|
Total current liabilities
|
|
11,878
|
|
10,074
|
|
|
|
|
|
Obligations under
capital leases
|
|
411
|
|
224
|
|
|
|
|
|
|
|
|
|
|
Total
shareholders' equity
|
|
40,690
|
|
39,857
|
|
|
|
|
|
Total liabilities and shareholders' equity
|
|
$
52,979
|
|
$
50,155
|
SOURCE Avalon Holdings Corporation