Avalon Holdings Corporation Announces First Quarter Results

WARREN, Ohio, May 14  /PRNewswire-FirstCall/ -- Avalon Holdings Corporation (NYSE Amex: AWX) today announced financial results for the first quarter of 2009.

Net operating revenues decreased to $8.8 million in the first quarter of 2009 compared with $10.4 million in the first quarter of 2008.  The Company recorded a net loss of $.4 million in the first quarter of 2009 or $.11 per share compared with a net loss of $.1 million or $.02 per share for the first quarter of 2008.

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,
                                         ------------------------------
                                          2009                    2008
                                         ------                  ------
  Net operating revenues                 $8,843                 $10,354

  Costs and expenses:
     Costs of operations                  7,697                   8,845
     Selling, general and
      administrative expenses             1,609                   1,661
                                         ------                  ------
  Operating loss                           (463)                   (152)

  Other income (expense):
     Interest expense                        (3)                     (4)
     Interest income                          3                      29
     Other income, net                       59                      67
                                         ------                  ------
  Loss before taxes                        (404)                    (60)

  Provision (benefit) for income taxes        -                       -
                                         ------                  ------
  Net loss                                $(404)                   $(60)
                                         ------                  ------
  Net loss per share                      $(.11)                  $(.02)
                                         ------                  ------
  Weighted average shares outstanding     3,803                   3,803
                                         ------                  ------



  AVALON HOLDINGS CORPORATION AND SUBSIDIARIES
  Condensed Consolidated Balance Sheets
  (in thousands)
                                  March 31,            December 31,
                                    2009                   2008
                                 -----------           ------------
  Assets:                        (Unaudited)
  Current Assets:
     Cash and cash equivalents     $5,350                 $3,061
     Accounts receivable, net       6,626                  9,304
     Prepaid expenses                 294                    309
     Other current assets             679                    636
                                  -------                -------
       Total current assets        12,949                 13,310

  Property and equipment, net      29,126                 29,437
  Leased property under
   capital leases, net              5,785                  5,882
  Noncurrent deferred tax asset        25                     25
  Other assets, net                    59                     59
       Total assets               $47,944                $48,713
                                  -------                -------

  Liabilities and Shareholders' Equity
  Current Liabilities:
     Current portion of
      obligations under
      capital leases                   $1                     $1
     Accounts payable               4,537                  4,831
     Accrued payroll and
      other compensation              432                    711
     Accrued income taxes               6                     19
     Other accrued taxes              213                    281
     Other liabilities and
      accrued expenses              2,755                  2,466
                                  -------                -------
       Total current liabilities    7,944                  8,309

  Obligations under capital leases    230                    230

  Total shareholders' equity       39,770                 40,174
                                  -------                -------
       Total liabilities and
        shareholders' equity      $47,944                $48,713
                                  -------                -------


DATASOURCE: Avalon Holdings Corporation



CONTACT:  Mr. Timothy C. Coxson, Chief Financial Officer, Avalon Holdings

Corporation, [phone]

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