Avalon Holdngs (AMEX:AWX)
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WARREN, Ohio, Nov. 13 /PRNewswire-FirstCall/ -- Avalon Holdings Corporation (NYSE Alternext US: AWX) today announced financial results for the third quarter of 2008.
Net operating revenues in the third quarter of 2008 increased to $14.3 million compared with $12.1 million in the prior year's third quarter. The Company recorded net income of $482,000 or $.13 per share for the third quarter of 2008 compared with net income of $547,000 or $.14 per share for the third quarter of 2007.
For the first nine months of 2008, net operating revenues increased to $36.3 million compared with $35.0 million for the first nine months of 2007. The Company recorded net income of $.7 million, or $.18 per share for the first nine months of 2008 compared with net income of $1.3 million, or $.33 per share for the prior year period. Net income for the first nine months of 2007 included $.1 million, or $.03 per share from discontinued operations.
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 Nine Months Ended
September 30, September 30,
2008 2007 2008 2007
Net operating revenues $14,255 $12,139 $36,329 $34,983
Costs and expenses:
Costs of operations 11,996 10,158 30,705 29,325
Selling, general and
administrative expenses 1,808 1,543 5,121 4,911
Operating income from continuing
operations 451 438 503 747
Other income (expense):
Interest expense (3) (3) (10) (12)
Interest income 7 94 44 379
Other income, net 43 45 169 65
Income from continuing operations
before income taxes 498 574 706 1,179
Provision for income taxes 16 27 30 30
Income from continuing operations 482 547 676 1,149
Income from discontinued
operations - - - 113
Net income $482 $547 $676 $1,262
Net income per share from
continuing operations $.13 $.14 $.18 $.30
Net income per share from
discontinued operations
operations $ - $ - $ - $.03
Net income per share $.13 $.14 $.18 $.33
Weighted average shares
outstanding 3,803 3,803 3,803 3,803
AVALON HOLDINGS CORPORATION AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(in thousands)
September 30, December 31,
2008 2007
Assets: (Unaudited)
Current Assets:
Cash and cash equivalents $4,080 $5,086
Accounts receivable, net 9,654 7,704
Prepaid expenses 318 287
Other current assets 683 366
Total current assets 14,735 13,443
Property and equipment, net 29,704 28,568
Leased property under capital leases net 5,766 5,759
Noncurrent deferred tax asset 19 19
Other assets, net 59 60
Total assets $50,283 $47,849
Liabilities and Shareholders' Equity
Current Liabilities:
Current portion of obligations under
capital leases $1 $1
Accounts payable 6,246 5,013
Accrued payroll and other compensation 873 594
Accrued income taxes 17 43
Other accrued taxes 230 260
Other liabilities and accrued expenses 2,573 2,271
Total current liabilities 9,940 8,182
Obligations under capital leases 231 231
Total shareholders' equity 40,112 39,436
Total liabilities and shareholders'
equity $50,283 $47,849
DATASOURCE: Avalon Holdings Corporation
CONTACT: Mr. Timothy C. Coxson, Chief Financial Officer of Avalon
Holdings Corporation, +1-330-856-8800