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
Press Release $AWX Avalon Holdings Corp.
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