Avalon Holdings Corp.

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Avalon Holdings Corporation Announces Fourth Quarter Results

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

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