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  • Avalon Holdings Corporation Announces Second Quarter Results

    “s” : “awx”,”k” : “a00,a50,b00,b60,c10,g00,h00,l10,p20,t10,v00″,”o” : “”,”j” : “”

    Press Release Source: Avalon Holdings Corporation On Thursday August 11, 2011, 5:36 pm EDT

    WARREN, Ohio, Aug. 11, 2011 /PRNewswire/ — Avalon Holdings Corporation (NYSE Amex: AWX) today announced financial results for the second quarter of 2011.

    Net operating revenues in the second quarter of 2011 were $ 11.4 million compared with $ 12.1 million in the second quarter of 2010.  The Company recorded net income of $ 77,000, or $ .02 per share for the second quarter of 2011 compared with a net loss of $ 12,000, or $ .01 per share for the second quarter of the 2010.

    For the first six months of 2011, net operating revenues increased to $ 21.3 million compared with $ 20.4 million for the first six months of 2010.  The Company recorded a net loss $ .3 million, or $ .07 per share for the first six months of 2011 compared with a net loss of $ .6 million or $ .16 per share for the first six months of 2010.

    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

    June 30,

    Six Months Ended

    June 30,

    2011

     2010

    2011

    2010

    Net operating revenues

    $  11,375

    $ 12,051

    $ 21,269

    $  20,381

    Costs and expenses:

      Costs of operations

    9,354

    9,842

    17,589

    16,827

      Depreciation and Amortization

    416

    422

    835

    842

      Selling, general and administrative expenses

    1,691

    1,851

    3,323

    3,419

    Operating loss

    (86)

    (64)

    (478)

    (707)

    Other income (expense):

      Interest expense

    (4)

    (4)

    (7)

    (7)

      Interest income

    1

    8

    3

    16

      Other income, net

    177

    61

    243

    116

    Income (loss) before income taxes

    88

    1

    (239)

    (582)

    Provision for income taxes

    11

    13

    24

    14

    Net income (loss)

    $          77

    $       (12)

    $     (263)

    $      (596)

    Net income (loss) per share- basic

    $         .02

    $       (.01)

    $      (.07)

    $        (.16)

    Net income (loss) per share- diluted

    $         .02

    $       (.01)

    $      (.07)

    $        (.16)

    Weighted average shares outstanding – basic

    3,803

    3,803

    3,803

    3,803

    Weighted average shares outstanding – diluted

    3,869

    3,803

    3,803

    3,803

    AVALON HOLDINGS CORPORATION AND SUBSIDIARIES

    Condensed Consolidated Balance Sheets

    (in thousands)

    June 30,

    December 31,

    2011

    2010

    Assets:

    (Unaudited)

    Current Assets:

      Cash and cash equivalents

    $

    6,165

    $

    5,565

      Accounts receivable, net

    7,846

    8,202

      Prepaid expenses

    244

    341

      Refundable income taxes

    14

    14

      Other current assets

    822

    600

         Total current assets

    15,091

    14,722

    Property and equipment, net

    26,580

    27,265

    Leased property under capital leases, net

    6,060

    5,314

    Noncurrent deferred tax asset

    8

    8

    Other assets, net

    27

    28

         Total assets

    $

    47,766

    $

    47,337

    Liabilities and Shareholders’ Equity

    Current Liabilities:

      Current portion of obligations under capital leases

    $

    1

    $

    1

      Accounts payable

    4,976

    5,173

      Accrued payroll and other compensation

    685

    383

      Accrued income taxes

    2

      Other accrued taxes

    214

    269

      Deferred revenues

    2,481

    1,988

      Other liabilities and accrued expenses

    372

    318

         Total current liabilities

    8,731

    8,132

    Obligations under capital leases

    228

    228

    Total shareholders’ equity

    38,807

    38,977

         Total liabilities and shareholders’ equity

    $

    47,766

    $

    47,337

    Yahoo! Finance: Waste Management Industry News

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