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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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