WARREN, Ohio, Nov. 11 /PRNewswire-FirstCall/ -- Avalon Holdings Corporation (NYSE AMEX: AWX) today announced financial results for the third quarter of 2009. Net operating revenues in the third quarter of 2009 decreased to $9.6 million compared with $14.3 million in the prior year's third quarter. The Company broke even for the third quarter of 2009 compared with net income of $.5 million, or $.13 per share for the third quarter of 2008. For the first nine months of 2009, net operating revenues decreased to $26.8 million compared with $36.3 million for the first nine months of 2008. The Company incurred a net loss of $.7 million, or $.18 per share for the first nine months of 2009 compared with net income of $.7 million, or $.18 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 (Unaudited) (in thousands, except for per share amounts) Three Months Ended Nine Months Ended September 30, September 30, ------------------ ------------------ 2009 2008 2009 2008 ---- ---- ---- ---- Net operating revenues $9,619 $14,255 $26,834 $36,329 Costs and expenses: Costs of operations 7,757 11,589 21,833 29,579 Depreciation and Amortization 420 407 1,268 1,126 Selling, general and administrative expenses 1,484 1,808 4,549 5,121 ----- ----- ----- ----- Operating (loss) income (42) 451 (816) 503 Other income (expense): Interest expense (5) (3) (12) (10) Interest income 10 7 24 44 Other income, net 41 43 155 169 -- -- --- --- Income (loss) before income taxes 4 498 (649) 706 Provision for income taxes 4 16 18 30 --- -- -- -- Net income (loss) $0 $482 $(667) $676 == ==== ===== ==== Net income (loss) per share $0 $.13 $(.18) $.18 == ==== ===== ==== 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, 2009 2008 ---- ---- (Unaudited) Assets: Current Assets: Cash and cash equivalents $5,546 $3,061 Accounts receivable, net 6,156 9,304 Prepaid expenses 248 309 Other current assets 625 636 --- --- Total current assets 12,575 13,310 Property and equipment, net 28,588 29,437 Leased property under capital leases, net 5,605 5,882 Noncurrent deferred tax asset 25 25 Other assets, net 58 59 -- -- Total assets $46,851 $48,713 Liabilities and Shareholders' Equity Current Liabilities: Current portion of obligations under capital leases $1 $1 Accounts payable 3,973 4,831 Accrued payroll and other compensation 586 711 Accrued income taxes 1 19 Other accrued taxes 219 281 Other liabilities and accrued expenses 2,334 2,466 ----- ----- Total current liabilities 7,114 8,309 Obligations under capital leases 230 230 Total shareholders' equity 39,507 40,174 ------ ------ Total liabilities and shareholders' equity $46,851 $48,713 DATASOURCE: Avalon Holdings Corporation CONTACT: Mr. Timothy C. Coxson, Chief Financial Officer, Avalon Holdings Corporation, +1-330-856-8800

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