WARREN, Ohio, May 14 /PRNewswire-FirstCall/ -- Avalon Holdings Corporation (NYSE Amex: AWX) today announced financial results for the first quarter of 2009. Net operating revenues decreased to $8.8 million in the first quarter of 2009 compared with $10.4 million in the first quarter of 2008. The Company recorded a net loss of $.4 million in the first quarter of 2009 or $.11 per share compared with a net loss of $.1 million or $.02 per share for the first quarter of 2008. 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 March 31, ------------------------------ 2009 2008 ------ ------ Net operating revenues $8,843 $10,354 Costs and expenses: Costs of operations 7,697 8,845 Selling, general and administrative expenses 1,609 1,661 ------ ------ Operating loss (463) (152) Other income (expense): Interest expense (3) (4) Interest income 3 29 Other income, net 59 67 ------ ------ Loss before taxes (404) (60) Provision (benefit) for income taxes - - ------ ------ Net loss $(404) $(60) ------ ------ Net loss per share $(.11) $(.02) ------ ------ Weighted average shares outstanding 3,803 3,803 ------ ------ AVALON HOLDINGS CORPORATION AND SUBSIDIARIES Condensed Consolidated Balance Sheets (in thousands) March 31, December 31, 2009 2008 ----------- ------------ Assets: (Unaudited) Current Assets: Cash and cash equivalents $5,350 $3,061 Accounts receivable, net 6,626 9,304 Prepaid expenses 294 309 Other current assets 679 636 ------- ------- Total current assets 12,949 13,310 Property and equipment, net 29,126 29,437 Leased property under capital leases, net 5,785 5,882 Noncurrent deferred tax asset 25 25 Other assets, net 59 59 Total assets $47,944 $48,713 ------- ------- Liabilities and Shareholders' Equity Current Liabilities: Current portion of obligations under capital leases $1 $1 Accounts payable 4,537 4,831 Accrued payroll and other compensation 432 711 Accrued income taxes 6 19 Other accrued taxes 213 281 Other liabilities and accrued expenses 2,755 2,466 ------- ------- Total current liabilities 7,944 8,309 Obligations under capital leases 230 230 Total shareholders' equity 39,770 40,174 ------- ------- Total liabilities and shareholders' equity $47,944 $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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