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Avalon Holdings Cuts Operating Losses in Half
WARREN, Ohio -- Avalon Holdings Corp. (AMEX:AWX) cut its losses from continuing operations in half for the first six months of 2004 compared to the first six months of 2003, the company reported late Friday. But when losses from discontinued operations are computed, the red ink for the first six months was three times the loss in the first six months of 2003.Avalon Holdings Corp. provides waste management services and owns and operates the Avalon Golf and Country Club, which has two golf courses, restaurants and banquet facilities.The company announced in June it would sell its transportation operations, DartAmerica Inc., to BMC International Inc. for approximately $4.4 million. As a result, Avalon said it expected to incur a charge in the second quarter between $2.5 million and $3 million.Including the loss from discontinued operations, the company reported yesterday it incurred a loss of $3.6 million for the first six months, or 94 cents per share, compared with a loss of $1.4 million, or 36 cents per share, for the first six months of 2003.Net operating revenues were $13.5 million for the first six months, the company reported, compared to $12.3 million for the 2003 period. The loss from continuing operations in 2004 is $.5 million, or 14 cents per share, compared to a $1.1 million loss, or 30 cents, for the first six months of 2003.Second quarter net operating revenues were $7.3 million compared with $7.2 million in the 2003 quarter. Avalon incurred a loss from continuing operations of $100,000, or three cents per share, for the second quarter compared with a loss from continuing operations of $400,000, or 10 cents per share, for the second quarter of 2003. Including the loss from discontinued operations, the company incurred a net loss of $2.5 million, or 66 cents per share, in the second quarter compared with a net loss of $400,000 million, or 10 cents per share. for the 2003 quarter.READ MORE about the Avalon Golf and Country ClubVisit Avalon Holdings Corp. at www.avalon-holdings.com"