HOWLAND Avalon Holdings reports another financial loss

The Howland-based company lost $3.3 million last year.
HOWLAND -- Avalon Holdings Corp., the parent company of Avalon Lakes Golf Course and other companies, lost money last year for the second year in a row.
The Howland-based company said it lost $2 million, or 54 cents a share, in the fourth quarter last year, which led to a loss of $3.3 million, or 88 cents a share, for the full year.
The quarterly loss came as the company recorded a $2.2 million accounting charge for money owed by IT Group of Monroeville, Pa., which has filed for bankruptcy protection. Avalon said recently that it was going to take a charge for the entire amount it was owed by IT Group even though it will pursue repayment through bankruptcy court.
Owed funds: One of Avalon's subsidiaries is owed the money for work it did as a subcontractor for IT Group, which works on hazardous waste remediation and other environmental projects.
The quarterly loss of $2 million compared with a loss of $1.9 million, or 51 cents a share, in the fourth quarter of 2000.
Net operating revenues, however, were up last quarter to $20.5 million last quarter, an increase of $900,000 over the fourth quarter of 2000.
The $3.3 million loss for all of 2001 compared with a loss of $2.4 million, or 64 cents a share, in 2000.
Net operating revenues last year were $77 million, compared with $84.3 million for 2000.
Besides the golf course, Avalon also owns DartAmerica, trucking; Earth Sciences Companies, environmental consulting; American Landfill Management, landfill management; and American Waste Management Services, waste disposal brokering.