Newspaper article THE JOURNAL RECORD

Avalon Posts Loss; Revenues Up 66 Percent

Newspaper article THE JOURNAL RECORD

Avalon Posts Loss; Revenues Up 66 Percent

Article excerpt

OKLAHOMA CITY (JR) -- Avalon Community Services on Monday reported a 66 percent increase in revenues for the third quarter.

Revenues for the quarter totaled $1.5 million, up from $906,000 for the third quarter of 1996.

The Oklahoma City-based company reported a net loss for the quarter of $1.806 million, or 61 cents per share, which included a charge of $1.819 million, or 62 cents per share, for the amortization of a discount related to a private placement. Excluding the accounting effect of the unusual item, the company had income from continuing operations, after interest and income taxes, of $47,000, or 2 cents per share for the quarter. Avalon had a net loss of $105,000, or 4 cents per share, for the third quarter of 1996. Revenues for the nine months ended Sept. 30 increased 81 percent to $4 million from $2.2 million for the first nine months of 1996. The net loss for the nine months ended Sept. 30 was $1.89 million, or 64 cents per share, compared to a loss of $220,000, or 8 cents per share, a year earlier. …

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