Avalon Holdings Corporation Announces Second Quarter Results

PR Newswire 11-Aug-2017 5:00 PM

WARREN, Ohio, Aug. 11, 2017 /PRNewswire/ --Avalon Holdings Corporation (NYSE Amex: AWX) today announced financial results for the second quarter of 2017.

Net operating revenues in the second quarter of 2017 were $14.6 million compared with $15.6 million in the second quarter of 2016. The Company recorded net income attributable to Avalon Holdings Corporation common shareholders of $0.1 million in the second quarter of 2017 compared with net income attributable to Avalon Holdings Corporation common shareholders of $0.4 million in the second quarter of 2016. For the second quarter of 2017, basic net income per share attributable to Avalon Holdings Corporation common shareholders was $0.03 compared with basic net income per share attributable to Avalon Holdings Corporation common shareholders of $0.11 in the second quarter of 2016.

For the first six months of 2017, net operating revenues were $25.3 million compared with $26.6 million for the first six months of 2016. The Company incurred a net loss attributable to Avalon Holdings Corporation common shareholders of $0.8 million in the first six months of 2017 compared with a net loss attributable to Avalon Holdings Corporation common shareholders of $0.5 million in the first six months of 2016. For the first six months of 2017, basic net loss per share attributable to Avalon Holdings Corporation common shareholders was $0.21 compared with a basic net loss per share attributable to Avalon Holdings Corporation common shareholders of $0.13 in the first six months of 2016.

Avalon Holdings Corporation provides waste management services to industrial, commercial, municipal and governmental customers in selected northeastern and midwestern U.S. markets, captive landfill management services and salt water injection well operations. Avalon Holdings Corporation also owns Avalon Resorts and Clubs Inc., which includes the operation of a hotel and its associated amenities, three golf courses and related country clubs and facilities.

AVALON HOLDINGS CORPORATION AND SUBSIDIARIES

Condensed Consolidated Statements of Operations (Unaudited)

(in thousands, except for per share amounts)

Three Months Ended

Six Months Ended

June 30,

June 30,

2017

2016

2017

2016

Net operating revenues

$ 14,577

$ 15,642

$ 25,279

$ 26,641

Costs and expenses:

Costs of operations

11,644

12,688

20,497

22,111

Depreciation and amortization expense

761

693

1,509

1,379

Selling, general and administrative expenses

2,063

1,891

4,065

3,757

Operating income (loss)

109

370

(792)

(606)

Other income (expense):

Interest expense

(177)

(92)

(352)

(179)

Other income, net

109

89

186

161

Income (loss) before income taxes

41

367

(958)

(624)

Provision for income taxes

32

27

52

36

Net income (loss)

9

340

(1,010)

(660)

Less net loss attributable to non-controlling interest in subsidiary

(112)

(81)

(205)

(173)

Net income (loss) attributable to Avalon Holdings Corporation common shareholders

$ 121

$ 421

$ (805)

$ (487)

Income (loss) per share attributable to Avalon Holdings Corporation common shareholders:

Basic net income (loss) per share

$ 0.03

$ 0.11

$ (0.21)

$ (0.13)

Diluted net income (loss) per share

$ 0.03

$ 0.11

$ (0.21)

$ (0.13)

Weighted average shares outstanding - basic

3,803

3,803

3,803

3,803

Weighted average shares outstanding - diluted

3,827

3,811

3,803

3,803

AVALON HOLDINGS CORPORATION AND SUBSIDIARIES

Condensed Consolidated Balance Sheets (Unaudited)

(in thousands)

June 30,

December 31,

2017

2016

Assets

Current Assets:

Cash and cash equivalents

$ 1,675

$ 2,299

Accounts receivable, net

9,899

11,349

Inventories

1,005

773

Prepaid expenses

310

462

Refundable income taxes

1

-

Other current assets

39

35

Total current assets

12,929

14,918

Property and equipment, net

43,721

43,971

Leased property under capital leases, net

6,435

6,035

Restricted cash

2,826

2,905

Noncurrent deferred tax asset

8

8

Other assets, net

82

61

Total assets

$ 66,001

$ 67,898

Liabilities and Equity

Current liabilities:

Current portion of obligations under capital leases

$ 199

$ 112

Current portion of long term debt

532

517

Accounts payable

6,652

9,387

Accrued payroll and other compensation

968

684

Accrued income taxes

-

48

Other accrued taxes

225

448

Deferred revenues

4,167

2,716

Other liabilities and accrued expenses

854

764

Total current liabilities

13,597

14,676

Long term debt, net of current portion

11,024

11,294

Obligations under capital leases, net of current portion

907

452

Asset retirement obligation

100

100

Equity:

Total Avalon Holdings Corporation Shareholders' Equity

37,943

38,741

Non-controlling interest in subsidiary

2,430

2,635

Total shareholders' equity

40,373

41,376

Total liabilities and equity

$ 66,001

$ 67,898

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SOURCE Avalon Holdings Corporation

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