Avalon Holdings Corporation Announces Second Quarter Results
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PR Newswire 11-Aug-2017 5:00 PM
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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.

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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
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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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