Avalon Holdings Corporation Announces 2015 Full Year and Fourth Quarter Results

Mar 16, 2016, 17:01 ET from Avalon Holdings Corporation

WARREN, Ohio, March 16, 2016 /PRNewswire/ -- Avalon Holdings Corporation (NYSE Amex: AWX) today announced financial results for the fiscal year and fourth quarter ended December 31, 2015.

Net operating revenues in the fourth quarter of 2015 were $13.9 million compared with $14.0 million in the fourth quarter of 2014.  The Company incurred a net loss attributable to Avalon Holdings Corporation common shareholders of $0.2 million in the fourth quarter of 2015 compared with a net loss attributable to Avalon Holdings Corporation common shareholders of $0.4 million in the fourth quarter of 2014.  For the fourth quarter of 2015, basic net loss per share attributable to Avalon Holdings Corporation common shareholders was $0.05 compared with a basic net loss per share attributable to Avalon Holdings Corporation common shareholders of $0.10 in the fourth quarter of 2014.

For the twelve months ended December 31, 2015, net operating revenues were $53.1 million compared with $51.5 million for the twelve months ended December 31, 2014. The Company incurred a net loss attributable to Avalon Holdings Corporation common shareholders of $0.7 million for the twelve months ended December 31, 2015 compared with a net loss attributable to Avalon Holdings Corporation common shareholders of $1.1 million for the twelve months ended December 31, 2014.  For the twelve months ended December 31, 2015, basic net loss per share attributable to Avalon Holdings Corporation common shareholders was $0.19 compared with a basic net loss per share attributable to Avalon Holdings Corporation common shareholders of $0.28 for twelve months ended December 31, 2014.

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 the Avalon Golf and Country Club, which includes the operation of golf courses, country clubs and related facilities and The Avalon Inn which operates a hotel and related amenities offered by the facility.

 

AVALON HOLDINGS CORPORATION AND SUBSIDIARIES

Condensed Consolidated Statements of Operations (Unaudited)

(in thousands, except for per share amounts)

Three Months Ended

Twelve Months Ended

December 31,

December 31,

2015

2014

2015

2014

Net operating revenues

$      13,858

$      14,036

$      53,090

$      51,472

Costs and expenses:

Costs of operations

11,459

11,815

44,197

42,687

Depreciation and amortization expense

724

593

2,560

2,155

Selling, general and administrative expenses

1,910

2,195

7,635

8,026

Operating loss

(235)

(567)

(1,302)

(1,396)

Other income (expense):

Interest expense

(80)

(27)

(147)

(58)

Interest income

-

-

-

1

Other income, net

49

55

286

268

Loss before income taxes

(266)

(539)

(1,163)

(1,185)

Provision for income taxes

17

15

59

73

Net loss

(283)

(554)

(1,222)

(1,258)

Less net loss attributable to non-controlling interest in subsidiary

(87)

(163)

(510)

(178)

Net loss attributable to Avalon Holdings Corporation common shareholders

$         (196)

$         (391)

$         (712)

$      (1,080)

Loss per share attributable to Avalon Holdings Corporation common shareholders

Basic and diluted net loss per share

$        (0.05)

$        (0.10)

$        (0.19)

$        (0.28)

Weighted average shares outstanding - basic and diluted

3,803

3,803

3,803

3,803

 

 

AVALON HOLDINGS CORPORATION AND SUBSIDIARIES

Condensed Consolidated Balance Sheets (Unaudited)

(in thousands)

December 31, 

2015

2014

Assets

Current Assets:

Cash and cash equivalents

$                      1,814

$                      4,329

Accounts receivable, net

9,579

8,750

Inventories

830

947

Prepaid expenses

487

474

Refundable income taxes

33

8

Other current assets

45

45

Total current assets

12,788

14,553

Property and equipment, net

43,386

35,954

Leased property under capital leases, net

6,042

6,418

Noncurrent deferred tax asset

8

8

Other assets, net

78

911

Total assets

$                    62,302

$                    57,844

Liabilities and Equity

Current liabilities:

Current portion of obligations under capital leases

$                           59

$                           58

Accounts payable

8,022

6,429

Accrued payroll and other compensation

618

714

Accrued income taxes

-

8

Other accrued taxes

380

379

Deferred revenues

2,401

2,256

Other liabilities and accrued expenses

667

707

Total current liabilities

12,147

10,551

Revolving line of credit

7,975

3,800

Obligations under capital leases, net of current portion

274

333

Asset retirement obligation

100

100

Deferred rental income

50

138

Equity:

Total Avalon Holdings Corporation Shareholders' Equity

38,781

39,437

Non-controlling interest in subsidiary

2,975

3,485

Total shareholders' equity

41,756

42,922

Total liabilities and equity

$                    62,302

$                    57,844

 

SOURCE Avalon Holdings Corporation