Avalon Holdings Corporation Announces First Quarter Results

May 09, 2014, 18:15 ET from Avalon Holdings Corporation

WARREN, Ohio, May 9, 2014 /PRNewswire/ -- Avalon Holdings Corporation (NYSE Amex: AWX) today announced financial results for the first quarter of 2014.

Net operating revenues decreased to $10.0 million in the first quarter of 2014 compared with $14.7 million in the first quarter of 2013. The Company incurred a net loss of $.7 million or $.18 per share in the first quarter of 2014 compared with a net loss of $.1 million or $.04 per share for the first quarter of 2013.

Avalon Holdings Corporation provides waste management services to industrial, commercial, municipal and governmental customers in selected northeastern and midwestern U.S. markets.  Avalon Holdings Corporation also owns the Avalon Golf and Country Club, which operates golf courses and related facilities.

 

AVALON HOLDINGS CORPORATION AND SUBSIDIARIES Condensed Consolidated Statements of Operations (Unaudited) (in thousands, except for per share amounts)

Three Months Ended

March 31,

2014

2013

Net operating revenues

$ 9,983

$  14,669

Costs and expenses:

   Costs of operations

8,514

12,554

   Depreciation and amortization

428

404

   Selling, general and administrative expenses

1,800

1,900

Loss from operations

(759)

(189)

Other income (expense):

   Interest expense

(5)

(5)

   Other income, net

72

79

Loss before income taxes

(692)

(115)

Provision for income taxes

8

29

Net loss

$     (700)

$      (144)

Less loss attributable to non-controlling interest in subsidiary

(1)

Net loss attributable to Avalon Holdings Corporation

$     (699)

$     (144)

Basic and dilutive net loss per share

$      (.18)

$       (.04)

Weighted average shares outstanding – basic and diluted

3,803

3,803

 

 

AVALON HOLDINGS CORPORATION AND SUBSIDIARIES Condensed Consolidated Balance Sheets (in thousands)

  March 31,

   2014

December 31,

2013

(Unaudited)

Assets:

Current Assets:

     Cash and cash equivalents

$         7,331

$         9,798

     Accounts receivable, net

8,000

10,201

     Prepaid expenses

400

349

     Refundable income taxes

3

3

     Other current assets

994

830

          Total current assets

16,728

21,181

Property and equipment, net

30,108

27,563

Leased property under capital leases, net

6,624

6,719

Noncurrent deferred tax asset

8

8

Other assets, net

108

108

          Total assets

$       53,576

$       55,579

Liabilities and Equity

Current Liabilities:

     Current portion of obligations under capital leases

$              57

$              56

     Accounts payable

6,157

8,101

     Accrued payroll and other compensation

555

549

     Accrued income taxes

1

     Other accrued taxes

227

307

     Deferred revenues

2,559

2,265

     Other liabilities and accrued expenses

412

365

          Total current liabilities

9,967

11,644

Obligations under capital leases

376

390

Noncurrent liabilities

75

75

 Total equity

43,158

43,470

          Total liabilities and equity

$       53,576

$       55,579

SOURCE Avalon Holdings Corporation