Avalon Holdings Corporation Announces Second Quarter Results

Aug 07, 2015, 17:05 ET from Avalon Holdings Corporation

WARREN, Ohio, Aug. 7, 2015 /PRNewswire/ -- Avalon Holdings Corporation (NYSE Amex: AWX) today announced financial results for the second quarter of 2015.

Net operating revenues in the second quarter of 2015 were $14.0 million compared with $13.0 million in the second quarter of 2014.  The Company incurred a net loss of $5,000, or $.00 per share in the second quarter of 2015 compared to a net loss of $88,000, or $.03 per share in the second quarter of 2014.

For the first six months of 2015, net operating revenues were $24.7 million compared with $23.0 million for the first six months of 2014.  The Company incurred a net loss of $1.0 million, or $.27 per share for the first six months of 2015 compared to a net loss of $0.8 million, or $.21 per share for the first six months of 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 ,

Six Months Ended ,

June 30,

June 30,

2015

2014

2015

2014

Net operating revenues

$      13,955

$      13,016

$      24,655

$      22,999

Costs and expenses:

Costs of operations

11,665

10,786

20,972

19,300

Depreciation and amortization expense

595

555

1,233

983

Selling, general and administrative expenses

1,909

1,876

3,943

3,676

Operating loss

(214)

(201)

(1,493)

(960)

Other income (expense):

Interest expense

(7)

(5)

(12)

(10)

Other income, net

101

90

173

162

Loss before income taxes

(120)

(116)

(1,332)

(808)

Provision for income taxes

17

22

24

30

Net loss

(137)

(138)

(1,356)

(838)

Less net loss attributable to non-controlling interest in subsidiary

(132)

(50)

(311)

(51)

Net loss of Avalon Holdings Corporation common shareholders

$             (5)

$           (88)

$      (1,045)

$         (787)

Loss per share attributable to Avalon Holdings 

Corporation common shareholders:

Basic and dilutive net loss per share

$        (0.00)

$        (0.03)

$        (0.27)

$        (0.21)

Weighted average shares outstanding - basic and diluted

3,803

3,803

3,803

3,803

 

 

AVALON HOLDINGS CORPORATION AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

(in thousands)

June 30,

December 31,

2015

2014

Assets

(Unaudited)

Current Assets:

Cash and cash equivalents

$                      2,322

$                      4,329

Accounts receivable, net

9,857

8,750

Inventories

1,091

947

Prepaid expenses

386

474

Refundable income taxes

20

8

Other current assets

45

45

Total current assets

13,721

14,553

Property and equipment, net

41,299

35,954

Leased property under capital leases, net

6,244

6,418

Noncurrent deferred tax asset

8

8

Other assets, net

111

911

Total assets

$                    61,383

$                    57,844

Liabilities and Equity

Current liabilities:

Current portion of obligations under capital leases

$                           59

$                           58

Accounts payable

7,619

6,429

Accrued payroll and other compensation

891

714

Accrued income taxes

-

8

Other accrued taxes

395

379

Deferred revenues

3,152

2,256

Other liabilities and accrued expenses

573

707

Total current liabilities

12,689

10,551

Revolving line of credit

6,600

3,800

Obligations under capital leases

304

333

Asset retirement obligation

100

100

Deferred rental income

93

138

Equity:

Total Avalon Holdings Corporation Shareholders' Equity

38,423

39,437

Non-controlling interest in subsidiary

3,174

3,485

Total shareholders' equity

41,597

42,922

Total liabilities and equity

$                    61,383

$                    57,844

 

 

 

SOURCE Avalon Holdings Corporation