Avalon Holdings Corporation Announces Third Quarter Results

Nov 12, 2015, 17:01 ET from Avalon Holdings Corporation

WARREN, Ohio, Nov. 12, 2015 /PRNewswire/ -- Avalon Holdings Corporation (NYSE Amex: AWX) today announced financial results for the third quarter of 2015.

Net operating revenues in the third quarter of 2015 were $14.6 million compared with $14.4 million in the third quarter of 2014.  The Company recorded net income of $0.5 million in the third quarter of 2015 compared with net income of $0.1 million in the third quarter of 2014. For the third quarter of 2015, basic net income per share was $0.14 compared with basic net income per share of $0.03 in the third quarter of 2014.

For the first nine months of 2015, net operating revenues were $39.2 million compared with $37.4 million for the first nine months of 2014.  The Company incurred a net loss of $0.5 million for the first nine months of 2015 compared with a net loss of $0.7 million for the first nine months of 2014. For the first nine months of 2015, basic net loss per share was $0.14 compared with a basic net loss per share of $0.18 for the first nine 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 ,

Nine Months Ended ,

September 30,

September 30,

2015

2014

2015

2014

Net operating revenues

$      14,577

$      14,437

$      39,232

$      37,436

Costs and expenses:

Costs of operations

11,766

11,572

32,738

30,872

Depreciation and amortization expense

603

579

1,836

1,562

Selling, general and administrative expenses

1,782

2,155

5,725

5,831

Operating income (loss)

426

131

(1,067)

(829)

Other income (expense):

Interest expense

(55)

(21)

(67)

(31)

Interest income

-

1

-

1

Other income, net

64

51

237

213

Income (loss) before income taxes

435

162

(897)

(646)

Provision for income taxes

18

28

42

58

Net income (loss)

417

134

(939)

(704)

Less net income (loss) attributable to non-controlling interest in subsidiary

(112)

36

(423)

(15)

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

$           529

$             98

$         (516)

$         (689)

Income (loss) per share attributable to Avalon Holdings 

Corporation common shareholders:

  Basic net income (loss) per share

$          0.14

$          0.03

$        (0.14)

$        (0.18)

  Dilutive net income (loss) per share

$          0.14

$          0.02

$        (0.14)

$        (0.18)

Weighted average shares outstanding - basic

3,803

3,803

3,803

3,803

Weighted average shares outstanding - diluted

3,803

4,078

3,803

3,803

 

AVALON HOLDINGS CORPORATION AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

(in thousands)

September 30,

December 31,

2015

2014

Assets

(Unaudited)

Current Assets:

Cash and cash equivalents

$                      1,841

$                      4,329

Accounts receivable, net

9,242

8,750

Inventories

984

947

Prepaid expenses

572

474

Refundable income taxes

29

8

Other current assets

45

45

  Total current assets

12,713

14,553

Property and equipment, net

42,192

35,954

Leased property under capital leases, net

6,142

6,418

Noncurrent deferred tax asset

8

8

Other assets, net

85

911

Total assets

$                    61,140

$                    57,844

Liabilities and Equity

Current liabilities:

Current portion of obligations under capital leases

$                           59

$                           58

Revolving line of credit

7,600

-

Accounts payable

6,266

6,429

Accrued payroll and other compensation

929

714

Accrued income taxes

-

8

Other accrued taxes

332

379

Deferred revenues

2,748

2,256

Other liabilities and accrued expenses

718

707

  Total current liabilities

18,652

10,551

Revolving line of credit

-

3,800

Obligations under capital leases

290

333

Asset retirement obligation

100

100

Deferred rental income

72

138

Equity:

Total Avalon Holdings Corporation Shareholders' Equity

38,964

39,437

Non-controlling interest in subsidiary

3,062

3,485

  Total shareholders' equity

42,026

42,922

Total liabilities and equity

$                    61,140

$                    57,844

 

SOURCE Avalon Holdings Corporation