Avalon Holdings Corporation Announces 2014 Full Year And Fourth Quarter Results
WARREN, Ohio, March 12, 2015 /PRNewswire/ -- Avalon Holdings Corporation (NYSE Amex:AWX) today announced financial results for the fiscal year and fourth quarter ended December 31, 2014.
Net operating revenues in the fourth quarter of 2014 were $14.0 million compared with $12.7 million in the fourth quarter of 2013. The Company incurred a net loss of $0.4 million, or $.10 per share in the fourth quarter of 2014 compared to a net loss of $0.3 million, or $.08 per share in the fourth quarter of 2013.
For the twelve months ended December 31, 2014, net operating revenues decreased to $51.5 million compared with $59.5 million for the twelve months ended December 31, 2013. The Company recorded a net loss of $1.1 million, or $.28 per share for the twelve months ended December 31, 2014 compared with net income of $0.4 million or $.12 per share for twelve months ended December 31, 2013.
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 Resort and Spa which operates a hotel and tennis facility.
| AVALON HOLDINGS CORPORATION AND SUBSIDIARIES |
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| Condensed Consolidated Statements of Operations (Unaudited) |
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| (in thousands, except for per share amounts) |
|||||||
| Three Months Ended |
Twelve Months Ended |
||||||
| December 31, |
December 31, |
||||||
| 2014 |
2013 |
2014 |
2013 |
||||
| Net operating revenues |
$ 14,036 |
$ 12,682 |
$ 51,472 |
$ 59,470 |
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| Costs and expenses: |
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| Costs of operations |
11,815 |
10,574 |
42,687 |
49,598 |
|||
| Depreciation and amortization expense |
593 |
419 |
2,155 |
1,636 |
|||
| Selling, general and administrative expenses |
2,195 |
2,026 |
8,026 |
7,965 |
|||
| Operating income (loss) |
(567) |
(337) |
(1,396) |
271 |
|||
| Other income (expense): |
|||||||
| Interest expense |
(27) |
(6) |
(58) |
(22) |
|||
| Interest income |
- |
- |
1 |
1 |
|||
| Other income, net |
55 |
53 |
268 |
285 |
|||
| Income (loss) before income taxes |
(539) |
(290) |
(1,185) |
535 |
|||
| Provision for income taxes |
15 |
2 |
73 |
97 |
|||
| Net income (loss) |
(554) |
(292) |
(1,258) |
438 |
|||
| Less net loss attributable to non-controlling interest in subsidiary |
(163) |
- |
(178) |
- |
|||
| Net income (loss) of Avalon Holdings Corporation common shareholders |
$ (391) |
$ (292) |
$ (1,080) |
$ 438 |
|||
| Income (loss) per share attributable to Avalon Holdings |
|||||||
| Corporation common shareholders: |
|||||||
| Basic net income (loss) per share |
$ (0.10) |
$ (0.08) |
$ (0.28) |
$ 0.12 |
|||
| Dilutive net income (loss) per share |
$ (0.10) |
$ (0.08) |
$ (0.28) |
$ 0.11 |
|||
| Weighted average shares outstanding - basic |
3,803 |
3,803 |
3,803 |
3,803 |
|||
| Weighted average shares outstanding - diluted |
3,803 |
3,803 |
3,803 |
4,090 |
|||
| AVALON HOLDINGS CORPORATION AND SUBSIDIARIES |
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| Condensed Consolidated Balance Sheets |
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| (in thousands) |
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| December 31, |
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| 2014 |
2013 |
||
| Assets |
|||
| Current Assets: |
|||
| Cash and cash equivalents |
$ 4,329 |
$ 9,798 |
|
| Accounts receivable, net |
8,750 |
10,201 |
|
| Inventories |
947 |
815 |
|
| Prepaid expenses |
474 |
349 |
|
| Refundable income taxes |
8 |
3 |
|
| Other current assets |
45 |
15 |
|
| Total current assets |
14,553 |
21,181 |
|
| Property and equipment, net |
35,954 |
27,563 |
|
| Leased property under capital leases, net |
6,418 |
6,719 |
|
| Noncurrent deferred tax asset |
8 |
8 |
|
| Other assets, net |
911 |
108 |
|
| Total assets |
$ 57,844 |
$ 55,579 |
|
| Liabilities and Equity |
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| Current liabilities: |
|||
| Current portion of obligations under capital leases |
$ 58 |
$ 56 |
|
| Accounts payable |
6,429 |
8,101 |
|
| Accrued payroll and other compensation |
714 |
549 |
|
| Accrued income taxes |
8 |
1 |
|
| Other accrued taxes |
379 |
307 |
|
| Deferred revenues |
2,256 |
2,265 |
|
| Other liabilities and accrued expenses |
707 |
365 |
|
| Total current liabilities |
10,551 |
11,644 |
|
| Revolving line of credit |
3,800 |
- |
|
| Obligations under capital leases |
333 |
390 |
|
| Asset retirement obligation |
100 |
75 |
|
| Deferred rental income |
138 |
- |
|
| Equity: |
|||
| Total Avalon Holdings Corporation Shareholders' Equity |
39,437 |
40,420 |
|
| Non-controlling interest in subsidiary |
3,485 |
3,050 |
|
| Total shareholders' equity |
42,922 |
43,470 |
|
| Total liabilities and equity |
$ 57,844 |
$ 55,579 |
|
SOURCE Avalon Holdings Corporation
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