Avalon Holdings Corporation Announces 2015 Full Year and Fourth Quarter Results
Mar 16, 2016, 05:01 ET
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 |
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| Condensed Consolidated Statements of Operations (Unaudited) |
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| (in thousands, except for per share amounts) |
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| Three Months Ended |
Twelve Months Ended |
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| December 31, |
December 31, |
||||||
| 2015 |
2014 |
2015 |
2014 |
||||
| Net operating revenues |
$ 13,858 |
$ 14,036 |
$ 53,090 |
$ 51,472 |
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| Costs and expenses: |
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| 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 |
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| AVALON HOLDINGS CORPORATION AND SUBSIDIARIES |
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| Condensed Consolidated Balance Sheets (Unaudited) |
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| (in thousands) |
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| December 31, |
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| 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 |
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| 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: |
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| 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