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Avalon Holdings Corporation Announces 2015 Full Year and Fourth Quarter Results


News provided by

Avalon Holdings Corporation

Mar 16, 2016, 05:01 ET

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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

Condensed Consolidated Statements of Operations (Unaudited)

(in thousands, except for per share amounts)


















Three Months Ended


Twelve Months Ended


December 31,


December 31,


2015


2014


2015


2014









Net operating revenues

$      13,858


$      14,036


$      53,090


$      51,472









Costs and expenses:








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

AVALON HOLDINGS CORPORATION AND SUBSIDIARIES

Condensed Consolidated Balance Sheets (Unaudited)

(in thousands)










December 31, 


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




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:




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

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