Avalon Holdings Corporation Announces Second Quarter Results
WARREN, Ohio, Aug. 12, 2014 /PRNewswire/ -- Avalon Holdings Corporation (NYSE Amex: AWX) today announced financial results for the second quarter of 2014.
Net operating revenues in the second quarter of 2014 were $13.0 million compared with $15.7 million in the second quarter of 2013. The Company incurred a net loss of $.1 million, or $.03 per share for the second quarter of 2014 compared with net income of $.5 million, or $.12 per share for the second quarter of 2013.
For the first six months of 2014, net operating revenues were $23.0 million compared with $30.4 million for the first six months of 2013. The Company incurred a net loss of $.8 million, or $.21 per share for the first six months of 2014 compared with net income of $.3 million or $.08 per share for the first six months of 2013.
Avalon Holdings Corporation provides waste management services to industrial, commercial, municipal and governmental customers in selected northeastern and midwestern U.S. markets. Avalon Holdings Corporation also owns the Avalon Golf and Country Club, which operates golf courses and related facilities.
| AVALON HOLDINGS CORPORATION AND SUBSIDIARIES |
|||||||
| Three Months Ended June 30, |
Six Months Ended June 30, |
||||||
| 2014 |
2013 |
2014 |
2013 |
||||
| Net operating revenues |
$ 13,016 |
$ 15,733 |
$ 22,999 |
$ 30,402 |
|||
| Costs and expenses: |
|||||||
| Costs of operations |
10,786 |
13,038 |
19,300 |
25,592 |
|||
| Depreciation and Amortization |
555 |
405 |
983 |
809 |
|||
| Selling, general and administrative expenses |
1,876 |
1,894 |
3,676 |
3,794 |
|||
|
Operating (loss) income |
(201) |
396 |
(960) |
207 |
|||
| Other income (expense): |
|||||||
| Interest expense |
(5) |
(5) |
(10) |
(10) |
|||
| Interest income |
— |
1 |
— |
1 |
|||
| Other income, net |
90 |
97 |
162 |
176 |
|||
| (Loss) income before income taxes |
(116) |
489 |
(808) |
374 |
|||
| Provision for income taxes |
22 |
30 |
30 |
59 |
|||
| Net (loss) income |
$ (138) |
$ 459 |
$ (838) |
$ 315 |
|||
| Less loss attributable to non-controlling interest in subsidiary |
(50) |
— |
(51) |
— |
|||
| Net loss attributable to Avalon Holdings Corporation |
|||||||
| (Loss) income per share attributable to Avalon Holdings Corporation common shareholders: |
$ (88) |
$ 459 |
$ (787) |
$ 315 |
|||
| Net (loss) income per share- basic |
$ (.03) |
$ .12 |
$ (.21) |
$ .08 |
|||
| Net (loss) income per share- diluted |
$ (.03) |
$ .11 |
$ (.21) |
$ .08 |
|||
| Weighted average shares outstanding – basic |
3,803 |
3,803 |
3,803 |
3,803 |
|||
| Weighted average shares outstanding – diluted |
3,803 |
4,018 |
3,803 |
4,039 |
|||
| AVALON HOLDINGS CORPORATION AND SUBSIDIARIES |
|||
| June 30, 2014 |
December 31, |
||
| (Unaudited) |
|||
| Assets: |
|||
| Current Assets: |
|||
| Cash and cash equivalents |
$ 7,137 |
$ 9,798 |
|
| Accounts receivable, net |
9,051 |
10,201 |
|
| Prepaid expenses |
323 |
349 |
|
| Refundable income taxes |
3 |
3 |
|
| Other current assets |
1,107 |
830 |
|
| Total current assets |
17,621 |
21,181 |
|
| Property and equipment, net |
30,471 |
27,563 |
|
| Leased property under capital leases, net |
6,559 |
6,719 |
|
| Noncurrent deferred tax asset |
8 |
8 |
|
| Other assets, net |
93 |
108 |
|
| Total assets |
$ 54,752 |
$ 55,579 |
|
| Liabilities and Equity |
|||
| Current Liabilities: |
|||
| Current portion of obligations under capital leases |
$ 57 |
$ 56 |
|
| Accounts payable |
6,416 |
8,101 |
|
| Accrued payroll and other compensation |
827 |
549 |
|
| Accrued income taxes |
10 |
1 |
|
| Other accrued taxes |
297 |
307 |
|
| Deferred revenues |
3,108 |
2,265 |
|
| Other liabilities and accrued expenses |
509 |
365 |
|
| Total current liabilities |
11,224 |
11,644 |
|
| Obligations under capital leases |
363 |
390 |
|
| Noncurrent liabilities |
75 |
75 |
|
| Total equity |
43,090 |
43,470 |
|
| Total liabilities and equity |
$ 54,752 |
$ 55,579 |
|
SOURCE Avalon Holdings Corporation
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