Avalon Holdings Corporation Announces Third Quarter Results
WARREN, Ohio, Nov. 13, 2014 /PRNewswire/ -- Avalon Holdings Corporation (NYSE Amex: AWX) today announced financial results for the third quarter of 2014.
Net operating revenues in the third quarter of 2014 were $14.4 million compared with $16.4 million in the third quarter of 2013. The Company recorded net income of $.1 million, or $.03 per share for the third quarter of 2014 compared with net income of $.4 million, or $.11 per share for the third quarter of 2013.
For the first nine months of 2014, net operating revenues were $37.4 million compared with $46.8 million for the first nine months of 2013. The Company incurred a net loss of $.7 million, or $.18 per share for the first nine months of 2014 compared with net income of $.7 million or $.19 per share for the first nine 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 Resort and Spa, which includes the operations of a hotel and the Avalon Golf and Country Club, which operates golf courses and related facilities.
| AVALON HOLDINGS CORPORATION AND SUBSIDIARIES Condensed Consolidated Statements of Operations (Unaudited) (in thousands, except for per share amounts) |
|||||||
| Three Months Ended September 30, |
Nine Months Ended September 30, |
||||||
| 2014 |
2013 |
2014 |
2013 |
||||
| Net operating revenues |
$ 14,437 |
$ 16,386 |
$ 37,436 |
$ 46,788 |
|||
| Costs and expenses: |
|||||||
| Costs of operations |
11,572 |
13,432 |
30,872 |
39,024 |
|||
| Depreciation and Amortization |
579 |
408 |
1,562 |
1,217 |
|||
| Selling, general and administrative expenses |
2,155 |
2,145 |
5,831 |
5,939 |
|||
|
Operating income (loss) |
131 |
401 |
(829) |
608 |
|||
| Other income (expense): |
|||||||
| Interest expense |
(21) |
(6) |
(31) |
(16) |
|||
| Interest income |
1 |
— |
1 |
1 |
|||
| Other income, net |
51 |
56 |
213 |
232 |
|||
| Income (Loss) before income taxes |
162 |
451 |
(646) |
825 |
|||
| Provision for income taxes |
28 |
36 |
58 |
95
|
|||
| Net income (loss) |
$ 134 |
$ 415 |
$ (704) |
$ 730 |
|||
| Less income (loss) attributable to non-controlling interest in subsidiary |
36 |
— |
(15) |
— |
|||
| Net income (loss) attributable to Avalon Holdings Corporation
Income (Loss) per share attributable to Avalon Holdings Corporation common shareholders: |
$ 98 |
$ 415 |
$ (689) |
$ 730 |
|||
| Net income(loss) per share- basic |
$ .03 |
$ .11 |
$ (.18) |
$ .19 |
|||
| Net income (loss) per share- diluted |
$ .02 |
$ .10 |
$ (.18) |
$ .18 |
|||
| Weighted average shares outstanding – basic |
3,803 |
3,803 |
3,803 |
3,803 |
|||
| Weighted average shares outstanding – diluted |
4,078 |
4,103 |
3,803 |
4,060 |
|||
| AVALON HOLDINGS CORPORATION AND SUBSIDIARIES Condensed Consolidated Balance Sheets (in thousands) |
||
| September 30, 2014 |
December 31, |
|
| (Unaudited) |
||
| Assets: |
||
| Current Assets: |
||
| Cash and cash equivalents |
$ 6,166 |
$ 9,798 |
| Accounts receivable, net |
9,656 |
10,201 |
| Prepaid expenses |
591 |
349 |
| Refundable income taxes |
3 |
3 |
| Other current assets |
1,015 |
830 |
| Total current assets |
17,431 |
21,181 |
| Property and equipment, net |
33,254 |
27,563 |
| Leased property under capital leases, net |
6,511 |
6,719 |
| Noncurrent deferred tax asset |
8 |
8 |
| Other assets, net |
911 |
108 |
| Total assets |
$ 58,115 |
$ 55,579 |
| Liabilities and Equity |
||
| Current Liabilities: |
||
| Current portion of obligations under capital leases |
$ 57 |
$ 56 |
| Revolving line of credit |
2,900 |
— |
| Accounts payable |
6,485 |
8,101 |
| Accrued payroll and other compensation |
888 |
549 |
| Accrued income taxes |
6 |
1 |
| Other accrued taxes |
315 |
307 |
| Deferred revenues |
2,623 |
2,265 |
| Other liabilities and accrued expenses |
802 |
365 |
| Total current liabilities |
14,076 |
11,644 |
| Obligations under capital leases |
349 |
390 |
| Noncurrent liabilities |
75 |
75 |
| Deferred rental income |
160 |
— |
| Total equity |
43,455 |
43,470 |
| Total liabilities and equity |
$ 58,115 |
$ 55,579 |
SOURCE Avalon Holdings Corporation
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