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Avalon Holdings Corporation Announces Third Quarter Results


News provided by

Avalon Holdings Corporation

Nov 13, 2019, 17:01 ET

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WARREN, Ohio, Nov. 13, 2019 /PRNewswire/ -- Avalon Holdings Corporation (NYSE Amex: AWX) today announced financial results for the third quarter of 2019.

Net operating revenues in the third quarter of 2019 were $18.0 million compared with $18.1 million in the third quarter of 2018.  The Company recorded net income attributable to Avalon Holdings Corporation common shareholders of $0.1 million in the third quarter of 2019 compared with net income attributable to Avalon Holdings Corporation common shareholders of $0.8 million in the third quarter of 2018.  For the third quarter of 2019, basic net income per share attributable to Avalon Holdings Corporation common shareholders was $0.04 compared with basic net income per share attributable to Avalon Holdings Corporation common shareholders of $0.22 in the third quarter of 2018.

For the first nine months of 2019, net operating revenues were $51.0 million compared with $46.4 million for the first nine months of 2018.  The Company recorded a net loss attributable to Avalon Holdings Corporation common shareholders of less than $0.1 million in the first nine months of 2019 compared with net income attributable to Avalon Holdings Corporation common shareholders of $0.7 million in the first nine months of 2018.  For the first nine months of 2019, basic net loss per share attributable to Avalon Holdings Corporation common shareholders was $0.00 compared with basic net income per share attributable to Avalon Holdings Corporation common shareholders of $0.18 in the first nine months of 2018.

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 Avalon Resorts and Clubs Inc., which includes the operation of a hotel and its associated resort amenities, four golf courses and related country clubs and a multipurpose recreation center.

AVALON HOLDINGS CORPORATION AND SUBSIDIARIES

Condensed Consolidated Statements of Operations (Unaudited)

(in thousands, except for per share amounts)


























Three Months Ended


Nine Months Ended 


September 30,


September 30,


2019


2018


2019


2018









Net operating revenues:








Waste management services

$          11,572


$          12,557


$          35,908


$          32,525









Food, beverage and merchandise sales

2,587


2,285


6,027


5,531

Other golf and related operations

3,859


3,306


9,116


8,313

Total golf and related operations

6,446


5,591


15,143


13,844









Total net operating revenues

18,018


18,148


51,051


46,369









Costs and expenses:








Waste management services operating costs

9,229


9,863


28,773


25,615

Cost of food, beverage and merchandise

1,169


992


2,683


2,391

Golf and related operations operating costs

4,266


3,337


10,361


8,700

Depreciation and amortization expense

630


732


1,848


2,187

Selling, general and administrative expenses

2,379


2,297


6,990


6,737

Operating income 

345


927


396


739









Other income (expense):








Interest expense

(222)


(167)


(600)


(512)

Other income, net

41


45


257


218

Income before income taxes

164


805


53


445









Provision for income taxes

38


52


135


112

Net income (loss)

126


753


(82)


333









Less net loss attributable to non-controlling interest in subsidiary

(18)


(96)


(67)


(340)

Net income (loss) attributable to Avalon Holdings Corporation common shareholders

$               144


$               849


$                (15)


$               673









Income (loss) per share attributable to Avalon Holdings Corporation common shareholders:








Basic net income (loss) per share

$              0.04


$              0.22


$             (0.00)


$              0.18

Diluted net income (loss) per share

$              0.04


$              0.21


$             (0.00)


$              0.17









Weighted average shares outstanding - basic 

3,875


3,803


3,875


3,803

Weighted average shares outstanding - diluted

3,893


4,049


3,875


3,895

AVALON HOLDINGS CORPORATION AND SUBSIDIARIES

Condensed Consolidated Balance Sheets (Unaudited)

(in thousands)










September 30,


December 31,


2019


2018

Assets




Current Assets:




Cash and cash equivalents

$              1,942


$              1,406

Accounts receivable, net

10,995


12,197

Unbilled membership dues receivable

853


554

Inventories

853


820

Prepaid expenses

766


622

Other current assets

26


31

Total current assets

15,435


15,630





Property and equipment, net

48,219


42,534

Property and equipment under finance leases, net

5,854


6,068

Operating lease right-of-use assets

1,505


-

Restricted cash

-


502

Noncurrent deferred tax asset

8


8

Other assets, net

38


27

Total assets

$             71,059


$             64,769





Liabilities and Equity




Current liabilities:




Current portion of long term debt

$                 782


$                 578

Current portion of obligations under finance leases

250


236

Current portion of obligations under operating leases

528


-

Accounts payable

10,530


10,454

Accrued payroll and other compensation

1,024


872

Accrued income taxes

106


84

Other accrued taxes

358


405

Deferred membership dues revenue

3,854


2,899

Other liabilities and accrued expenses

987


793

Total current liabilities

18,419


16,321





Long term debt, net of current portion

13,058


10,167

Line of credit

575


-

Obligations under finance leases, net of current portion

515


688

Obligations under operating leases, net of current portion

977


-

Asset retirement obligation

100


100





Equity:




Total Avalon Holdings Corporation Shareholders' Equity

37,468


37,479

Non-controlling interest in subsidiary

(53)


14

Total shareholders' equity

37,415


37,493

Total liabilities and equity

$             71,059


$             64,769

SOURCE Avalon Holdings Corporation

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