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Avalon Holdings Corporation Announces Third Quarter Results


News provided by

Avalon Holdings Corporation

Nov 12, 2020, 17:01 ET

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WARREN, Ohio, Nov. 12, 2020 /PRNewswire/ -- Avalon Holdings Corporation (NYSE Amex: AWX) today announced financial results for the third quarter of 2020.

Net operating revenues in the third quarter of 2020 were $16.6 million compared with $18.0 million in the third quarter of 2019.  The Company recorded net income attributable to Avalon Holdings Corporation common shareholders of $0.8 million in the third quarter of 2020 compared with net income attributable to Avalon Holdings Corporation common shareholders of $0.1 million in the third quarter of 2019.  For the third quarter of 2020, basic net income per share attributable to Avalon Holdings Corporation common shareholders was $0.20 compared with basic net income per share attributable to Avalon Holdings Corporation common shareholders of $0.04 in the third quarter of 2019.

For the first nine months of 2020, net operating revenues were $44.1 million compared with $51.1 million for the first nine months of 2019.  The Company incurred a net loss attributable to Avalon Holdings Corporation common shareholders of approximately $0.5 million in the first nine months of 2020 compared with a net loss attributable to Avalon Holdings Corporation common shareholders of less than $0.1 million in the first nine months of 2019.  For the first nine months of 2020, basic net loss per share attributable to Avalon Holdings Corporation common shareholders was $0.12 compared with basic net loss per share attributable to Avalon Holdings Corporation common shareholders of $0.00 in the first nine months of 2019.

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,


2020


2019


2020


2019









Net operating revenues:








Waste management services

$            9,326


$          11,572


$          29,547


$          35,908









Food, beverage and merchandise sales

2,851


2,587


5,247


6,027

Other golf and related operations

4,448


3,859


9,301


9,116

Total golf and related operations

7,299


6,446


14,548


15,143









Total net operating revenues

16,625


18,018


44,095


51,051









Costs and expenses:








Waste management services operating costs

7,393


9,229


23,473


28,773

Cost of food, beverage and merchandise

1,092


1,169


2,184


2,683

Golf and related operations operating costs

4,270


4,266


9,777


10,361

Depreciation and amortization expense

741


630


2,152


1,848

Selling, general and administrative expenses

2,110


2,379


6,269


6,990

Operating income

1,019


345


240


396









Other income (expense):








Interest expense

(302)


(222)


(913)


(600)

Other income, net

83


41


264


257

Income (loss) before income taxes

800


164


(409)


53









Provision for income taxes

27


38


95


135

Net income (loss)

773


126


(504)


(82)









Less net loss attributable to non-controlling interest in subsidiary

(8)


(18)


(37)


(67)

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

$               781


$               144


$              (467)


$                (15)









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








Basic net income (loss) per share

$              0.20


$              0.04


$             (0.12)


$             (0.00)

Diluted net income (loss) per share

$              0.20


$              0.04


$             (0.12)


$             (0.00)









Weighted average shares outstanding - basic 

3,875


3,875


3,875


3,875

Weighted average shares outstanding - diluted

3,875


3,893


3,875


3,875

AVALON HOLDINGS CORPORATION AND SUBSIDIARIES

Condensed Consolidated Balance Sheets (Unaudited)

(in thousands)










September 30,


December 31,


2020


2019

Assets




Current Assets:




Cash and cash equivalents

$              4,667


$              1,446

Accounts receivable, net

8,679


12,009

Unbilled membership dues receivable

866


602

Inventories

1,034


813

Prepaid expenses

810


725

Other current assets

15


15

Total current assets

16,071


15,610





Property and equipment, net

50,473


48,978

Property and equipment under finance leases, net

5,913


5,878

Operating lease right-of-use assets

1,280


1,466

Restricted cash

4,246


7,185

Noncurrent deferred tax asset

8


8

Other assets, net

36


39

Total assets

$             78,027


$             79,164





Liabilities and Equity




Current liabilities:




Current portion of long term debt

$              2,622


$              1,015

Current portion of obligations under finance leases

343


295

Current portion of obligations under operating leases

533


513

Accounts payable

8,094


11,719

Accrued payroll and other compensation

956


961

Accrued income taxes

46


93

Other accrued taxes

362


434

Deferred membership dues revenue

4,041


3,153

Other liabilities and accrued expenses

1,125


839

Total current liabilities

18,122


19,022





Long term debt, net of current portion

21,972


21,570

Obligations under finance leases, net of current portion

622


555

Obligations under operating leases, net of current portion

747


953

Asset retirement obligation

100


100





Equity:




Total Avalon Holdings Corporation Shareholders' Equity

36,567


37,030

Non-controlling interest in subsidiary

(103)


(66)

Total shareholders' equity

36,464


36,964

Total liabilities and equity

$             78,027


$             79,164

SOURCE Avalon Holdings Corporation

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AVALON HOLDINGS CORPORATION ANNOUNCES THIRD QUARTER RESULTS


AVALON HOLDINGS CORPORATION ANNOUNCES SECOND QUARTER RESULTS

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