Avalon Holdings Corporation Announces First Quarter Results
WARREN, Ohio, May 14, 2015 /PRNewswire/ -- Avalon Holdings Corporation (NYSE Amex: AWX) today announced financial results for the first quarter of 2015.
Net operating revenues in the first quarter of 2015 were $10.7 million compared with $10.0 million in the first quarter of 2014. The Company incurred a net loss of $1.0 million, or $.27 per share in the first quarter of 2014 compared to a net loss of $0.7 million, or $.18 per share in the first quarter of 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 tennis facility.
AVALON HOLDINGS CORPORATION AND SUBSIDIARIES | |||
Condensed Consolidated Statements of Operations (Unaudited) | |||
(in thousands, except for per share amounts) | |||
Three Months Ended March 31, | |||
2015 | 2014 | ||
Net operating revenues | $ 10,700 | $ 9,983 | |
Costs and expenses: | |||
Costs of operations | 9,307 | 8,514 | |
Depreciation and amortization expense | 638 | 428 | |
Selling, general and administrative expenses | 2,034 | 1,800 | |
Operating loss | (1,279) | (759) | |
Other income (expense): | |||
Interest expense | (5) | (5) | |
Other income, net | 72 | 72 | |
Loss before income taxes | (1,212) | (692) | |
Provision for income taxes | 7 | 8 | |
Net loss | (1,219) | (700) | |
Less net loss attributable to non-controlling interest in subsidiary | (179) | (1) | |
Net loss of Avalon Holdings Corporation common shareholders | $ (1,040) | $ (699) | |
Loss per share attributable to Avalon Holdings | |||
Corporation common shareholders: | |||
Basic and dilutive net loss per share | $ (0.27) | $ (0.18) | |
Weighted average shares outstanding - basic and diluted | 3,803 | 3,803 | |
AVALON HOLDINGS CORPORATION AND SUBSIDIARIES | |||
Condensed Consolidated Balance Sheets | |||
(in thousands) | |||
March 31, | December 31, | ||
2015 | 2014 | ||
Assets | (Unaudited) | ||
Current Assets: | |||
Cash and cash equivalents | $ 2,543 | $ 4,329 | |
Accounts receivable, net | 7,958 | 8,750 | |
Inventories | 1,032 | 947 | |
Prepaid expenses | 492 | 474 | |
Refundable income taxes | 18 | 8 | |
Other current assets | 45 | 45 | |
Total current assets | 12,088 | 14,553 | |
Property and equipment, net | 38,978 | 35,954 | |
Leased property under capital leases, net | 6,334 | 6,418 | |
Noncurrent deferred tax asset | 8 | 8 | |
Other assets, net | 91 | 911 | |
Total assets | $ 57,499 | $ 57,844 | |
Liabilities and Equity | |||
Current liabilities: | |||
Current portion of obligations under capital leases | $ 58 | $ 58 | |
Accounts payable | 6,050 | 6,429 | |
Accrued payroll and other compensation | 645 | 714 | |
Accrued income taxes | - | 8 | |
Other accrued taxes | 270 | 379 | |
Deferred revenues | 2,578 | 2,256 | |
Other liabilities and accrued expenses | 644 | 707 | |
Total current liabilities | 10,245 | 10,551 | |
Revolving line of credit | 5,000 | 3,800 | |
Obligations under capital leases | 319 | 333 | |
Asset retirement obligation | 100 | 100 | |
Deferred rental income | 115 | 138 | |
Equity: | |||
Total Avalon Holdings Corporation Shareholders' Equity | 38,414 | 39,437 | |
Non-controlling interest in subsidiary | 3,306 | 3,485 | |
Total shareholders' equity | 41,720 | 42,922 | |
Total liabilities and equity | $ 57,499 | $ 57,844 | |
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SOURCE Avalon Holdings Corporation
