Avalon Holdings Corporation Announces First Quarter Results

WARREN, Ohio, May 12, 2017 /PRNewswire/ -- Avalon Holdings Corporation (NYSE Amex: AWX) today announced financial results for the first quarter of 2017.

Net operating revenues in the first quarter of 2017 were $10.7 million compared with $11.0 million in the first quarter of 2016.  The Company incurred a net loss attributable to Avalon Holdings Corporation common shareholders of $0.9 million in both the first quarter of 2017 and 2016.  For both the first quarter of 2017 and 2016, basic net loss per share attributable to Avalon Holdings Corporation common shareholders was $0.24.

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 amenities, three golf courses and related country clubs and facilities.

 

AVALON HOLDINGS CORPORATION AND SUBSIDIARIES

Condensed Consolidated Statements of Operations (Unaudited)

(in thousands, except for per share amounts)












Three Months Ended



March 31,



2017


2016







Net operating revenues

$                    10,702


$                    10,999







Costs and expenses:





  Costs of operations

8,853


9,423


  Depreciation and amortization expense

748


686


  Selling, general and administrative expenses

2,002


1,866


Operating loss

(901)


(976)







Other income (expense):





  Interest expense

(175)


(87)


  Other income, net

77


72


Loss before income taxes

(999)


(991)







Provision for income taxes

20


9


Net loss

(1,019)


(1,000)







Less net loss attributable to non-controlling interest in subsidiary

(93)


(92)


Net loss attributable to Avalon Holdings Corporation common shareholders

$                       (926)


$                       (908)







Loss per share attributable to Avalon Holdings Corporation common shareholders





Basic and diluted net loss per share

$                      (0.24)


$                      (0.24)







Weighted average shares outstanding - basic and diluted

3,803


3,803







 

 

 

AVALON HOLDINGS CORPORATION AND SUBSIDIARIES

Condensed Consolidated Balance Sheets (Unaudited)

(in thousands)










March 31,


December 31,


2017


2016

Assets




Current Assets:




Cash and cash equivalents

$                      1,079


$                      2,299

Accounts receivable, net

8,986


11,349

Inventories

919


773

Prepaid expenses

478


462

Refundable income taxes

6


-

Other current assets

35


35

   Total current assets

11,503


14,918





Property and equipment, net

43,879


43,971

Leased property under capital leases, net

6,540


6,035

Restricted cash

2,905


2,905

Noncurrent deferred tax asset

8


8

Other assets, net

72


61

Total assets

$                    64,907


$                    67,898





Liabilities and Equity




Current liabilities:




Current portion of obligations under capital leases

$                         212


$                         112

Current portion of long term debt

525


517

Accounts payable

6,378


9,387

Accrued payroll and other compensation

834


684

Accrued income taxes

-


48

Other accrued taxes

296


448

Deferred revenues

3,198


2,716

Other liabilities and accrued expenses

876


764

   Total current liabilities

12,319


14,676





Long term debt, net of current portion

11,160


11,294

Obligations under capital leases, net of current portion

966


452

Asset retirement obligation

100


100





Equity:




Total Avalon Holdings Corporation Shareholders' Equity

37,820


38,741

Non-controlling interest in subsidiary

2,542


2,635

Total shareholders' equity

40,362


41,376

Total liabilities and equity

$                    64,907


$                    67,898





 

 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/avalon-holdings-corporation-announces-first-quarter-results-300456806.html

SOURCE Avalon Holdings Corporation

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