Avalon Holdings Corporation Announces 2014 Full Year And Fourth Quarter Results

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Mar 12, 2015, 05:01 ET

WARREN, Ohio, March 12, 2015 /PRNewswire/ -- Avalon Holdings Corporation (NYSE Amex:AWX) today announced financial results for the fiscal year and fourth quarter ended December 31, 2014.

Net operating revenues in the fourth quarter of 2014 were $14.0 million compared with $12.7 million in the fourth quarter of 2013. The Company incurred a net loss of $0.4 million, or $.10 per share in the fourth quarter of 2014 compared to a net loss of $0.3 million, or $.08 per share in the fourth quarter of 2013.

For the twelve months ended December 31, 2014, net operating revenues decreased to $51.5 million compared with $59.5 million for the twelve months ended December 31, 2013. The Company recorded a net loss of $1.1 million, or $.28 per share for the twelve months ended December 31, 2014 compared with net income of $0.4 million or $.12 per share for twelve months ended December 31, 2013.

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 Resort and Spa 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		Twelve Months Ended
	December 31,		December 31,
	2014	2013	2014	2013

Net operating revenues	$ 14,036	$ 12,682	$ 51,472	$ 59,470

Costs and expenses:
Costs of operations	11,815	10,574	42,687	49,598
Depreciation and amortization expense	593	419	2,155	1,636
Selling, general and administrative expenses	2,195	2,026	8,026	7,965
Operating income (loss)	(567)	(337)	(1,396)	271

Other income (expense):
Interest expense	(27)	(6)	(58)	(22)
Interest income	-	-	1	1
Other income, net	55	53	268	285
Income (loss) before income taxes	(539)	(290)	(1,185)	535

Provision for income taxes	15	2	73	97
Net income (loss)	(554)	(292)	(1,258)	438

Less net loss attributable to non-controlling interest in subsidiary	(163)	-	(178)	-
Net income (loss) of Avalon Holdings Corporation common shareholders	$ (391)	$ (292)	$ (1,080)	$ 438

Income (loss) per share attributable to Avalon Holdings
Corporation common shareholders:
Basic net income (loss) per share	$ (0.10)	$ (0.08)	$ (0.28)	$ 0.12
Dilutive net income (loss) per share	$ (0.10)	$ (0.08)	$ (0.28)	$ 0.11

Weighted average shares outstanding - basic	3,803	3,803	3,803	3,803
Weighted average shares outstanding - diluted	3,803	3,803	3,803	4,090

AVALON HOLDINGS CORPORATION AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(in thousands)


	December 31,
	2014	2013
Assets
Current Assets:
Cash and cash equivalents	$ 4,329	$ 9,798
Accounts receivable, net	8,750	10,201
Inventories	947	815
Prepaid expenses	474	349
Refundable income taxes	8	3
Other current assets	45	15
Total current assets	14,553	21,181

Property and equipment, net	35,954	27,563
Leased property under capital leases, net	6,418	6,719
Noncurrent deferred tax asset	8	8
Other assets, net	911	108
Total assets	$ 57,844	$ 55,579

Liabilities and Equity
Current liabilities:
Current portion of obligations under capital leases	$ 58	$ 56
Accounts payable	6,429	8,101
Accrued payroll and other compensation	714	549
Accrued income taxes	8	1
Other accrued taxes	379	307
Deferred revenues	2,256	2,265
Other liabilities and accrued expenses	707	365
Total current liabilities	10,551	11,644

Revolving line of credit	3,800	-
Obligations under capital leases	333	390
Asset retirement obligation	100	75
Deferred rental income	138	-

Equity:
Total Avalon Holdings Corporation Shareholders' Equity	39,437	40,420
Non-controlling interest in subsidiary	3,485	3,050
Total shareholders' equity	42,922	43,470
Total liabilities and equity	$ 57,844	$ 55,579