Avalon Holdings Corporation Announces 2015 Full Year and Fourth Quarter Results

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Mar 16, 2016, 05:01 ET

WARREN, Ohio, March 16, 2016 /PRNewswire/ -- Avalon Holdings Corporation (NYSE Amex: AWX) today announced financial results for the fiscal year and fourth quarter ended December 31, 2015.

Net operating revenues in the fourth quarter of 2015 were $13.9 million compared with $14.0 million in the fourth quarter of 2014. The Company incurred a net loss attributable to Avalon Holdings Corporation common shareholders of $0.2 million in the fourth quarter of 2015 compared with a net loss attributable to Avalon Holdings Corporation common shareholders of $0.4 million in the fourth quarter of 2014. For the fourth quarter of 2015, basic net loss per share attributable to Avalon Holdings Corporation common shareholders was $0.05 compared with a basic net loss per share attributable to Avalon Holdings Corporation common shareholders of $0.10 in the fourth quarter of 2014.

For the twelve months ended December 31, 2015, net operating revenues were $53.1 million compared with $51.5 million for the twelve months ended December 31, 2014. The Company incurred a net loss attributable to Avalon Holdings Corporation common shareholders of $0.7 million for the twelve months ended December 31, 2015 compared with a net loss attributable to Avalon Holdings Corporation common shareholders of $1.1 million for the twelve months ended December 31, 2014. For the twelve months ended December 31, 2015, basic net loss per share attributable to Avalon Holdings Corporation common shareholders was $0.19 compared with a basic net loss per share attributable to Avalon Holdings Corporation common shareholders of $0.28 for twelve months ended December 31, 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 related amenities offered by the 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,
	2015	2014	2015	2014

Net operating revenues	$ 13,858	$ 14,036	$ 53,090	$ 51,472

Costs and expenses:
Costs of operations	11,459	11,815	44,197	42,687
Depreciation and amortization expense	724	593	2,560	2,155
Selling, general and administrative expenses	1,910	2,195	7,635	8,026
Operating loss	(235)	(567)	(1,302)	(1,396)

Other income (expense):
Interest expense	(80)	(27)	(147)	(58)
Interest income	-	-	-	1
Other income, net	49	55	286	268
Loss before income taxes	(266)	(539)	(1,163)	(1,185)

Provision for income taxes	17	15	59	73
Net loss	(283)	(554)	(1,222)	(1,258)

Less net loss attributable to non-controlling interest in subsidiary	(87)	(163)	(510)	(178)
Net loss attributable to Avalon Holdings Corporation common shareholders	$ (196)	$ (391)	$ (712)	$ (1,080)

Loss per share attributable to Avalon Holdings Corporation common shareholders
Basic and diluted net loss per share	$ (0.05)	$ (0.10)	$ (0.19)	$ (0.28)

Weighted average shares outstanding - basic and diluted	3,803	3,803	3,803	3,803

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


	December 31,
	2015	2014
Assets
Current Assets:
Cash and cash equivalents	$ 1,814	$ 4,329
Accounts receivable, net	9,579	8,750
Inventories	830	947
Prepaid expenses	487	474
Refundable income taxes	33	8
Other current assets	45	45
Total current assets	12,788	14,553

Property and equipment, net	43,386	35,954
Leased property under capital leases, net	6,042	6,418
Noncurrent deferred tax asset	8	8
Other assets, net	78	911
Total assets	$ 62,302	$ 57,844

Liabilities and Equity
Current liabilities:
Current portion of obligations under capital leases	$ 59	$ 58
Accounts payable	8,022	6,429
Accrued payroll and other compensation	618	714
Accrued income taxes	-	8
Other accrued taxes	380	379
Deferred revenues	2,401	2,256
Other liabilities and accrued expenses	667	707
Total current liabilities	12,147	10,551

Revolving line of credit	7,975	3,800
Obligations under capital leases, net of current portion	274	333
Asset retirement obligation	100	100
Deferred rental income	50	138

Equity:
Total Avalon Holdings Corporation Shareholders' Equity	38,781	39,437
Non-controlling interest in subsidiary	2,975	3,485
Total shareholders' equity	41,756	42,922
Total liabilities and equity	$ 62,302	$ 57,844