Avalon Holdings Corporation Announces First Quarter Results

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May 09, 2014, 06:15 ET

WARREN, Ohio, May 9, 2014 /PRNewswire/ -- Avalon Holdings Corporation (NYSE Amex: AWX) today announced financial results for the first quarter of 2014.

Net operating revenues decreased to $10.0 million in the first quarter of 2014 compared with $14.7 million in the first quarter of 2013. The Company incurred a net loss of $.7 million or $.18 per share in the first quarter of 2014 compared with a net loss of $.1 million or $.04 per share for the first quarter of 2013.

Avalon Holdings Corporation provides waste management services to industrial, commercial, municipal and governmental customers in selected northeastern and midwestern U.S. markets. Avalon Holdings Corporation also owns the Avalon Golf and Country Club, which operates golf courses and related facilities.

AVALON HOLDINGS CORPORATION AND SUBSIDIARIES Condensed Consolidated Statements of Operations (Unaudited) (in thousands, except for per share amounts)

	Three Months Ended March 31,
	2014	2013

Net operating revenues	$ 9,983	$ 14,669

Costs and expenses:
Costs of operations	8,514	12,554
Depreciation and amortization	428	404
Selling, general and administrative expenses	1,800	1,900
Loss from operations	(759)	(189)

Other income (expense):
Interest expense	(5)	(5)
Other income, net	72	79
Loss before income taxes	(692)	(115)
Provision for income taxes	8	29
Net loss	$ (700)	$ (144)
Less loss attributable to non-controlling interest in subsidiary	(1)	—
Net loss attributable to Avalon Holdings Corporation	$ (699)	$ (144)

Basic and dilutive net loss per share	$ (.18)	$ (.04)

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

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

	March 31, 2014	December 31, 2013
	(Unaudited)
Assets:
Current Assets:
Cash and cash equivalents	$ 7,331	$ 9,798
Accounts receivable, net	8,000	10,201
Prepaid expenses	400	349
Refundable income taxes	3	3
Other current assets	994	830
Total current assets	16,728	21,181

Property and equipment, net	30,108	27,563
Leased property under capital leases, net	6,624	6,719
Noncurrent deferred tax asset	8	8
Other assets, net	108	108
Total assets	$ 53,576	$ 55,579

Liabilities and Equity
Current Liabilities:
Current portion of obligations under capital leases	$ 57	$ 56
Accounts payable	6,157	8,101
Accrued payroll and other compensation	555	549
Accrued income taxes	—	1
Other accrued taxes	227	307
Deferred revenues	2,559	2,265
Other liabilities and accrued expenses	412	365
Total current liabilities	9,967	11,644

Obligations under capital leases	376	390
Noncurrent liabilities	75	75

Total equity	43,158	43,470

Total liabilities and equity	$ 53,576	$ 55,579