Avalon Holdings Corporation Announces First Quarter Results

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May 13, 2016, 05:05 ET

WARREN, Ohio, May 13, 2016 /PRNewswire/ -- Avalon Holdings Corporation (NYSE Amex:AWX) today announced financial results for the first quarter of 2016.

Net operating revenues in the first quarter of 2016 were $11.0 million compared with $10.7 million in the first quarter of 2015. The Company incurred a net loss attributable to Avalon Holdings Corporation common shareholders of $0.9 million in the first quarter of 2016 compared with a net loss attributable to Avalon Holdings Corporation common shareholders of $1.0 million in the first quarter of 2015. For the first quarter of 2016, basic net loss per share attributable to Avalon Holdings Corporation common shareholders was $0.24 compared with a basic net loss per share attributable to Avalon Holdings Corporation common shareholders of $0.27 in the first quarter of 2015.

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
	March 31,
	2016	2015

Net operating revenues	$ 10,999	$ 10,700

Costs and expenses:
Costs of operations	9,423	9,307
Depreciation and amortization expense	686	638
Selling, general and administrative expenses	1,866	2,034
Operating loss	(976)	(1,279)

Other income (expense):
Interest expense	(87)	(5)
Other income, net	72	72
Loss before income taxes	(991)	(1,212)

Provision for income taxes	9	7
Net loss	(1,000)	(1,219)

Less net loss attributable to non-controlling interest in subsidiary	(92)	(179)
Net loss attributable to Avalon Holdings Corporation common shareholders	$ (908)	$ (1,040)

Loss per share attributable to Avalon Holdings Corporation common shareholders
Basic and diluted net loss per share	$ (0.24)	$ (0.27)

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,
	2016	2015
Assets
Current Assets:
Cash and cash equivalents	$ 1,248	$ 1,814
Accounts receivable, net	8,749	9,579
Inventories	856	830
Prepaid expenses	462	487
Refundable income taxes	15	33
Other current assets	35	45
Total current assets	11,365	12,788

Property and equipment, net	43,702	43,386
Leased property under capital leases, net	5,938	6,042
Noncurrent deferred tax asset	8	8
Other assets, net	78	78
Total assets	$ 61,091	$ 62,302

Liabilities and Equity
Current liabilities:
Current portion of obligations under capital leases	$ 59	$ 59
Revolving line of credit	8,485	-
Accounts payable	6,891	8,022
Accrued payroll and other compensation	639	618
Other accrued taxes	301	380
Deferred revenues	2,800	2,401
Other liabilities and accrued expenses	763	667
Total current liabilities	19,938	12,147

Revolving line of credit	-	7,975
Obligations under capital leases, net of current portion	259	274
Asset retirement obligation	100	100
Deferred rental income	28	50

Equity:
Total Avalon Holdings Corporation Shareholders' Equity	37,883	38,781
Non-controlling interest in subsidiary	2,883	2,975
Total shareholders' equity	40,766	41,756
Total liabilities and equity	$ 61,091	$ 62,302