Avalon Holdings Corporation Announces First Quarter Results

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May 12, 2017, 17:01 ET

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