Avalon Holdings Corporation Announces Fourth Quarter Results

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Mar 25, 2014, 05:43 ET

WARREN, Ohio, March 25, 2014 /PRNewswire/ -- Avalon Holdings Corporation (NYSE Amex:AWX) today announced financial results for the fourth quarter of 2013.

Net operating revenues in the fourth quarter of 2013 were $12.7 million compared with $12.1 million in the fourth quarter of 2012. The Company incurred a net loss of $.3 million, or $.08 per share for both the fourth quarter of 2013 and the fourth quarter of 2012.

For the twelve months ended December 31, 2013, net operating revenues increased to $59.5 million compared with $48.9 million for the twelve months ended December 31, 2012. The Company recorded net income of $.4 million, or $.12 per share for the twelve months ended December 31, 2013 compared with a net loss of $.3 million or $.09 per share for twelve months ended December 31, 2012.

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 December 31,		Twelve Months Ended December 31,
	2013	2012	2013	2012

Net operating revenues	$ 12,682	$ 12,114	$ 59,470	$ 48,891

Costs and expenses:
Costs of operations	10,574	10,127	49,598	40,321
Depreciation and Amortization	419	409	1,636	1,635
Selling, general and administrative expenses	2,026	1,902	7,965	7,436
Operating income (loss)	(337)	(324)	271	(501)

Other income (expense):
Interest expense	(6)	(3)	(22)	(13)
Interest income	—	—	1	2
Other income, net	53	55	285	257
Income before income taxes	(290)	(272)	535	(255)

Provision for income taxes	2	22	97	71
Net income (loss)	$ (292)	$ (294)	$ 438	$ (326)

Net income (loss) per share- basic	$ (.08)	$ (.08)	$ .12	$ (.09)
Net income (loss) per share- diluted	$ (.08)	$ (.08)	$ .11	$ (.09)

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

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

	December 31, 2013	December 31, 2012

Assets:
Current Assets:
Cash and cash equivalents	$ 9,798	$ 7,888
Accounts receivable, net	10,201	9,244
Prepaid expenses	349	287
Refundable income taxes	3	9
Other current assets	830	758
Total current assets	21,181	18,186

Property and equipment, net	27,563	25,177
Leased property under capital leases, net	6,719	6,680
Noncurrent deferred tax asset	8	8
Other assets, net	108	104
Total assets	$ 55,579	$ 50,155

Liabilities and Shareholders' Equity
Current Liabilities:
Current portion of obligations under capital leases	$ 56	$ 2
Accounts payable	8,101	6,677
Accrued payroll and other compensation	549	486
Accrued income taxes	1	2
Other accrued taxes	307	303
Deferred revenues	2,265	2,180
Other liabilities and accrued expenses	365	424
Total current liabilities	11,644	10,074

Obligations under capital leases	390	224
Noncurrent liabilities	75	—

Total shareholders' equity	43,470	39,857

Total liabilities and shareholders' equity	$ 55,579	$ 50,155