Avalon Holdings Corporation Announces Second Quarter Results

WARREN, Ohio, Aug. 6, 2021 /PRNewswire/ -- Avalon Holdings Corporation (NYSE Amex: AWX) today announced financial results for the second quarter of 2021.

Net operating revenues in the second quarter of 2021 were $16.4 million compared with $13.1 million in the second quarter of 2020.  The Company recorded net income attributable to Avalon Holdings Corporation common shareholders of $0.7 million in the second quarter of 2021 compared with a net loss attributable to Avalon Holdings Corporation common shareholders of $0.4 million in the second quarter of 2020.  For the second quarter of 2021, basic net income 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 $0.11 in the second quarter of 2020.

For the first six months of 2021, net operating revenues were $31.5 million compared with $27.5 million for the first six months of 2020.  The Company recorded net income attributable to Avalon Holdings Corporation common shareholders of approximately $1.5 million in the first six months of 2021 compared with a net loss attributable to Avalon Holdings Corporation common shareholders of $1.2 million in the first six months of 2020.  For the first six months of 2021, basic net income per share attributable to Avalon Holdings Corporation common shareholders was $0.37 compared with a basic net loss per share attributable to Avalon Holdings Corporation common shareholders of $0.32 in the first six months of 2020.

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 resort amenities, four golf courses and related country clubs and a multipurpose recreation center.

 

AVALON HOLDINGS CORPORATION AND SUBSIDIARIES
Condensed Consolidated Statements of Operations (Unaudited)
(in thousands, except for per share amounts)
	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2021		2020		2021		2020
Net operating revenues:
Waste management services	$            8,685		$            9,088		$          19,835		$          20,221
Food, beverage and merchandise sales	3,283		1,361		4,624		2,396
Other golf and related operations	4,422		2,618		7,044		4,853
Total golf and related operations	7,705		3,979		11,668		7,249
Total net operating revenues	16,390		13,067		31,503		27,470
Costs and expenses:
Waste management services operating costs	6,969		7,211		15,670		16,080
Cost of food, beverage and merchandise	1,348		564		1,941		1,092
Golf and related operations operating costs	4,743		2,875		7,664		5,507
Depreciation and amortization expense	767		712		1,531		1,411
Selling, general and administrative expenses	2,536		1,927		4,816		4,159
Operating income (loss)	27		(222)		(119)		(779)
Other income (expense):
Interest expense	(291)		(304)		(588)		(611)
Gain on debt extinguishment	877		-		1,964		-
Other income, net	126		103		213		181
Income (loss) before income taxes	739		(423)		1,470		(1,209)
Provision for income taxes	15		24		58		68
Net income (loss)	724		(447)		1,412		(1,277)
Less net loss attributable to non-controlling interest in subsidiary	(18)		(12)		(46)		(29)
Net income (loss) attributable to Avalon Holdings Corporation common shareholders	$               742		$              (435)		$            1,458		$           (1,248)
Income (loss) per share attributable to Avalon Holdings Corporation common shareholders:
Basic net income (loss) per share	$              0.19		$             (0.11)		$              0.37		$             (0.32)
Diluted net income (loss) per share	$              0.19		$             (0.11)		$              0.37		$             (0.32)
Weighted average shares outstanding - basic	3,899		3,875		3,899		3,875
Weighted average shares outstanding - diluted	3,929		3,875		3,927		3,875

 

AVALON HOLDINGS CORPORATION AND SUBSIDIARIES
Condensed Consolidated Balance Sheets (Unaudited)
(in thousands)
	June 30,		December 31,
	2021		2020
Assets
Current Assets:
Cash and cash equivalents	$              4,451		$              4,210
Accounts receivable, net	9,038		8,744
Unbilled membership dues receivable	1,102		585
Inventories	1,234		910
Prepaid expenses	766		730
Other current assets	51		80
Total current assets	16,642		15,259
Property and equipment, net	51,856		51,299
Property and equipment under finance leases, net	5,734		5,735
Operating lease right-of-use assets	1,588		1,728
Restricted cash	2,856		3,885
Noncurrent deferred tax asset	8		8
Other assets, net	36		36
Total assets	$             78,720		$             77,950
Liabilities and Equity
Current liabilities:
Current portion of long term debt	$              1,097		$              1,594
Current portion of obligations under finance leases	271		333
Current portion of obligations under operating leases	552		529
Accounts payable	8,581		9,097
Accrued payroll and other compensation	1,324		809
Accrued income taxes	59		43
Other accrued taxes	376		461
Deferred membership dues revenue	5,376		3,196
Other liabilities and accrued expenses	1,118		1,121
Total current liabilities	18,754		17,183
Long term debt, net of current portion	19,946		21,941
Obligations under finance leases, net of current portion	502		560
Obligations under operating leases, net of current portion	1,036		1,199
Asset retirement obligation	100		100
Equity:
Total Avalon Holdings Corporation Shareholders' Equity	38,554		37,093
Non-controlling interest in subsidiary	(172)		(126)
Total shareholders' equity	38,382		36,967
Total liabilities and equity	$             78,720		$             77,950

 

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SOURCE Avalon Holdings Corporation

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