Avalon Holdings Corporation Announces Third Quarter Results

WARREN, Ohio, Nov. 9, 2017 /PRNewswire/ -- Avalon Holdings Corporation (NYSE Amex: AWX) today announced financial results for the third quarter of 2017.                      

Net operating revenues in the third quarter of 2017 were $16.4 million compared with $19.1 million in the third quarter of 2016.  The Company recorded net income attributable to Avalon Holdings Corporation common shareholders of $0.5 million in the third quarter of 2017 compared with net income attributable to Avalon Holdings Corporation common shareholders of $0.8 million in the third quarter of 2016.  For the third quarter of 2017, basic net income per share attributable to Avalon Holdings Corporation common shareholders was $0.14 compared with basic net income per share attributable to Avalon Holdings Corporation common shareholders of $0.21 in the third quarter of 2016.

For the first nine months of 2017, net operating revenues were $41.6 million compared with $45.8 million for the first nine months of 2016.  The Company incurred a net loss attributable to Avalon Holdings Corporation common shareholders of $0.3 million in the first nine months of 2017 compared with net income attributable to Avalon Holdings Corporation common shareholders of $0.3 million in the first nine months of 2016.  For the first nine months of 2017, basic net loss per share attributable to Avalon Holdings Corporation common shareholders was $0.07 compared with basic net income per share attributable to Avalon Holdings Corporation common shareholders of $0.08 in the first nine months of 2016.          

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				Nine Months Ended
	September 30,				September 30,
	2017		2016		2017		2016
Net operating revenues:
Waste management services	$          10,831		$          13,593		$          27,934		$          32,625
Food, beverage and merchandise sales	2,326		2,354		5,702		5,605
Other golf and related operations	3,207		3,186		8,007		7,544
Total golf and related operations	5,533		5,540		13,709		13,149
Total net operating revenues	16,364		19,133		41,643		45,774
Costs and expenses:
Waste management services operating costs	8,792		11,295		22,219		26,901
Cost of food, beverage and merchandise	970		997		2,484		2,456
Golf and related operations operating costs	3,090		3,204		8,646		8,250
Depreciation and amortization expense	747		714		2,256		2,093
Selling, general and administrative expenses	2,240		2,108		6,305		5,865
Operating income (loss)	525		815		(267)		209
Other income (expense):
Interest expense	(176)		(94)		(528)		(273)
Other income, net	50		57		236		218
Income (loss) before income taxes	399		778		(559)		154
Provision for income taxes	29		43		81		79
Net income (loss)	370		735		(640)		75
Less net loss attributable to non-controlling interest in subsidiary	(177)		(71)		(382)		(244)
Net income (loss) attributable to Avalon Holdings Corporation common shareholders	$               547		$               806		$              (258)		$               319
Income (loss) per share attributable to Avalon Holdings Corporation common shareholders:
Basic net income (loss) per share	$              0.14		$              0.21		$             (0.07)		$              0.08
Diluted net income (loss) per share	$              0.14		$              0.21		$             (0.07)		$              0.08
Weighted average shares outstanding - basic	3,803		3,803		3,803		3,803
Weighted average shares outstanding - diluted	3,817		3,893		3,803		3,836

 

AVALON HOLDINGS CORPORATION AND SUBSIDIARIES
Condensed Consolidated Balance Sheets (Unaudited)
(in thousands)
	September 30,		December 31,
	2017		2016
Assets
Current Assets:
Cash and cash equivalents	$                      1,615		$                      2,299
Accounts receivable, net	10,839		11,349
Inventories	925		773
Prepaid expenses	576		462
Other current assets	39		35
Total current assets	13,994		14,918
Property and equipment, net	43,575		43,971
Leased property under capital leases, net	6,370		6,035
Restricted cash	2,826		2,905
Noncurrent deferred tax asset	8		8
Other assets, net	65		61
Total assets	$                    66,838		$                    67,898
Liabilities and Equity
Current liabilities:
Current portion of obligations under capital leases	$                         186		$                         112
Current portion of long term debt	539		517
Accounts payable	8,215		9,387
Accrued payroll and other compensation	984		684
Accrued income taxes	7		48
Other accrued taxes	296		448
Deferred revenues	3,262		2,716
Other liabilities and accrued expenses	801		764
Total current liabilities	14,290		14,676
Long term debt, net of current portion	10,887		11,294
Obligations under capital leases, net of current portion	815		452
Asset retirement obligation	100		100
Equity:
Total Avalon Holdings Corporation Shareholders' Equity	38,493		38,741
Non-controlling interest in subsidiary	2,253		2,635
Total shareholders' equity	40,746		41,376
Total liabilities and equity	$                    66,838		$                    67,898

 

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SOURCE Avalon Holdings Corporation

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