Avalon Holdings Corporation Announces Second Quarter Results

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Avalon Holdings Corporation Announces Second Quarter Results

PR Newswire

WARREN, Ohio, Aug. 9, 2018 /PRNewswire/ -- Avalon Holdings Corporation AWX today announced financial results for the second quarter of 2018.       

Net operating revenues in the second quarter of 2018 were $16.7 million compared with $14.6 million in the second quarter of 2017.  The Company recorded net income attributable to Avalon Holdings Corporation common shareholders of $0.6 million in the second quarter of 2018 compared with net income attributable to Avalon Holdings Corporation common shareholders of $0.1 million in the second quarter of 2017.  For the second quarter of 2018, basic net income per share attributable to Avalon Holdings Corporation common shareholders was $0.16 compared with basic net income per share attributable to Avalon Holdings Corporation common shareholders of $0.03 in the second quarter of 2017.

For the first six months of 2018, net operating revenues were $28.2 million compared with $25.3 million for the first six months of 2017.  The Company incurred a net loss attributable to Avalon Holdings Corporation common shareholders of $0.2 million in the first six months of 2018 compared with a net loss attributable to Avalon Holdings Corporation common shareholders of $0.8 million in the first six months of 2017.  For the first six months of 2018, basic net loss per share attributable to Avalon Holdings Corporation common shareholders was $0.05 compared with a basic net loss per share attributable to Avalon Holdings Corporation common shareholders of $0.21 in the first six months of 2017.        

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


Six Months Ended 


June 30,


June 30,


2018


2017


2018


2017









Net operating revenues:








Waste management services

$          11,510


$            9,490


$          19,968


$          17,103









Food, beverage and merchandise sales

2,206


2,270


3,246


3,376

Other golf and related operations

2,989


2,817


5,007


4,800

 Total golf and related operations

5,195


5,087


8,253


8,176









Total net operating revenues

16,705


14,577


28,221


25,279









Costs and expenses:








Waste management services operating costs

9,090


7,533


15,752


13,427

Cost of food, beverage and merchandise

932


961


1,399


1,514

Golf and related operations operating costs

3,146


3,150


5,363


5,556

Depreciation and amortization expense

726


761


1,455


1,509

Selling, general and administrative expenses

2,215


2,063


4,440


4,065

Operating income (loss)

596


109


(188)


(792)









Other income (expense):








Interest expense

(174)


(177)


(345)


(352)

Other income, net

113


109


173


186

Income (loss) before income taxes

535


41


(360)


(958)









Provision for income taxes

41


32


60


52

Net income (loss)

494


9


(420)


(1,010)









Less net loss attributable to non-controlling interest in subsidiary

(129)


(112)


(244)


(205)

Net income (loss) attributable to Avalon Holdings Corporation common shareholders

$               623


$               121


$              (176)


$              (805)









Income (loss) per share attributable to Avalon Holdings Corporation common shareholders:








Basic net income (loss) per share

$              0.16


$              0.03


$             (0.05)


$             (0.21)

Diluted net income (loss) per share

$              0.16


$              0.03


$             (0.05)


$             (0.21)









Weighted average shares outstanding - basic 

3,803


3,803


3,803


3,803

Weighted average shares outstanding - diluted

3,818


3,827


3,803


3,803

 

AVALON HOLDINGS CORPORATION AND SUBSIDIARIES

Condensed Consolidated Balance Sheets (Unaudited)

(in thousands)










June 30,


December 31,


2018


2017

Assets




Current Assets:




Cash and cash equivalents

$              2,409


$              1,025

Accounts receivable, net

11,046


9,906

Unbilled membership dues receivable

1,009


580

Inventories

1,010


850

Prepaid expenses

378


512

Other current assets

26


34

 Total current assets

15,878


12,907





Property and equipment, net

43,992


43,215

Leased property under capital leases, net

6,311


6,360

Restricted cash

1,326


2,826

Noncurrent deferred tax asset

8


8

Other assets, net

56


62

Total assets

$             67,571


$             65,378





Liabilities and Equity




Current liabilities:




Current portion of obligations under capital leases

$                 231


$                 212

Current portion of long term debt

562


547

Accounts payable

9,131


7,832

Accrued payroll and other compensation

1,050


739

Accrued income taxes

31


26

Other accrued taxes

242


372

Deferred membership dues revenue

4,034


2,718

Other liabilities and accrued expenses

734


658

Total current liabilities

16,015


13,104





Long term debt, net of current portion

10,460


10,745

Obligations under capital leases, net of current portion

841


857

Asset retirement obligation

100


100





Equity:




Total Avalon Holdings Corporation Shareholders' Equity

38,273


38,446

Non-controlling interest in subsidiary

1,882


2,126

Total shareholders' equity

40,155


40,572

Total liabilities and equity

$             67,571


$             65,378

 

 

View original content:http://www.prnewswire.com/news-releases/avalon-holdings-corporation-announces-second-quarter-results-300694737.html

SOURCE Avalon Holdings Corporation

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