Avalon Holdings Corporation Announces Second Quarter Results

WARREN, Ohio, Aug. 9, 2019 /PRNewswire/ -- Avalon Holdings Corporation AWX today announced financial results for the second quarter of 2019.

Net operating revenues in the second quarter of 2019 were $18.4 million compared with $16.7 million in the second quarter of 2018.  The Company recorded net income attributable to Avalon Holdings Corporation common shareholders of $0.5 million in the second quarter of 2019 compared with net income attributable to Avalon Holdings Corporation common shareholders of $0.6 million in the second quarter of 2018.  For the second quarter of 2019, basic net income per share attributable to Avalon Holdings Corporation common shareholders was $0.12 compared with basic net income per share attributable to Avalon Holdings Corporation common shareholders of $0.16 in the second quarter of 2018.

For the first six months of 2019, net operating revenues were $33.0 million compared with $28.2 million for the first six months of 2018.  The Company incurred a net loss attributable to Avalon Holdings Corporation common shareholders of approximately $0.2 million in both the first six months of 2019 and 2018.  For the first six months of 2019, basic net loss per share attributable to Avalon Holdings Corporation common shareholders was $0.04 compared with basic net loss per share attributable to Avalon Holdings Corporation common shareholders of $0.05 in the first six months of 2018.

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,



2019



2018



2019



2018

















Net operating revenues:















Waste management services

$          12,902



$          11,510



$          24,336



$          19,968

















Food, beverage and merchandise sales

2,358



2,206



3,440



3,246

Other golf and related operations

3,165



2,989



5,257



5,007

Total golf and related operations

5,523



5,195



8,697



8,253

















Total net operating revenues

18,425



16,705



33,033



28,221

















Costs and expenses:















Waste management services operating costs

10,296



9,090



19,544



15,752

Cost of food, beverage and merchandise

999



932



1,514



1,399

Golf and related operations operating costs

3,563



3,146



6,095



5,363

Depreciation and amortization expense

618



726



1,218



1,455

Selling, general and administrative expenses

2,380



2,215



4,611



4,440

Operating income (loss)

569



596



51



(188)

















Other income (expense):















Interest expense

(215)



(174)



(378)



(345)

Other income, net

148



113



216



173

Income (loss) before income taxes

502



535



(111)



(360)

















Provision for income taxes

57



41



97



60

Net income (loss)

445



494



(208)



(420)

















Less net loss attributable to non-controlling interest in subsidiary

(34)



(129)



(49)



(244)

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

$               479



$               623



$              (159)



$              (176)

















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















Basic net income (loss) per share

$              0.12



$              0.16



$             (0.04)



$             (0.05)

Diluted net income (loss) per share

$              0.12



$              0.16



$             (0.04)



$             (0.05)

















Weighted average shares outstanding - basic 

3,875



3,803



3,875



3,803

Weighted average shares outstanding - diluted

3,894



3,818



3,875



3,803

 

 

AVALON HOLDINGS CORPORATION AND SUBSIDIARIES

Condensed Consolidated Balance Sheets (Unaudited)

(in thousands)



















June 30,



December 31,



2019



2018

Assets







Current Assets:







Cash and cash equivalents

$              3,280



$              1,406

Accounts receivable, net

12,271



12,197

Unbilled membership dues receivable

1,101



554

Inventories

913



820

Prepaid expenses

512



622

Other current assets

48



31

Total current assets

18,125



15,630









Property and equipment, net

46,794



42,534

Property and equipment under finance leases, net

5,942



6,068

Operating lease right-of-use assets

1,726



-

Restricted cash

501



502

Noncurrent deferred tax asset

8



8

Other assets, net

42



27

Total assets

$             73,138



$             64,769









Liabilities and Equity







Current liabilities:







Current portion of long term debt

$                 771



$                 578

Current portion of obligations under finance leases

247



236

Current portion of obligations under operating leases

551



-

Accounts payable

12,098



10,454

Accrued payroll and other compensation

1,222



872

Accrued income taxes

102



84

Other accrued taxes

296



405

Deferred membership dues revenue

4,497



2,899

Other liabilities and accrued expenses

907



793

Total current liabilities

20,691



16,321









Long term debt, net of current portion

13,258



10,167

Obligations under finance leases, net of current portion

626



688

Obligations under operating leases, net of current portion

1,175



-

Asset retirement obligation

100



100









Equity:







Total Avalon Holdings Corporation Shareholders' Equity

37,323



37,479

Non-controlling interest in subsidiary

(35)



14

Total shareholders' equity

37,288



37,493

Total liabilities and equity

$             73,138



$             64,769

 

Cision View original content:http://www.prnewswire.com/news-releases/avalon-holdings-corporation-announces-second-quarter-results-300899382.html

SOURCE Avalon Holdings Corporation

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