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Avalon Holdings Corporation Announces First Quarter Results

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Avalon Holdings Corporation Announces First Quarter Results

PR Newswire

WARREN, Ohio, May 10, 2018 /PRNewswire/ -- Avalon Holdings Corporation (AMEX:AWX) today announced financial results for the first quarter of 2018.

Net operating revenues in the first quarter of 2018 were $11.5 million compared with $10.7 million in the first quarter of 2017.  The Company incurred a net loss attributable to Avalon Holdings Corporation common shareholders of $0.8 million in the first quarter of 2018 compared with a net loss attributable to Avalon Holdings Corporation common shareholders of $0.9 million in the first quarter of 2017.  For the first quarter of 2018, basic net loss per share attributable to Avalon Holdings Corporation common shareholders was $0.21 compared with a basic net loss per share attributable to Avalon Holdings Corporation common shareholders of $0.24 in the first quarter 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



March 31,



2018


2017






Net operating revenues:





Waste management services


$           8,458


$           7,613






Food, beverage and merchandise sales


1,040


1,106

Other golf and related operations


2,018


1,983

Total golf and related operations


3,058


3,089






Total net operating revenues


11,516


10,702






Costs and expenses:





Waste management services operating costs


6,662


5,894

Cost of food, beverage and merchandise


467


553

Golf and related operations operating costs


2,217


2,406

Depreciation and amortization expense


729


748

Selling, general and administrative expenses


2,225


2,002

Operating loss


(784)


(901)






Other income (expense):





Interest expense


(171)


(175)

Other income, net


60


77

Loss before income taxes


(895)


(999)






Provision for income taxes


19


20

Net loss


(914)


(1,019)






Less net loss attributable to non-controlling interest in subsidiary


(115)


(93)

Net loss attributable to Avalon Holdings Corporation common shareholders


$             (799)


$             (926)






Loss per share attributable to Avalon Holdings Corporation common shareholders:





Basic and diluted net loss per share


$            (0.21)


$            (0.24)






Weighted average shares outstanding - basic and diluted


3,803


3,803






 

 

AVALON HOLDINGS CORPORATION AND SUBSIDIARIES

Condensed Consolidated Balance Sheets (Unaudited)

(in thousands)










March 31,


December 31,


2018


2017

Assets




Current Assets:




Cash and cash equivalents

$              1,612


$              1,025

Accounts receivable, net

8,280


9,906

Unbilled membership dues receivable

694


580

Inventories

982


850

Prepaid expenses

506


512

Other current assets

25


34

Total current assets

12,099


12,907





Property and equipment, net

44,161


43,215

Leased property under capital leases, net

6,284


6,360

Restricted cash

1,326


2,826

Noncurrent deferred tax asset

8


8

Other assets, net

62


62

Total assets

$             63,940


$             65,378





Liabilities and Equity




Current liabilities:




Current portion of obligations under capital leases

$                 215


$                 212

Current portion of long term debt

554


547

Accounts payable

6,969


7,832

Accrued payroll and other compensation

668


739

Accrued income taxes

13


26

Other accrued taxes

314


372

Deferred membership dues revenue

3,147


2,718

Other liabilities and accrued expenses

845


658

Total current liabilities

12,725


13,104





Long term debt, net of current portion

10,604


10,745

Obligations under capital leases, net of current portion

851


857

Asset retirement obligation

100


100





Equity:




Total Avalon Holdings Corporation Shareholders' Equity

37,649


38,446

Non-controlling interest in subsidiary

2,011


2,126

Total shareholders' equity

39,660


40,572

Total liabilities and equity

$             63,940


$             65,378

















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SOURCE Avalon Holdings Corporation

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