Avalon Holdings Corporation Announces Third Quarter Results - Avalon Holdings (AMEX:AWX)

WARREN, Ohio, Nov. 8, 2018 /PRNewswire/ -- Avalon Holdings Corporation AWX today announced financial results for the third quarter of 2018.

Net operating revenues in the third quarter of 2018 were $18.1 million compared with $16.4 million in the third quarter of 2017. The Company recorded net income attributable to Avalon Holdings Corporation common shareholders of $0.8 million in the third quarter of 2018 compared with net income attributable to Avalon Holdings Corporation common shareholders of $0.5 million in the third quarter of 2017. For the third quarter of 2018, basic net income per share attributable to Avalon Holdings Corporation common shareholders was $0.22 compared with basic net income per share attributable to Avalon Holdings Corporation common shareholders of $0.14 in the third quarter of 2017.

For the first nine months of 2018, net operating revenues were $46.4 million compared with $41.6 million for the first nine months of 2017. The Company recorded net income attributable to Avalon Holdings Corporation common shareholders of $0.7 million in the first nine months of 2018 compared with a net loss attributable to Avalon Holdings Corporation common shareholders of $0.3 million in the first nine months of 2017. For the first nine months of 2018, basic net income per share attributable to Avalon Holdings Corporation common shareholders was $0.18 compared with a basic net loss per share attributable to Avalon Holdings Corporation common shareholders of $0.07 in the first nine 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		Nine Months Ended
	September 30,		September 30,
	2018	2017	2018	2017

Net operating revenues:
Waste management services	$ 12,557	$ 10,831	$ 32,525	$ 27,934

Food, beverage and merchandise sales	2,285	2,326	5,531	5,702
Other golf and related operations	3,306	3,207	8,313	8,007
Total golf and related operations	5,591	5,533	13,844	13,709

Total net operating revenues	18,148	16,364	46,369	41,643

Costs and expenses:
Waste management services operating costs	9,863	8,792	25,615	22,219
Cost of food, beverage and merchandise	992	970	2,391	2,484
Golf and related operations operating costs	3,337	3,090	8,700	8,646
Depreciation and amortization expense	732	747	2,187	2,256
Selling, general and administrative expenses	2,297	2,240	6,737	6,305
Operating income (loss)	927	525	739	(267)

Other income (expense):
Interest expense	(167)	(176)	(512)	(528)
Other income, net	45	50	218	236
Income (loss) before income taxes	805	399	445	(559)

Provision for income taxes	52	29	112	81
Net income (loss)	753	370	333	(640)

Less net loss attributable to non-controlling interest in subsidiary	(96)	(177)	(340)	(382)
Net income (loss) attributable to Avalon Holdings Corporation common shareholders	$ 849	$ 547	$ 673	$ (258)

Income (loss) per share attributable to Avalon Holdings Corporation common shareholders:
Basic net income (loss) per share	$ 0.22	$ 0.14	$ 0.18	$ (0.07)
Diluted net income (loss) per share	$ 0.21	$ 0.14	$ 0.17	$ (0.07)

Weighted average shares outstanding - basic	3,803	3,803	3,803	3,803
Weighted average shares outstanding - diluted	4,049	3,817	3,895	3,803

AVALON HOLDINGS CORPORATION AND SUBSIDIARIES
Condensed Consolidated Balance Sheets (Unaudited)
(in thousands)


	September 30,	December 31,
	2018	2017
Assets
Current Assets:
Cash and cash equivalents	$ 1,800	$ 1,025
Accounts receivable, net	11,334	9,906
Unbilled membership dues receivable	774	580
Inventories	881	850
Prepaid expenses	565	512
Other current assets	35	34
Total current assets	15,389	12,907

Property and equipment, net	45,169	43,215
Leased property under capital leases, net	6,198	6,360
Restricted cash	1,326	2,826
Noncurrent deferred tax asset	8	8
Other assets, net	55	62
Total assets	$ 68,145	$ 65,378

Liabilities and Equity
Current liabilities:
Current portion of obligations under capital leases	$ 234	$ 212
Current portion of long term debt	570	547
Accounts payable	9,755	7,832
Accrued payroll and other compensation	1,020	739
Accrued income taxes	56	26
Other accrued taxes	340	372
Deferred membership dues revenue	3,351	2,718
Other liabilities and accrued expenses	761	658
Total current liabilities	16,087	13,104

Long term debt, net of current portion	10,314	10,745
Obligations under capital leases, net of current portion	734	857
Asset retirement obligation	100	100

Equity:
Total Avalon Holdings Corporation Shareholders' Equity	39,124	38,446
Non-controlling interest in subsidiary	1,786	2,126
Total shareholders' equity	40,910	40,572
Total liabilities and equity	$ 68,145	$ 65,378

SOURCE Avalon Holdings Corporation

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