WARREN, Ohio, May 13, 2016 /PRNewswire/ -- Avalon Holdings
Corporation (NYSE Amex:AWX) today announced financial results for
the first quarter of 2016.
Net operating revenues in the first quarter of 2016 were
$11.0 million compared with
$10.7 million in the first quarter of
2015. The Company incurred a net loss attributable to Avalon
Holdings Corporation common shareholders of $0.9 million in the first quarter of 2016
compared with a net loss attributable to Avalon Holdings
Corporation common shareholders of $1.0
million in the first quarter of 2015. For the first
quarter of 2016, basic net loss per share attributable to Avalon
Holdings Corporation common shareholders was $0.24 compared with a basic net loss per share
attributable to Avalon Holdings Corporation common shareholders of
$0.27 in the first quarter of
2015.
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 the Avalon Golf and Country
Club, which includes the operation of golf courses, country clubs
and related facilities and The Avalon Inn which operates a hotel
and related amenities offered by the facility.
AVALON HOLDINGS
CORPORATION AND SUBSIDIARIES
|
Condensed
Consolidated Statements of Operations (Unaudited)
|
(in thousands,
except for per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
March
31,
|
|
|
2016
|
|
2015
|
|
|
|
|
|
|
Net operating
revenues
|
$
10,999
|
|
$
10,700
|
|
|
|
|
|
|
Costs and
expenses:
|
|
|
|
|
Costs of
operations
|
9,423
|
|
9,307
|
|
Depreciation and
amortization expense
|
686
|
|
638
|
|
Selling, general and
administrative expenses
|
1,866
|
|
2,034
|
|
Operating
loss
|
(976)
|
|
(1,279)
|
|
|
|
|
|
|
Other income
(expense):
|
|
|
|
|
Interest
expense
|
(87)
|
|
(5)
|
|
Other income,
net
|
72
|
|
72
|
|
Loss before income
taxes
|
(991)
|
|
(1,212)
|
|
|
|
|
|
|
Provision for income
taxes
|
9
|
|
7
|
|
Net loss
|
(1,000)
|
|
(1,219)
|
|
|
|
|
|
|
Less net loss
attributable to non-controlling interest in subsidiary
|
(92)
|
|
(179)
|
|
Net loss attributable
to Avalon Holdings Corporation common shareholders
|
$
(908)
|
|
$
(1,040)
|
|
|
|
|
|
|
Loss per share
attributable to Avalon Holdings Corporation common
shareholders
|
|
|
|
|
Basic and diluted net
loss per share
|
$
(0.24)
|
|
$
(0.27)
|
|
|
|
|
|
|
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,
|
|
2016
|
|
2015
|
Assets
|
|
|
|
Current
Assets:
|
|
|
|
Cash and cash
equivalents
|
$
1,248
|
|
$
1,814
|
Accounts receivable,
net
|
8,749
|
|
9,579
|
Inventories
|
856
|
|
830
|
Prepaid
expenses
|
462
|
|
487
|
Refundable income
taxes
|
15
|
|
33
|
Other current
assets
|
35
|
|
45
|
Total current
assets
|
11,365
|
|
12,788
|
|
|
|
|
Property and
equipment, net
|
43,702
|
|
43,386
|
Leased property under
capital leases, net
|
5,938
|
|
6,042
|
Noncurrent deferred
tax asset
|
8
|
|
8
|
Other assets,
net
|
78
|
|
78
|
Total
assets
|
$
61,091
|
|
$
62,302
|
|
|
|
|
Liabilities and Equity
|
|
|
|
Current
liabilities:
|
|
|
|
Current portion of
obligations under capital leases
|
$
59
|
|
$
59
|
Revolving line of
credit
|
8,485
|
|
-
|
Accounts
payable
|
6,891
|
|
8,022
|
Accrued payroll and
other compensation
|
639
|
|
618
|
Other accrued
taxes
|
301
|
|
380
|
Deferred
revenues
|
2,800
|
|
2,401
|
Other liabilities and
accrued expenses
|
763
|
|
667
|
Total current
liabilities
|
19,938
|
|
12,147
|
|
|
|
|
Revolving line of
credit
|
-
|
|
7,975
|
Obligations under
capital leases, net of current portion
|
259
|
|
274
|
Asset retirement
obligation
|
100
|
|
100
|
Deferred rental
income
|
28
|
|
50
|
|
|
|
|
Equity:
|
|
|
|
Total Avalon Holdings
Corporation Shareholders' Equity
|
37,883
|
|
38,781
|
Non-controlling
interest in subsidiary
|
2,883
|
|
2,975
|
Total shareholders'
equity
|
40,766
|
|
41,756
|
Total liabilities and
equity
|
$
61,091
|
|
$
62,302
|
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SOURCE Avalon Holdings Corporation