WARREN, Ohio, Aug. 12, 2014 /PRNewswire/ -- Avalon
Holdings Corporation (NYSE Amex: AWX) today announced financial
results for the second quarter of 2014.
Net operating revenues in the second quarter of 2014 were
$13.0 million compared with
$15.7 million in the second quarter
of 2013. The Company incurred a net loss of $.1 million, or $.03 per share for the second quarter of 2014
compared with net income of $.5
million, or $.12 per share for
the second quarter of 2013.
For the first six months of 2014, net operating revenues were
$23.0 million compared with $30.4
million for the first six months of 2013. The Company
incurred a net loss of $.8 million,
or $.21 per share for the first six
months of 2014 compared with net income of $.3 million or $.08
per share for the first six months of 2013.
Avalon Holdings Corporation provides waste management services
to industrial, commercial, municipal and governmental customers in
selected northeastern and midwestern U.S. markets. Avalon
Holdings Corporation also owns the Avalon Golf and Country Club,
which operates golf courses and related facilities.
|
AVALON HOLDINGS
CORPORATION AND SUBSIDIARIES
Condensed Consolidated Statements of Operations (Unaudited)
(in thousands, except for per share amounts)
|
|
|
Three Months
Ended
June 30,
|
|
Six Months
Ended
June 30,
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
|
|
|
|
|
|
|
|
Net operating
revenues
|
$ 13,016
|
|
$ 15,733
|
|
$ 22,999
|
|
$ 30,402
|
|
|
|
|
|
|
|
|
|
Costs and
expenses:
|
|
|
|
|
|
|
|
|
Costs of
operations
|
10,786
|
|
13,038
|
|
19,300
|
|
25,592
|
|
Depreciation and Amortization
|
555
|
|
405
|
|
983
|
|
809
|
|
Selling,
general and administrative expenses
|
1,876
|
|
1,894
|
|
3,676
|
|
3,794
|
|
Operating (loss)
income
|
(201)
|
|
396
|
|
(960)
|
|
207
|
|
|
|
|
|
|
|
|
|
Other income
(expense):
|
|
|
|
|
|
|
|
|
Interest
expense
|
(5)
|
|
(5)
|
|
(10)
|
|
(10)
|
|
Interest
income
|
—
|
|
1
|
|
—
|
|
1
|
|
Other
income, net
|
90
|
|
97
|
|
162
|
|
176
|
|
(Loss) income before
income taxes
|
(116)
|
|
489
|
|
(808)
|
|
374
|
|
|
|
|
|
|
|
|
|
Provision for income
taxes
|
22
|
|
30
|
|
30
|
|
59
|
|
|
|
|
|
|
|
|
|
Net (loss)
income
|
$ (138)
|
|
$ 459
|
|
$ (838)
|
|
$ 315
|
|
|
|
|
|
|
|
|
|
Less loss
attributable to non-controlling interest in subsidiary
|
(50)
|
|
—
|
|
(51)
|
|
—
|
|
|
|
|
|
|
|
|
|
Net loss attributable
to Avalon Holdings Corporation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss) income per
share attributable to Avalon
Holdings Corporation
common shareholders:
|
$
(88)
|
|
$
459
|
|
$
(787)
|
|
$
315
|
|
|
|
|
|
|
|
|
|
Net (loss) income per
share- basic
|
$
(.03)
|
|
$
.12
|
|
$
(.21)
|
|
$
.08
|
|
Net (loss)
income per share- diluted
|
$
(.03)
|
|
$
.11
|
|
$
(.21)
|
|
$
.08
|
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding – basic
|
3,803
|
|
3,803
|
|
3,803
|
|
3,803
|
|
Weighted average
shares outstanding – diluted
|
3,803
|
|
4,018
|
|
3,803
|
|
4,039
|
|
AVALON HOLDINGS
CORPORATION AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(in thousands)
|
|
|
|
June
30,
2014
|
|
December 31,
2013
|
|
(Unaudited)
|
|
|
|
Assets:
|
|
|
|
|
Current
Assets:
|
|
|
|
|
Cash and cash
equivalents
|
$
7,137
|
|
$
9,798
|
|
Accounts receivable,
net
|
9,051
|
|
10,201
|
|
Prepaid expenses
|
323
|
|
349
|
|
Refundable income
taxes
|
3
|
|
3
|
|
Other current
assets
|
1,107
|
|
830
|
|
Total current assets
|
17,621
|
|
21,181
|
|
|
|
|
|
Property and
equipment, net
|
30,471
|
|
27,563
|
|
Leased property under
capital leases, net
|
6,559
|
|
6,719
|
|
Noncurrent deferred
tax asset
|
8
|
|
8
|
|
Other assets,
net
|
93
|
|
108
|
|
Total assets
|
$
54,752
|
|
$
55,579
|
|
|
|
|
|
Liabilities and
Equity
|
|
|
|
|
Current
Liabilities:
|
|
|
|
|
Current portion of
obligations under capital leases
|
$
57
|
|
$
56
|
|
Accounts payable
|
6,416
|
|
8,101
|
|
Accrued payroll and other
compensation
|
827
|
|
549
|
|
Accrued income
taxes
|
10
|
|
1
|
|
Other accrued
taxes
|
297
|
|
307
|
|
Deferred revenues
|
3,108
|
|
2,265
|
|
Other liabilities and
accrued expenses
|
509
|
|
365
|
|
Total current liabilities
|
11,224
|
|
11,644
|
|
|
|
|
|
Obligations under
capital leases
|
363
|
|
390
|
|
Noncurrent
liabilities
|
75
|
|
75
|
|
|
|
|
|
Total
equity
|
43,090
|
|
43,470
|
|
|
|
|
|
Total liabilities and equity
|
$
54,752
|
|
$
55,579
|
SOURCE Avalon Holdings Corporation