WARREN, Ohio, Aug. 7, 2015 /PRNewswire/ -- Avalon Holdings Corporation (NYSE Amex: AWX) today announced financial results for the second quarter of 2015.

Net operating revenues in the second quarter of 2015 were $14.0 million compared with $13.0 million in the second quarter of 2014.  The Company incurred a net loss of $5,000, or $.00 per share in the second quarter of 2015 compared to a net loss of $88,000, or $.03 per share in the second quarter of 2014.

For the first six months of 2015, net operating revenues were $24.7 million compared with $23.0 million for the first six months of 2014.  The Company incurred a net loss of $1.0 million, or $.27 per share for the first six months of 2015 compared to a net loss of $0.8 million, or $.21 per share for the first six months of 2014.

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 ,


Six Months Ended ,


June 30,


June 30,


2015


2014


2015


2014









Net operating revenues

$      13,955


$      13,016


$      24,655


$      22,999









Costs and expenses:








Costs of operations

11,665


10,786


20,972


19,300

Depreciation and amortization expense

595


555


1,233


983

Selling, general and administrative expenses

1,909


1,876


3,943


3,676

Operating loss

(214)


(201)


(1,493)


(960)









Other income (expense):








Interest expense

(7)


(5)


(12)


(10)

Other income, net

101


90


173


162

Loss before income taxes

(120)


(116)


(1,332)


(808)









Provision for income taxes

17


22


24


30

Net loss

(137)


(138)


(1,356)


(838)









Less net loss attributable to non-controlling interest in subsidiary

(132)


(50)


(311)


(51)

Net loss of Avalon Holdings Corporation common shareholders

$             (5)


$           (88)


$      (1,045)


$         (787)









Loss per share attributable to Avalon Holdings 








Corporation common shareholders:








Basic and dilutive net loss per share

$        (0.00)


$        (0.03)


$        (0.27)


$        (0.21)









Weighted average shares outstanding - basic and diluted

3,803


3,803


3,803


3,803

 

 


AVALON HOLDINGS CORPORATION AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

(in thousands)










June 30,


December 31,


2015


2014

Assets

(Unaudited)



Current Assets:




Cash and cash equivalents

$                      2,322


$                      4,329

Accounts receivable, net

9,857


8,750

Inventories

1,091


947

Prepaid expenses

386


474

Refundable income taxes

20


8

Other current assets

45


45

Total current assets

13,721


14,553





Property and equipment, net

41,299


35,954

Leased property under capital leases, net

6,244


6,418

Noncurrent deferred tax asset

8


8

Other assets, net

111


911

Total assets

$                    61,383


$                    57,844





Liabilities and Equity




Current liabilities:




Current portion of obligations under capital leases

$                           59


$                           58

Accounts payable

7,619


6,429

Accrued payroll and other compensation

891


714

Accrued income taxes

-


8

Other accrued taxes

395


379

Deferred revenues

3,152


2,256

Other liabilities and accrued expenses

573


707

Total current liabilities

12,689


10,551





Revolving line of credit

6,600


3,800

Obligations under capital leases

304


333

Asset retirement obligation

100


100

Deferred rental income

93


138





Equity:




Total Avalon Holdings Corporation Shareholders' Equity

38,423


39,437

Non-controlling interest in subsidiary

3,174


3,485

Total shareholders' equity

41,597


42,922

Total liabilities and equity

$                    61,383


$                    57,844

 

 

 

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SOURCE Avalon Holdings Corporation

Copyright 2015 PR Newswire

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