WARREN, Ohio, Aug. 5, 2016 /PRNewswire/ -- Avalon Holdings
Corporation (NYSE Amex: AWX) today announced financial results for
the second quarter of 2016.
Net operating revenues in the second quarter of 2016 were
$15.6 million compared with
$14.0 million in the second quarter
of 2015. The Company recorded net income attributable to
Avalon Holdings Corporation common shareholders of $421,000 in the second quarter of 2016 compared
with a net loss attributable to Avalon Holdings Corporation common
shareholders of $5,000 in the second
quarter of 2015. For the second quarter of 2016, basic net
income per share attributable to Avalon Holdings Corporation common
shareholders was $0.11 compared with
a basic net loss per share attributable to Avalon Holdings
Corporation common shareholders of $0.00 in the second quarter of 2015.
For the first six months of 2016, net operating revenues were
$26.6 million compared with
$24.7 million for the first six
months of 2015. The Company incurred a net loss attributable
to Avalon Holdings Corporation common shareholders of $0.5 million in the first six months of 2016
compared with a net loss attributable to Avalon Holdings
Corporation common shareholders of $1.0
million in the first six months of 2015. For the first
six months of 2016, basic net loss per share attributable to Avalon
Holdings Corporation common shareholders was $0.13 compared with a basic net loss per share
attributable to Avalon Holdings Corporation common shareholders of
$0.27 in the first six months 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 per share amounts)
|
|
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
June
30,
|
|
June
30,
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
|
Net operating
revenues
|
$
15,642
|
|
$
13,955
|
|
$
26,641
|
|
$
24,655
|
|
|
|
|
|
|
|
|
Costs and
expenses:
|
|
|
|
|
|
|
|
Costs of
operations
|
12,688
|
|
11,665
|
|
22,111
|
|
20,972
|
Depreciation
and amortization expense
|
693
|
|
595
|
|
1,379
|
|
1,233
|
Selling,
general and administrative expenses
|
1,891
|
|
1,909
|
|
3,757
|
|
3,943
|
Operating income
(loss)
|
370
|
|
(214)
|
|
(606)
|
|
(1,493)
|
|
|
|
|
|
|
|
|
Other income
(expense):
|
|
|
|
|
|
|
|
Interest
expense
|
(92)
|
|
(7)
|
|
(179)
|
|
(12)
|
Other income,
net
|
89
|
|
101
|
|
161
|
|
173
|
Income (loss) before
income taxes
|
367
|
|
(120)
|
|
(624)
|
|
(1,332)
|
|
|
|
|
|
|
|
|
Provision for income
taxes
|
27
|
|
17
|
|
36
|
|
24
|
Net income
(loss)
|
340
|
|
(137)
|
|
(660)
|
|
(1,356)
|
|
|
|
|
|
|
|
|
Less net loss
attributable to non-controlling interest in subsidiary
|
(81)
|
|
(132)
|
|
(173)
|
|
(311)
|
Net income (loss)
attributable to Avalon Holdings Corporation common
shareholders
|
$
421
|
|
$
(5)
|
|
$
(487)
|
|
$
(1,045)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) per
share attributable to Avalon Holdings Corporation common
shareholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic net income
(loss) per share
|
$
0.11
|
|
$
(0.00)
|
|
$
(0.13)
|
|
$
(0.27)
|
Diluted net income
(loss) per share
|
$
0.11
|
|
$
(0.00)
|
|
$
(0.13)
|
|
$
(0.27)
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding - basic
|
3,803
|
|
3,803
|
|
3,803
|
|
3,803
|
Weighted average
shares outstanding - diluted
|
3,811
|
|
3,803
|
|
3,803
|
|
3,803
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AVALON HOLDINGS
CORPORATION AND SUBSIDIARIES
|
Condensed
Consolidated Balance Sheets (Unaudited)
|
(in
thousands)
|
|
|
|
|
|
|
|
|
|
June
30,
|
|
December
31,
|
|
2016
|
|
2015
|
Assets
|
|
|
|
Current
Assets:
|
|
|
|
Cash and cash
equivalents
|
$
1,910
|
|
$
1,814
|
Accounts
receivable, net
|
11,273
|
|
9,579
|
Inventories
|
959
|
|
830
|
Prepaid
expenses
|
399
|
|
487
|
Refundable
income taxes
|
6
|
|
33
|
Other current
assets
|
39
|
|
45
|
Total current assets
|
14,586
|
|
12,788
|
|
|
|
|
Property and
equipment, net
|
44,109
|
|
43,386
|
Leased property under
capital leases, net
|
5,984
|
|
6,042
|
Noncurrent deferred
tax asset
|
8
|
|
8
|
Other assets,
net
|
74
|
|
78
|
Total
assets
|
$
64,761
|
|
$
62,302
|
|
|
|
|
Liabilities and
Equity
|
|
|
|
Current
liabilities:
|
|
|
|
Current
portion of obligations under capital leases
|
$
73
|
|
$
59
|
Revolving line
of credit
|
9,000
|
|
-
|
Accounts
payable
|
8,497
|
|
8,022
|
Accrued
payroll and other compensation
|
863
|
|
618
|
Other accrued
taxes
|
342
|
|
380
|
Deferred
revenues
|
3,697
|
|
2,401
|
Other
liabilities and accrued expenses
|
772
|
|
667
|
Total current liabilities
|
23,244
|
|
12,147
|
|
|
|
|
Revolving line of
credit
|
-
|
|
7,975
|
Obligations under
capital leases, net of current portion
|
298
|
|
274
|
Asset retirement
obligation
|
100
|
|
100
|
Deferred rental
income
|
7
|
|
50
|
|
|
|
|
Equity:
|
|
|
|
Total Avalon Holdings
Corporation Shareholders' Equity
|
38,310
|
|
38,781
|
Non-controlling
interest in subsidiary
|
2,802
|
|
2,975
|
Total
shareholders' equity
|
41,112
|
|
41,756
|
Total
liabilities and equity
|
$
64,761
|
|
$
62,302
|
|
|
|
|
|
|
|
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/avalon-holdings-corporation-announces-second-quarter-results-300309806.html
SOURCE Avalon Holdings Corporation