WARREN, Ohio, Nov. 13, 2014 /PRNewswire/ -- Avalon
Holdings Corporation (NYSE Amex: AWX) today announced financial
results for the third quarter of 2014.
Net operating revenues in the third quarter of 2014 were
$14.4 million compared with
$16.4 million in the third quarter of
2013. The Company recorded net income of $.1 million, or $.03 per share for the third quarter of 2014
compared with net income of $.4
million, or $.11 per share for
the third quarter of 2013.
For the first nine months of 2014, net operating revenues were
$37.4 million compared with $46.8
million for the first nine months of 2013. The Company
incurred a net loss of $.7 million,
or $.18 per share for the first nine
months of 2014 compared with net income of $.7 million or $.19
per share for the first nine 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 Resort and Spa, which
includes the operations of a hotel and 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
September
30,
|
|
Nine Months
Ended
September
30,
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
|
|
|
|
|
|
|
|
Net operating
revenues
|
$ 14,437
|
|
$ 16,386
|
|
$ 37,436
|
|
$ 46,788
|
|
|
|
|
|
|
|
|
|
Costs and
expenses:
|
|
|
|
|
|
|
|
|
Costs of
operations
|
11,572
|
|
13,432
|
|
30,872
|
|
39,024
|
|
Depreciation and Amortization
|
579
|
|
408
|
|
1,562
|
|
1,217
|
|
Selling,
general and administrative expenses
|
2,155
|
|
2,145
|
|
5,831
|
|
5,939
|
|
Operating income
(loss)
|
131
|
|
401
|
|
(829)
|
|
608
|
|
|
|
|
|
|
|
|
|
Other income
(expense):
|
|
|
|
|
|
|
|
|
Interest
expense
|
(21)
|
|
(6)
|
|
(31)
|
|
(16)
|
|
Interest
income
|
1
|
|
—
|
|
1
|
|
1
|
|
Other
income, net
|
51
|
|
56
|
|
213
|
|
232
|
|
Income (Loss) before
income taxes
|
162
|
|
451
|
|
(646)
|
|
825
|
|
|
|
|
|
|
|
|
|
Provision for income
taxes
|
28
|
|
36
|
|
58
|
|
95
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
$ 134
|
|
$ 415
|
|
$ (704)
|
|
$ 730
|
|
|
|
|
|
|
|
|
|
Less income (loss)
attributable to non-controlling interest in subsidiary
|
36
|
|
—
|
|
(15)
|
|
—
|
|
|
|
|
|
|
|
|
|
Net income (loss)
attributable to Avalon Holdings Corporation
Income (Loss) per
share attributable to Avalon
Holdings Corporation
common shareholders:
|
$
98
|
|
$
415
|
|
$
(689)
|
|
$
730
|
|
|
|
|
|
|
|
|
|
Net income(loss)
per share- basic
|
$
.03
|
|
$
.11
|
|
$
(.18)
|
|
$
.19
|
|
Net income (loss) per
share- diluted
|
$
.02
|
|
$
.10
|
|
$
(.18)
|
|
$
.18
|
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding – basic
|
3,803
|
|
3,803
|
|
3,803
|
|
3,803
|
|
Weighted average
shares outstanding – diluted
|
4,078
|
|
4,103
|
|
3,803
|
|
4,060
|
|
AVALON HOLDINGS
CORPORATION AND SUBSIDIARIES
Condensed
Consolidated Balance Sheets
(in
thousands)
|
|
|
September
30,
2014
|
December 31,
2013
|
|
(Unaudited)
|
|
|
Assets:
|
|
|
|
Current
Assets:
|
|
|
|
Cash and cash
equivalents
|
$
6,166
|
$
9,798
|
|
Accounts receivable,
net
|
9,656
|
10,201
|
|
Prepaid expenses
|
591
|
349
|
|
Refundable income
taxes
|
3
|
3
|
|
Other current
assets
|
1,015
|
830
|
|
Total current assets
|
17,431
|
21,181
|
|
|
|
|
Property and
equipment, net
|
33,254
|
27,563
|
|
Leased property under
capital leases, net
|
6,511
|
6,719
|
|
Noncurrent deferred
tax asset
|
8
|
8
|
|
Other assets,
net
|
911
|
108
|
|
Total assets
|
$
58,115
|
$ 55,579
|
|
|
|
|
Liabilities and
Equity
|
|
|
|
Current
Liabilities:
|
|
|
|
Current portion of
obligations under capital leases
|
$
57
|
$
56
|
|
Revolving line of
credit
|
2,900
|
—
|
|
Accounts payable
|
6,485
|
8,101
|
|
Accrued payroll and other
compensation
|
888
|
549
|
|
Accrued income
taxes
|
6
|
1
|
|
Other accrued
taxes
|
315
|
307
|
|
Deferred revenues
|
2,623
|
2,265
|
|
Other liabilities and
accrued expenses
|
802
|
365
|
|
Total current liabilities
|
14,076
|
11,644
|
|
|
|
|
Obligations under
capital leases
|
349
|
390
|
|
Noncurrent
liabilities
|
75
|
75
|
|
Deferred rental
income
|
160
|
—
|
|
|
|
|
Total
equity
|
43,455
|
43,470
|
|
|
|
|
Total liabilities and equity
|
$
58,115
|
$ 55,579
|
SOURCE Avalon Holdings Corporation