WARREN, Ohio, Nov. 12, 2015 /PRNewswire/ -- Avalon Holdings
Corporation (NYSE Amex: AWX) today announced financial results for
the third quarter of 2015.
Net operating revenues in the third quarter of 2015 were
$14.6 million compared with
$14.4 million in the third quarter of
2014. The Company recorded net income of $0.5 million in the third quarter of 2015
compared with net income of $0.1
million in the third quarter of 2014. For the third quarter
of 2015, basic net income per share was $0.14 compared with basic net income per share of
$0.03 in the third quarter of
2014.
For the first nine months of 2015, net operating revenues were
$39.2 million compared with
$37.4 million for the first nine
months of 2014. The Company incurred a net loss of
$0.5 million for the first nine
months of 2015 compared with a net loss of $0.7 million for the first nine months of 2014.
For the first nine months of 2015, basic net loss per share was
$0.14 compared with a basic net loss
per share of $0.18 for the first nine
months of 2014.
Avalon Holdings Corporation provides waste management services
to industrial, commercial, municipal and governmental customers in
selected northeastern and midwestern U.S. markets, captive landfill
management services and salt water injection well operations.
Avalon Holdings Corporation also owns the Avalon Golf and Country
Club, which includes the operation of golf courses, country clubs
and related facilities and The Avalon Inn which operates a hotel
and related amenities offered by the facility.
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AVALON HOLDINGS
CORPORATION AND SUBSIDIARIES
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Condensed
Consolidated Statements of Operations (Unaudited)
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(in thousands,
except for per share amounts)
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Three Months Ended
,
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Nine Months Ended
,
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September
30,
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September
30,
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2015
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2014
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2015
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2014
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Net operating
revenues
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$ 14,577
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$ 14,437
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$ 39,232
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$ 37,436
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|
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Costs and
expenses:
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|
|
|
|
|
|
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Costs of
operations
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11,766
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11,572
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32,738
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30,872
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Depreciation and
amortization expense
|
603
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|
579
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1,836
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1,562
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Selling, general and
administrative expenses
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1,782
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2,155
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5,725
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5,831
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Operating income
(loss)
|
426
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|
131
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(1,067)
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(829)
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Other income
(expense):
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Interest
expense
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(55)
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(21)
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(67)
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(31)
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Interest
income
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-
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|
1
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-
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1
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Other income,
net
|
64
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|
51
|
|
237
|
|
213
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Income (loss) before
income taxes
|
435
|
|
162
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(897)
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(646)
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Provision for income
taxes
|
18
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|
28
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|
42
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|
58
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Net income
(loss)
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417
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|
134
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(939)
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(704)
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Less net income
(loss) attributable to non-controlling interest in
subsidiary
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(112)
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36
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(423)
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(15)
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Net income (loss)
attributable to Avalon Holdings Corporation common
shareholders
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$
529
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$
98
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$ (516)
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$ (689)
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Income (loss) per
share attributable to Avalon Holdings
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Corporation common
shareholders:
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Basic net
income (loss) per share
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$
0.14
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$
0.03
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$ (0.14)
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$ (0.18)
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Dilutive net
income (loss) per share
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$
0.14
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$
0.02
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$ (0.14)
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$ (0.18)
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Weighted average
shares outstanding - basic
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3,803
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3,803
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3,803
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3,803
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Weighted average
shares outstanding - diluted
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3,803
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4,078
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3,803
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3,803
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AVALON HOLDINGS
CORPORATION AND SUBSIDIARIES
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Condensed
Consolidated Balance Sheets
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(in
thousands)
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September
30,
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December
31,
|
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2015
|
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2014
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Assets
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(Unaudited)
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Current
Assets:
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Cash and cash
equivalents
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$
1,841
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$
4,329
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Accounts receivable,
net
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9,242
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8,750
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Inventories
|
984
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947
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Prepaid
expenses
|
572
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474
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Refundable income
taxes
|
29
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8
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Other current
assets
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45
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45
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Total current
assets
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12,713
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14,553
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Property and
equipment, net
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42,192
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35,954
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Leased property under
capital leases, net
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6,142
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6,418
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Noncurrent deferred
tax asset
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8
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8
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Other assets,
net
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85
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911
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Total
assets
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$
61,140
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$
57,844
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Liabilities and
Equity
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Current
liabilities:
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Current portion of
obligations under capital leases
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$
59
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$
58
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Revolving line of
credit
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7,600
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-
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Accounts
payable
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6,266
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6,429
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Accrued payroll and
other compensation
|
929
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|
714
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Accrued income
taxes
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-
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8
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Other accrued
taxes
|
332
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|
379
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Deferred
revenues
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2,748
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2,256
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Other liabilities and
accrued expenses
|
718
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|
707
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Total current
liabilities
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18,652
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10,551
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Revolving line of
credit
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-
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3,800
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Obligations under
capital leases
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290
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333
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Asset retirement
obligation
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100
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100
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Deferred rental
income
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72
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138
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Equity:
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Total Avalon Holdings
Corporation Shareholders' Equity
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38,964
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39,437
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Non-controlling
interest in subsidiary
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3,062
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3,485
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Total
shareholders' equity
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42,026
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42,922
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Total liabilities and
equity
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$
61,140
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$
57,844
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To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/avalon-holdings-corporation-announces-third-quarter-results-300177861.html
SOURCE Avalon Holdings Corporation