WARREN, Ohio, Nov. 10, 2016 /PRNewswire/ -- Avalon
Holdings Corporation (NYSE Amex:AWX) today announced financial
results for the third quarter of
2016.
Net operating revenues in the third quarter of 2016 were
$19.1 million compared with
$14.6 million in the third quarter of
2015. The Company recorded net income attributable to Avalon
Holdings Corporation common shareholders of $0.8 million in the third quarter of 2016
compared with net income attributable to Avalon Holdings
Corporation common shareholders of $0.5
million in the third quarter of 2015. For the third
quarter of 2016, basic net income per share attributable to Avalon
Holdings Corporation common shareholders was $0.21 compared with basic net income per share
attributable to Avalon Holdings Corporation common shareholders of
$0.14 in the third quarter of
2015.
For the first nine months of 2016, net operating revenues were
$45.8 million compared with
$39.2 million for the first nine
months of 2015. The Company recorded net income attributable
to Avalon Holdings Corporation common shareholders of $0.3 million in the first nine months of 2016
compared with a net loss attributable to Avalon Holdings
Corporation common shareholders of $0.5
million in the first nine months of 2015. For the
first nine months of 2016, basic net income per share attributable
to Avalon Holdings Corporation common shareholders was $0.08 compared with a basic net loss per share
attributable to Avalon Holdings Corporation common shareholders of
$0.14 in the first nine 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 Avalon Resorts and Clubs,
which includes the operation of a hotel and its associated
amenities, three golf courses and related country clubs and
facilities.
|
AVALON HOLDINGS
CORPORATION AND SUBSIDIARIES
|
|
Condensed
Consolidated Statements of Operations (Unaudited)
|
|
(in thousands,
except per share amounts)
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
September
30,
|
|
September
30,
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
|
|
Net operating
revenues
|
$
19,133
|
|
$
14,577
|
|
$
45,774
|
|
$
39,232
|
|
|
|
|
|
|
|
|
|
Costs and
expenses:
|
|
|
|
|
|
|
|
|
Costs of
operations
|
15,496
|
|
11,766
|
|
37,607
|
|
32,738
|
|
Depreciation and
amortization expense
|
714
|
|
603
|
|
2,093
|
|
1,836
|
|
Selling, general and
administrative expenses
|
2,108
|
|
1,782
|
|
5,865
|
|
5,725
|
|
Operating income
(loss)
|
815
|
|
426
|
|
209
|
|
(1,067)
|
|
|
|
|
|
|
|
|
|
Other income
(expense):
|
|
|
|
|
|
|
|
|
Interest
expense
|
(94)
|
|
(55)
|
|
(273)
|
|
(67)
|
|
Other income,
net
|
57
|
|
64
|
|
218
|
|
237
|
|
Income (loss) before
income taxes
|
778
|
|
435
|
|
154
|
|
(897)
|
|
|
|
|
|
|
|
|
|
Provision for income
taxes
|
43
|
|
18
|
|
79
|
|
42
|
|
Net income
(loss)
|
735
|
|
417
|
|
75
|
|
(939)
|
|
|
|
|
|
|
|
|
|
Less net loss
attributable to non-controlling interest in subsidiary
|
(71)
|
|
(112)
|
|
(244)
|
|
(423)
|
|
Net income (loss)
attributable to Avalon Holdings Corporation common
shareholders
|
$
806
|
|
$
529
|
|
$
319
|
|
$
(516)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) per
share attributable to Avalon Holdings Corporation common
shareholders:
|
|
|
|
|
|
|
|
|
|
|
|
Basic net income
(loss) per share
|
$
0.21
|
|
$
0.14
|
|
$
0.08
|
|
$
(0.14)
|
|
Diluted net income
(loss) per share
|
$
0.21
|
|
$
0.14
|
|
$
0.08
|
|
$
(0.14)
|
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding - basic
|
3,803
|
|
3,803
|
|
3,803
|
|
3,803
|
|
Weighted average
shares outstanding - diluted
|
3,893
|
|
3,803
|
|
3,836
|
|
3,803
|
|
AVALON HOLDINGS
CORPORATION AND SUBSIDIARIES
|
|
Condensed
Consolidated Balance Sheets (Unaudited)
|
|
(in
thousands)
|
|
|
|
|
|
|
|
|
|
September
30,
|
|
December
31,
|
|
2016
|
|
2015
|
|
Assets
|
|
|
|
|
Current
Assets:
|
|
|
|
|
Cash and cash
equivalents
|
$
1,604
|
|
$
1,814
|
|
Accounts receivable,
net
|
13,737
|
|
9,579
|
|
Inventories
|
863
|
|
830
|
|
Prepaid
expenses
|
578
|
|
487
|
|
Refundable income
taxes
|
-
|
|
33
|
|
Other current
assets
|
39
|
|
45
|
|
Total current
assets
|
16,821
|
|
12,788
|
|
|
|
|
|
Property and
equipment, net
|
44,009
|
|
43,386
|
|
Leased property under
capital leases, net
|
5,901
|
|
6,042
|
|
Noncurrent deferred
tax asset
|
8
|
|
8
|
|
Other assets,
net
|
69
|
|
78
|
|
Total
assets
|
$
66,808
|
|
$
62,302
|
|
|
|
|
|
Liabilities and
Equity
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
Current portion of
obligations under capital leases
|
$
73
|
|
$
59
|
|
Revolving line of
credit
|
9,000
|
|
-
|
|
Accounts
payable
|
10,208
|
|
8,022
|
|
Accrued payroll and
other compensation
|
745
|
|
618
|
|
Accrued income
taxes
|
21
|
|
-
|
|
Other accrued
taxes
|
376
|
|
380
|
|
Deferred
revenues
|
3,273
|
|
2,401
|
|
Other liabilities and
accrued expenses
|
879
|
|
667
|
|
Total current
liabilities
|
24,575
|
|
12,147
|
|
|
|
|
|
Revolving line of
credit
|
-
|
|
7,975
|
|
Obligations under
capital leases, net of current portion
|
280
|
|
274
|
|
Asset retirement
obligation
|
100
|
|
100
|
|
Deferred rental
income
|
-
|
|
50
|
|
|
|
|
|
Equity:
|
|
|
|
|
Total Avalon Holdings
Corporation Shareholders' Equity
|
39,122
|
|
38,781
|
|
Non-controlling
interest in subsidiary
|
2,731
|
|
2,975
|
|
Total shareholders'
equity
|
41,853
|
|
41,756
|
|
Total liabilities and
equity
|
$
66,808
|
|
$
62,302
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/avalon-holdings-corporation-announces-third-quarter-results-300360579.html
SOURCE Avalon Holdings Corporation