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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visit:http://www.prnewswire.com/news-releases/avalon-holdings-corporation-announces-second-quarter-results-300125645.html
SOURCE Avalon Holdings Corporation