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Avalon Holdings Corporation Announces 2016 Full Year And Fourth Quarter Results

WARREN, Ohio, March 16, 2017 /PRNewswire/ -- Avalon Holdings Corporation (NYSE Amex: AWX) today announced financial results for the fiscal year and fourth quarter ended December 31, 2016.

Net operating revenues in the fourth quarter of 2016 were $15.6 million compared with $13.9 million in the fourth quarter of 2015.  The Company incurred a net loss attributable to Avalon Holdings Corporation common shareholders of $0.4 million in the fourth quarter of 2016 compared with a net loss attributable to Avalon Holdings Corporation common shareholders of $0.2 million in the fourth quarter of 2015.  For the fourth quarter of 2016, basic net loss per share attributable to Avalon Holdings Corporation common shareholders was $0.10 compared with a basic net loss per share attributable to Avalon Holdings Corporation common shareholders of $0.05 in the fourth quarter of 2015.

For the year ended December 31, 2016, net operating revenues were $61.4 million compared with $53.1 million for the year ended December 31, 2015. The Company incurred a net loss attributable to Avalon Holdings Corporation common shareholders of $0.1 million for the year ended December 31, 2016 compared with a net loss attributable to Avalon Holdings Corporation common shareholders of $0.7 million for the year ended December 31, 2015.  For the year ended December 31, 2016, basic net loss per share attributable to Avalon Holdings Corporation common shareholders was $0.02 compared with a basic net loss per share attributable to Avalon Holdings Corporation common shareholders of $0.19 for year ended December 31, 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 Inc., 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 for per share amounts)


















Three Months Ended


Year Ended


December 31,


December 31,


2016


2015


2016


2015









Net operating revenues

$      15,578


$      13,858


$      61,352


$      53,090









Costs and expenses:








  Costs of operations

12,912


11,459


50,519


44,197

  Depreciation and amortization expense

723


724


2,816


2,560

  Selling, general and administrative expenses

2,338


1,910


8,203


7,635

Operating loss

(395)


(235)


(186)


(1,302)









Other income (expense):








  Interest expense

(106)


(80)


(379)


(147)

  Other income, net

63


49


281


286

Loss before income taxes

(438)


(266)


(284)


(1,163)









Provision for income taxes

46


17


125


59

Net loss

(484)


(283)


(409)


(1,222)









Less net loss attributable to non-controlling interest in subsidiary

(96)


(87)


(340)


(510)

Net loss attributable to Avalon Holdings Corporation common shareholders

$         (388)


$         (196)


$           (69)


$         (712)









Loss per share attributable to Avalon Holdings Corporation common shareholders








 Basic and diluted net loss per share

$        (0.10)


$        (0.05)


$        (0.02)


$        (0.19)









Weighted average shares outstanding - basic 

3,803


3,803


3,803


3,803

Weighted average shares outstanding - diluted

3,803


3,803


3,803


3,803










 

 

AVALON HOLDINGS CORPORATION AND SUBSIDIARIES

Condensed Consolidated Balance Sheets (Unaudited)

(in thousands)










December 31, 


2016


2015

Assets




Current Assets:




  Cash and cash equivalents

$                      2,299


$                      1,814

  Accounts receivable, net

11,349


9,579

  Inventories

773


830

  Prepaid expenses

462


487

  Refundable income taxes

-


33

  Other current assets

35


45

    Total current assets

14,918


12,788





Property and equipment, net

43,971


43,386

Leased property under capital leases, net

6,035


6,042

Restricted cash

2,905


-

Noncurrent deferred tax asset

8


8

Other assets, net

61


78

Total assets

$                    67,898


$                    62,302





Liabilities and Equity




Current liabilities:




  Current portion of obligations under capital leases

$                         112


$                           59

  Current portion of long term debt

517


-

  Accounts payable

9,387


8,022

  Accrued payroll and other compensation

684


618

  Accrued income taxes

48


-

  Other accrued taxes

448


380

  Deferred revenues

2,716


2,401

  Other liabilities and accrued expenses

764


667

    Total current liabilities

14,676


12,147





Revolving line of credit

-


7,975

Long term debt, net of current portion

11,294


-

Obligations under capital leases, net of current portion

452


274

Asset retirement obligation

100


100

Deferred rental income

-


50





Equity:




  Total Avalon Holdings Corporation Shareholders' Equity

38,741


38,781

  Non-controlling interest in subsidiary

2,635


2,975

     Total shareholders' equity

41,376


41,756

     Total liabilities and equity

$                    67,898


$                    62,302





 

 

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