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Avalon Holdings Corporation Announces First Quarter Results

WARREN, Ohio, May 9, 2019 /PRNewswire/ -- Avalon Holdings Corporation (NYSE Amex: AWX) today announced financial results for the first quarter of 2019.

Net operating revenues in the first quarter of 2019 were $14.6 million compared with $11.5 million in the first quarter of 2018.  The Company incurred a net loss attributable to Avalon Holdings Corporation common shareholders of $0.6 million in the first quarter of 2019 compared with a net loss attributable to Avalon Holdings Corporation common shareholders of $0.8 million in the first quarter of 2018.  For the first quarter of 2019, basic net loss per share attributable to Avalon Holdings Corporation common shareholders was $0.16 compared with a basic net loss per share attributable to Avalon Holdings Corporation common shareholders of $0.21 in the first quarter of 2018.

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 resort amenities, three golf courses and related country clubs and a multipurpose recreation center.

  

AVALON HOLDINGS CORPORATION AND SUBSIDIARIES

Condensed Consolidated Statements of Operations (Unaudited)

(in thousands, except for per share amounts)


















Three Months Ended 

March 31,





2019


2018






Net operating revenues:





 Waste management services


$        11,434


$          8,458






Food, beverage and merchandise sales


1,082


1,040

Other golf and related operations


2,092


2,018

Total golf and related operations


3,174


3,058






Total net operating revenues


14,608


11,516






Costs and expenses:





 Waste management services operating costs


9,248


6,662

 Cost of food, beverage and merchandise


515


467

 Golf and related operations operating costs


2,532


2,217

 Depreciation and amortization expense


600


729

 Selling, general and administrative expenses


2,231


2,225

Operating loss


(518)


(784)






Other income (expense):





 Interest expense


(163)


(171)

 Other income, net


68


60

Loss before income taxes


(613)


(895)






Provision for income taxes


40


19

Net loss


(653)


(914)






Less net loss attributable to non-controlling interest in subsidiary


(15)


(115)

Net loss attributable to Avalon Holdings Corporation common shareholders


$            (638)


$            (799)






Loss per share attributable to Avalon Holdings Corporation common shareholders:





Basic and diluted net loss per share


$           (0.16)


$           (0.21)






Weighted average shares outstanding - basic and diluted


3,875


3,803






  

AVALON HOLDINGS CORPORATION AND SUBSIDIARIES

Condensed Consolidated Balance Sheets (Unaudited)

(in thousands)










March 31,


December 31,


2019


2018

Assets




Current Assets:




 Cash and cash equivalents

$              1,237


$              1,406

 Accounts receivable, net

11,185


12,197

 Unbilled membership dues receivable

672


554

 Inventories

919


820

 Prepaid expenses

646


622

 Other current assets

39


31

Total current assets

14,698


15,630





Property and equipment, net

43,311


42,534

Property and equipment under finance leases, net

5,984


6,068

Operating lease right-of-use assets

1,631


-

Restricted cash

2,976


502

Noncurrent deferred tax asset

8


8

Other assets, net

26


27

Total assets

$             68,634


$             64,769





Liabilities and Equity




Current liabilities:




 Current portion of long term debt

$                 709


$                 578

 Current portion of obligations under finance leases

239


236

 Current portion of obligations under operating leases

493


-

 Accounts payable

10,274


10,454

 Accrued payroll and other compensation

824


872

 Accrued income taxes

81


84

 Other accrued taxes

306


405

 Deferred membership dues revenue

3,316


2,899

 Other liabilities and accrued expenses

784


793

Total current liabilities

17,026


16,321





Long term debt, net of current portion

12,853


10,167

Obligations under finance leases, net of current portion

676


688

Obligations under operating leases, net of current portion

1,138


-

Asset retirement obligation

100


100





Equity:




Total Avalon Holdings Corporation Shareholders' Equity

36,842


37,479

Non-controlling interest in subsidiary

(1)


14

Total shareholders' equity

36,841


37,493

Total liabilities and equity

$             68,634


$             64,769

 

Cision

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