Avalon Holdings Corporation Announces Second Quarter Results

PR Newswire

WARREN, Ohio, Aug. 5, 2016

WARREN, Ohio, Aug. 5, 2016 /PRNewswire/ -- Avalon Holdings Corporation (NYSE Amex: AWX) today announced financial results for the second quarter of 2016.

Net operating revenues in the second quarter of 2016 were $15.6 million compared with $14.0 million in the second quarter of 2015. The Company recorded net income attributable to Avalon Holdings Corporation common shareholders of $421,000 in the second quarter of 2016 compared with a net loss attributable to Avalon Holdings Corporation common shareholders of $5,000 in the second quarter of 2015. For the second quarter of 2016, basic net income per share attributable to Avalon Holdings Corporation common shareholders was $0.11 compared with a basic net loss per share attributable to Avalon Holdings Corporation common shareholders of $0.00 in the second quarter of 2015.

For the first six months of 2016, net operating revenues were $26.6 million compared with $24.7 million for the first six months of 2015. The Company incurred a net loss attributable to Avalon Holdings Corporation common shareholders of $0.5 million in the first six months of 2016 compared with a net loss attributable to Avalon Holdings Corporation common shareholders of $1.0 million in the first six months of 2015. For the first six months of 2016, basic net loss per share attributable to Avalon Holdings Corporation common shareholders was $0.13 compared with a basic net loss per share attributable to Avalon Holdings Corporation common shareholders of $0.27 in the first six 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 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 per share amounts)

	Three Months Ended		Six Months Ended
	June 30,		June 30,
	2016	2015	2016	2015

Net operating revenues	$ 15,642	$ 13,955	$ 26,641	$ 24,655

Costs and expenses:
Costs of operations	12,688	11,665	22,111	20,972
Depreciation and amortization expense	693	595	1,379	1,233
Selling, general and administrative expenses	1,891	1,909	3,757	3,943
Operating income (loss)	370	(214)	(606)	(1,493)

Other income (expense):
Interest expense	(92)	(7)	(179)	(12)
Other income, net	89	101	161	173
Income (loss) before income taxes	367	(120)	(624)	(1,332)

Provision for income taxes	27	17	36	24
Net income (loss)	340	(137)	(660)	(1,356)

Less net loss attributable to non-controlling interest in subsidiary	(81)	(132)	(173)	(311)
Net income (loss) attributable to Avalon Holdings Corporation common shareholders	$ 421	$ (5)	$ (487)	$ (1,045)


Income (loss) per share attributable to Avalon Holdings Corporation common shareholders:

Basic net income (loss) per share	$ 0.11	$ (0.00)	$ (0.13)	$ (0.27)
Diluted net income (loss) per share	$ 0.11	$ (0.00)	$ (0.13)	$ (0.27)

Weighted average shares outstanding - basic	3,803	3,803	3,803	3,803
Weighted average shares outstanding - diluted	3,811	3,803	3,803	3,803

AVALON HOLDINGS CORPORATION AND SUBSIDIARIES
Condensed Consolidated Balance Sheets (Unaudited)
(in thousands)


	June 30,	December 31,
	2016	2015
Assets
Current Assets:
Cash and cash equivalents	$ 1,910	$ 1,814
Accounts receivable, net	11,273	9,579
Inventories	959	830
Prepaid expenses	399	487
Refundable income taxes	6	33
Other current assets	39	45
Total current assets	14,586	12,788

Property and equipment, net	44,109	43,386
Leased property under capital leases, net	5,984	6,042
Noncurrent deferred tax asset	8	8
Other assets, net	74	78
Total assets	$ 64,761	$ 62,302

Liabilities and Equity
Current liabilities:
Current portion of obligations under capital leases	$ 73	$ 59
Revolving line of credit	9,000	-
Accounts payable	8,497	8,022
Accrued payroll and other compensation	863	618
Other accrued taxes	342	380
Deferred revenues	3,697	2,401
Other liabilities and accrued expenses	772	667
Total current liabilities	23,244	12,147

Revolving line of credit	-	7,975
Obligations under capital leases, net of current portion	298	274
Asset retirement obligation	100	100
Deferred rental income	7	50

Equity:
Total Avalon Holdings Corporation Shareholders' Equity	38,310	38,781
Non-controlling interest in subsidiary	2,802	2,975
Total shareholders' equity	41,112	41,756
Total liabilities and equity	$ 64,761	$ 62,302

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SOURCE Avalon Holdings Corporation

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Avalon Holdings Corporation Announces Second Quarter Results

Avalon Holdings Corporation Announces Second Quarter Results