Avalon Holdings Corporation Announces Second Quarter Results

Published

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

Net operating revenues in the second quarter of 2019 were $18.4 million compared with $16.7 million in the second quarter of 2018.  The Company recorded net income attributable to Avalon Holdings Corporation common shareholders of $0.5 million in the second quarter of 2019 compared with net income attributable to Avalon Holdings Corporation common shareholders of $0.6 million in the second quarter of 2018.  For the second quarter of 2019, basic net income per share attributable to Avalon Holdings Corporation common shareholders was $0.12 compared with basic net income per share attributable to Avalon Holdings Corporation common shareholders of $0.16 in the second quarter of 2018.

For the first six months of 2019, net operating revenues were $33.0 million compared with $28.2 million for the first six months of 2018.  The Company incurred a net loss attributable to Avalon Holdings Corporation common shareholders of approximately $0.2 million in both the first six months of 2019 and 2018.  For the first six months of 2019, basic net loss per share attributable to Avalon Holdings Corporation common shareholders was $0.04 compared with basic net loss per share attributable to Avalon Holdings Corporation common shareholders of $0.05 in the first six months 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, four 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 Six Months Ended 
June 30, June 30,
2019 2018 2019 2018
Net operating revenues:
Waste management services $          12,902 $          11,510 $          24,336 $          19,968
Food, beverage and merchandise sales 2,358 2,206 3,440 3,246
Other golf and related operations 3,165 2,989 5,257 5,007
Total golf and related operations 5,523 5,195 8,697 8,253
Total net operating revenues 18,425 16,705 33,033 28,221
Costs and expenses:
Waste management services operating costs 10,296 9,090 19,544 15,752
Cost of food, beverage and merchandise 999 932 1,514 1,399
Golf and related operations operating costs 3,563 3,146 6,095 5,363
Depreciation and amortization expense 618 726 1,218 1,455
Selling, general and administrative expenses 2,380 2,215 4,611 4,440
Operating income (loss) 569 596 51 (188)
Other income (expense):
Interest expense (215) (174) (378) (345)
Other income, net 148 113 216 173
Income (loss) before income taxes 502 535 (111) (360)
Provision for income taxes 57 41 97 60
Net income (loss) 445 494 (208) (420)
Less net loss attributable to non-controlling interest in subsidiary (34) (129) (49) (244)
Net income (loss) attributable to Avalon Holdings Corporation common shareholders $               479 $               623 $              (159) $              (176)
Income (loss) per share attributable to Avalon Holdings Corporation common shareholders:
Basic net income (loss) per share $              0.12 $              0.16 $             (0.04) $             (0.05)
Diluted net income (loss) per share $              0.12 $              0.16 $             (0.04) $             (0.05)
Weighted average shares outstanding - basic  3,875 3,803 3,875 3,803
Weighted average shares outstanding - diluted 3,894 3,818 3,875 3,803

 

 

AVALON HOLDINGS CORPORATION AND SUBSIDIARIES AVALON HOLDINGS CORPORATION AND SUBSIDIARIES
Condensed Consolidated Statements of Operations (Unaudited) Condensed Consolidated Balance Sheets (Unaudited)
(in thousands, except for per share amounts) (in thousands)
June 30, December 31,
Three Months Ended Six Months Ended  2019 2018
June 30, June 30, Assets
2019 2018 2019 2018 Current Assets:
Cash and cash equivalents $              3,280 $              1,406
Net operating revenues: Accounts receivable, net 12,271 12,197
Waste management services $          12,902 $          11,510 $          24,336 $          19,968 Unbilled membership dues receivable 1,101 554
Inventories 913 820
Food, beverage and merchandise sales 2,358 2,206 3,440 3,246 Prepaid expenses 512 622
Other golf and related operations 3,165 2,989 5,257 5,007 Other current assets 48 31
Total golf and related operations 5,523 5,195 8,697 8,253 Total current assets 18,125 15,630
Total net operating revenues 18,425 16,705 33,033 28,221 Property and equipment, net 46,794 42,534
Property and equipment under finance leases, net 5,942 6,068
Costs and expenses: Operating lease right-of-use assets 1,726 -
Waste management services operating costs 10,296 9,090 19,544 15,752 Restricted cash 501 502
Cost of food, beverage and merchandise 999 932 1,514 1,399 Noncurrent deferred tax asset 8 8
Golf and related operations operating costs 3,563 3,146 6,095 5,363 Other assets, net 42 27
Depreciation and amortization expense 618 726 1,218 1,455 Total assets $             73,138 $             64,769
Selling, general and administrative expenses 2,380 2,215 4,611 4,440
Operating income (loss) 569 596 51 (188) Liabilities and Equity
Current liabilities:
Other income (expense): Current portion of long term debt $                 771 $                 578
Interest expense (215) (174) (378) (345) Current portion of obligations under finance leases 247 236
Other income, net 148 113 216 173 Current portion of obligations under operating leases 551 -
Income (loss) before income taxes 502 535 (111) (360) Accounts payable 12,098 10,454
Accrued payroll and other compensation 1,222 872
Provision for income taxes 57 41 97 60 Accrued income taxes 102 84
Net income (loss) 445 494 (208) (420) Other accrued taxes 296 405
Deferred membership dues revenue 4,497 2,899
Less net loss attributable to non-controlling interest in subsidiary (34) (129) (49) (244) Other liabilities and accrued expenses 907 793
Net income (loss) attributable to Avalon Holdings Corporation common shareholders $               479 $               623 $              (159) $              (176) Total current liabilities 20,691 16,321
Income (loss) per share attributable to Avalon Holdings Corporation common shareholders: Long term debt, net of current portion 13,258 10,167
Basic net income (loss) per share $              0.12 $              0.16 $             (0.04) $             (0.05) Obligations under finance leases, net of current portion 626 688
Diluted net income (loss) per share $              0.12 $              0.16 $             (0.04) $             (0.05) Obligations under operating leases, net of current portion 1,175 -
Asset retirement obligation 100 100
Weighted average shares outstanding - basic  3,875 3,803 3,875 3,803
Weighted average shares outstanding - diluted 3,894 3,818 3,875 3,803 Equity:
Total Avalon Holdings Corporation Shareholders' Equity 37,323 37,479
Non-controlling interest in subsidiary (35) 14
Total shareholders' equity 37,288 37,493
Total liabilities and equity $             73,138 $             64,769

 

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SOURCE Avalon Holdings Corporation

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