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Avalon Holdings Corporation Announces Third Quarter Results

WARREN, Ohio, Nov. 9, 2017 /PRNewswire/ -- Avalon Holdings Corporation (NYSE Amex: AWX) today announced financial results for the third quarter of 2017.

Net operating revenues in the third quarter of 2017 were $16.4 million compared with $19.1 million in the third quarter of 2016. The Company recorded net income attributable to Avalon Holdings Corporation common shareholders of $0.5 million in the third quarter of 2017 compared with net income attributable to Avalon Holdings Corporation common shareholders of $0.8 million in the third quarter of 2016. For the third quarter of 2017, basic net income per share attributable to Avalon Holdings Corporation common shareholders was $0.14 compared with basic net income per share attributable to Avalon Holdings Corporation common shareholders of $0.21 in the third quarter of 2016.

For the first nine months of 2017, net operating revenues were $41.6 million compared with $45.8 million for the first nine months of 2016. The Company incurred a net loss attributable to Avalon Holdings Corporation common shareholders of $0.3 million in the first nine months of 2017 compared with net income attributable to Avalon Holdings Corporation common shareholders of $0.3 million in the first nine months of 2016. For the first nine months of 2017, basic net loss per share attributable to Avalon Holdings Corporation common shareholders was $0.07 compared with basic net income per share attributable to Avalon Holdings Corporation common shareholders of $0.08 in the first nine months of 2016.

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


Nine Months Ended


September 30,


September 30,


2017


2016


2017


2016









Net operating revenues:








Waste management services

$ 10,831


$ 13,593


$ 27,934


$ 32,625









Food, beverage and merchandise sales

2,326


2,354


5,702


5,605

Other golf and related operations

3,207


3,186


8,007


7,544

Total golf and related operations

5,533


5,540


13,709


13,149









Total net operating revenues

16,364


19,133


41,643


45,774









Costs and expenses:








Waste management services operating costs

8,792


11,295


22,219


26,901

Cost of food, beverage and merchandise

970


997


2,484


2,456

Golf and related operations operating costs

3,090


3,204


8,646


8,250

Depreciation and amortization expense

747


714


2,256


2,093

Selling, general and administrative expenses

2,240


2,108


6,305


5,865

Operating income (loss)

525


815


(267)


209









Other income (expense):








Interest expense

(176)


(94)


(528)


(273)

Other income, net

50


57


236


218

Income (loss) before income taxes

399


778


(559)


154









Provision for income taxes

29


43


81


79

Net income (loss)

370


735


(640)


75









Less net loss attributable to non-controlling interest in subsidiary

(177)


(71)


(382)


(244)

Net income (loss) attributable to Avalon Holdings Corporation common shareholders

$ 547


$ 806


$ (258)


$ 319









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








Basic net income (loss) per share

$ 0.14


$ 0.21


$ (0.07)


$ 0.08

Diluted net income (loss) per share

$ 0.14


$ 0.21


$ (0.07)


$ 0.08









Weighted average shares outstanding - basic

3,803


3,803


3,803


3,803

Weighted average shares outstanding - diluted

3,817


3,893


3,803


3,836









AVALON HOLDINGS CORPORATION AND SUBSIDIARIES

Condensed Consolidated Balance Sheets (Unaudited)

(in thousands)










September 30,


December 31,


2017


2016

Assets




Current Assets:




Cash and cash equivalents

$ 1,615


$ 2,299

Accounts receivable, net

10,839


11,349

Inventories

925


773

Prepaid expenses

576


462

Other current assets

39


35

Total current assets

13,994


14,918





Property and equipment, net

43,575


43,971

Leased property under capital leases, net

6,370


6,035

Restricted cash

2,826


2,905

Noncurrent deferred tax asset

8


8

Other assets, net

65


61

Total assets

$ 66,838


$ 67,898





Liabilities and Equity




Current liabilities:




Current portion of obligations under capital leases

$ 186


$ 112

Current portion of long term debt

539


517

Accounts payable

8,215


9,387

Accrued payroll and other compensation

984


684

Accrued income taxes

7


48

Other accrued taxes

296


448

Deferred revenues

3,262


2,716

Other liabilities and accrued expenses

801


764

Total current liabilities

14,290


14,676





Long term debt, net of current portion

10,887


11,294

Obligations under capital leases, net of current portion

815


452

Asset retirement obligation

100


100





Equity:




Total Avalon Holdings Corporation Shareholders' Equity

38,493


38,741

Non-controlling interest in subsidiary

2,253


2,635

Total shareholders' equity

40,746


41,376

Total liabilities and equity

$ 66,838


$ 67,898










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SOURCE Avalon Holdings Corporation