Avalon Holdings Corporation Announces 2019 Full Year and Fourth Quarter Results

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,

2019

2018

2019

2018

Net operating revenues:

  Waste management services

$          12,823

$          12,010

$          48,731

$          44,535

  Food, beverage and merchandise sales

1,866

1,618

7,893

7,149

  Other golf and related operations

2,617

2,237

11,733

10,550

   Total golf and related operations

4,483

3,855

19,626

17,699

   Total net operating revenues

17,306

15,865

68,357

62,234

Costs and expenses:

  Waste management services operating costs

10,418

9,566

39,191

35,181

  Cost of food, beverage and merchandise

811

774

3,494

3,165

  Golf and related operations operating costs

3,226

2,748

13,587

11,448

  Depreciation and amortization expense

674

690

2,522

2,877

  Selling, general and administrative expenses

2,440

2,263

9,430

9,000

  Impairment of property and equipment

-

3,261

-

3,261

Operating income (loss)

(263)

(3,437)

133

(2,698)

Other income (expense):

  Interest expense

(237)

(163)

(837)

(675)

  Other income, net

72

66

329

284

Loss before income taxes

(428)

(3,534)

(375)

(3,089)

Provision for income taxes

25

55

160

167

Net loss

(453)

(3,589)

(535)

(3,256)

Less net loss attributable to non-controlling
 interest in subsidiary

(13)

(1,772)

(80)

(2,112)

Net loss attributable to Avalon Holdings Corporation
 common shareholders

$           (1,817)

$              (455)

$           (1,144)

Loss per share attributable to Avalon Holdings Corporation common shareholders:

Basic and diluted net loss per share

$             (0.11)

$             (0.47)

$             (0.12)

$             (0.30)

Weighted average shares outstanding - basic
 and diluted

3,875

3,845

3,875

3,814

AVALON HOLDINGS CORPORATION AND SUBSIDIARIES

Condensed Consolidated Balance Sheets (Unaudited)

(in thousands)

December 31,

December 31,

2019

2018

Assets

Current Assets:

  Cash and cash equivalents

$              1,446

$              1,406

  Accounts receivable, net

12,009

12,197

  Unbilled membership dues receivable

602

554

  Inventories

813

820

  Prepaid expenses

725

622

  Other current assets

15

31

    Total current assets

15,610

15,630

Property and equipment, net

48,978

42,534

Property and equipment under finance leases, net

5,878

6,068

Operating lease right-of-use assets

1,466

-

Restricted cash

7,185

502

Noncurrent deferred tax asset

8

8

Other assets, net

39

27

  Total assets

$             79,164

$             64,769

Liabilities and Equity

Current liabilities:

  Current portion of long term debt

$              1,015

$                 578

  Current portion of obligations under finance leases

295

236

  Current portion of obligations under operating leases

513

-

  Accounts payable

11,719

10,454

  Accrued payroll and other compensation

961

872

  Accrued income taxes

93

84

  Other accrued taxes

434

405

  Deferred membership dues revenue

3,153

2,899

  Other liabilities and accrued expenses

839

793

    Total current liabilities

19,022

16,321

Long term debt, net of current portion

21,570

10,167

Obligations under finance leases, net of current portion

555

688

Obligations under operating leases, net of current portion

953

-

Asset retirement obligation

100

100

Equity:

  Total Avalon Holdings Corporation Shareholders' Equity

37,030

37,479

  Non-controlling interest in subsidiary

(66)

14

    Total shareholders' equity

36,964

37,493

    Total liabilities and equity

$             79,164

$             64,769