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11.08.2017 23:00:00
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Avalon Holdings Corporation Announces Second Quarter Results
WARREN, Ohio, Aug. 11, 2017 /PRNewswire/ -- Avalon Holdings Corporation (NYSE Amex: AWX) today announced financial results for the second quarter of 2017.
Net operating revenues in the second quarter of 2017 were $14.6 million compared with $15.6 million in the second quarter of 2016. The Company recorded net income attributable to Avalon Holdings Corporation common shareholders of $0.1 million in the second quarter of 2017 compared with net income attributable to Avalon Holdings Corporation common shareholders of $0.4 million in the second quarter of 2016. For the second quarter of 2017, basic net income per share attributable to Avalon Holdings Corporation common shareholders was $0.03 compared with basic net income per share attributable to Avalon Holdings Corporation common shareholders of $0.11 in the second quarter of 2016.
For the first six months of 2017, net operating revenues were $25.3 million compared with $26.6 million for the first six months of 2016. The Company incurred a net loss attributable to Avalon Holdings Corporation common shareholders of $0.8 million in the first six months of 2017 compared with a net loss attributable to Avalon Holdings Corporation common shareholders of $0.5 million in the first six months of 2016. For the first six months of 2017, basic net loss per share attributable to Avalon Holdings Corporation common shareholders was $0.21 compared with a basic net loss per share attributable to Avalon Holdings Corporation common shareholders of $0.13 in the first six 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 | Six Months Ended | ||||||
June 30, | June 30, | ||||||
2017 | 2016 | 2017 | 2016 | ||||
Net operating revenues | $ 14,577 | $ 15,642 | $ 25,279 | $ 26,641 | |||
Costs and expenses: | |||||||
Costs of operations | 11,644 | 12,688 | 20,497 | 22,111 | |||
Depreciation and amortization expense | 761 | 693 | 1,509 | 1,379 | |||
Selling, general and administrative expenses | 2,063 | 1,891 | 4,065 | 3,757 | |||
Operating income (loss) | 109 | 370 | (792) | (606) | |||
Other income (expense): | |||||||
Interest expense | (177) | (92) | (352) | (179) | |||
Other income, net | 109 | 89 | 186 | 161 | |||
Income (loss) before income taxes | 41 | 367 | (958) | (624) | |||
Provision for income taxes | 32 | 27 | 52 | 36 | |||
Net income (loss) | 9 | 340 | (1,010) | (660) | |||
Less net loss attributable to non-controlling interest in subsidiary | (112) | (81) | (205) | (173) | |||
Net income (loss) attributable to Avalon Holdings Corporation common shareholders | $ 121 | $ 421 | $ (805) | $ (487) | |||
Income (loss) per share attributable to Avalon Holdings Corporation common shareholders: | |||||||
Basic net income (loss) per share | $ 0.03 | $ 0.11 | $ (0.21) | $ (0.13) | |||
Diluted net income (loss) per share | $ 0.03 | $ 0.11 | $ (0.21) | $ (0.13) | |||
Weighted average shares outstanding - basic | 3,803 | 3,803 | 3,803 | 3,803 | |||
Weighted average shares outstanding - diluted | 3,827 | 3,811 | 3,803 | 3,803 | |||
AVALON HOLDINGS CORPORATION AND SUBSIDIARIES | |||
Condensed Consolidated Balance Sheets (Unaudited) | |||
(in thousands) | |||
June 30, | December 31, | ||
2017 | 2016 | ||
Assets | |||
Current Assets: | |||
Cash and cash equivalents | $ 1,675 | $ 2,299 | |
Accounts receivable, net | 9,899 | 11,349 | |
Inventories | 1,005 | 773 | |
Prepaid expenses | 310 | 462 | |
Refundable income taxes | 1 | - | |
Other current assets | 39 | 35 | |
Total current assets | 12,929 | 14,918 | |
Property and equipment, net | 43,721 | 43,971 | |
Leased property under capital leases, net | 6,435 | 6,035 | |
Restricted cash | 2,826 | 2,905 | |
Noncurrent deferred tax asset | 8 | 8 | |
Other assets, net | 82 | 61 | |
Total assets | $ 66,001 | $ 67,898 | |
Liabilities and Equity | |||
Current liabilities: | |||
Current portion of obligations under capital leases | $ 199 | $ 112 | |
Current portion of long term debt | 532 | 517 | |
Accounts payable | 6,652 | 9,387 | |
Accrued payroll and other compensation | 968 | 684 | |
Accrued income taxes | - | 48 | |
Other accrued taxes | 225 | 448 | |
Deferred revenues | 4,167 | 2,716 | |
Other liabilities and accrued expenses | 854 | 764 | |
Total current liabilities | 13,597 | 14,676 | |
Long term debt, net of current portion | 11,024 | 11,294 | |
Obligations under capital leases, net of current portion | 907 | 452 | |
Asset retirement obligation | 100 | 100 | |
Equity: | |||
Total Avalon Holdings Corporation Shareholders' Equity | 37,943 | 38,741 | |
Non-controlling interest in subsidiary | 2,430 | 2,635 | |
Total shareholders' equity | 40,373 | 41,376 | |
Total liabilities and equity | $ 66,001 | $ 67,898 | |
View original content:http://www.prnewswire.com/news-releases/avalon-holdings-corporation-announces-second-quarter-results-300503207.html
SOURCE Avalon Holdings Corporation
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