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Avalon Holdings Corporation Announces 2019 Full Year and Fourth Quarter Results

WARREN, Ohio, March 12, 2020 /PRNewswire/ -- Avalon Holdings Corporation (NYSE Amex:AWX) today announced financial results for the fourth quarter and fiscal year ended December 31, 2019.

Net operating revenues in the fourth quarter of 2019 were $17.3 million compared with $15.9 million in the fourth quarter of 2018.  The Company incurred a net loss attributable to Avalon Holdings Corporation common shareholders of $0.4 million in the fourth quarter of 2019 compared with a net loss attributable to Avalon Holdings Corporation common shareholders of $1.8 million in the fourth quarter of 2018.  For the fourth quarter of 2019, basic net loss 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 $0.47 in the fourth quarter of 2018.

For the year ended December 31, 2019, net operating revenues were $68.4 million compared with $62.2 million for the year ended December 31, 2018. The Company incurred a net loss attributable to Avalon Holdings Corporation common shareholders of $0.5 million for the year ended December 31, 2019 compared with a net loss attributable to Avalon Holdings Corporation common shareholders of $1.1 million for the year ended December 31, 2018.  For the year ended December 31, 2019, basic net loss per share attributable to Avalon Holdings Corporation common shareholders was $0.12 compared with a basic net loss per share attributable to Avalon Holdings Corporation common shareholders of $0.30 for year ended December 31, 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


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

$              (440)


$           (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









 

Cision View original content:http://www.prnewswire.com/news-releases/avalon-holdings-corporation-announces-2019-full-year-and-fourth-quarter-results-301022245.html

SOURCE Avalon Holdings Corporation

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