Stock Quote

Avalon Holdings Corporation Announces First Quarter Results

WARREN, Ohio, May 14, 2020 /PRNewswire/ -- Avalon Holdings Corporation (NYSE Amex:AWX) today announced financial results for the first quarter of 2020.

Net operating revenues in the first quarter of 2020 were $14.4 million compared with $14.6 million in the first quarter of 2019.  The Company incurred a net loss attributable to Avalon Holdings Corporation common shareholders of $0.8 million in the first quarter of 2020 compared with a net loss attributable to Avalon Holdings Corporation common shareholders of $0.6 million in the first quarter of 2019.  For the first quarter of 2020, 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 $0.16 in the first quarter of 2019.

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



March 31,



2020


2019







Net operating revenues:





Waste management services

$                     11,133


$                     11,434







Food, beverage and merchandise sales

1,035


1,082


Other golf and related operations

2,235


2,092


Total golf and related operations

3,270


3,174


Total net operating revenues

14,403


14,608







Costs and expenses:





Waste management services operating costs

8,869


9,248


Cost of food, beverage and merchandise

528


515


Golf and related operations operating costs

2,632


2,532


Depreciation and amortization expense

699


600


Selling, general and administrative expenses

2,232


2,231


Operating loss

(557)


(518)







Other income (expense):





Interest expense

(307)


(163)


Other income, net

78


68


Loss before income taxes

(786)


(613)







Provision for income taxes

44


40


Net loss

(830)


(653)







Less net loss attributable to non-controlling interest in subsidiary

(17)


(15)


Net loss attributable to Avalon Holdings Corporation common shareholders

$                        (813)


$                        (638)







Loss per share attributable to Avalon Holdings Corporation common shareholders:





Basic and diluted net loss per share

$                       (0.21)


$                       (0.16)







Weighted average shares outstanding - basic and diluted

3,875


3,875


 

 

AVALON HOLDINGS CORPORATION AND SUBSIDIARIES

Condensed Consolidated Balance Sheets (Unaudited)

(in thousands)










March 31,


December 31,


2020


2019

Assets




Current Assets:




Cash and cash equivalents

$               1,448


$               1,446

Accounts receivable, net

10,977


12,009

Unbilled membership dues receivable

813


602

Inventories

1,049


813

Prepaid expenses

860


725

Other current assets

15


15

Total current assets

15,162


15,610





Property and equipment, net

49,740


48,978

Property and equipment under finance leases, net

5,805


5,878

Operating lease right-of-use assets

1,399


1,466

Restricted cash

5,523


7,185

Noncurrent deferred tax asset

8


8

Other assets, net

39


39

Total assets

$              77,676


$              79,164





Liabilities and Equity




Current liabilities:




Current portion of long term debt

$               1,028


$               1,015

Current portion of obligations under finance leases

297


295

Current portion of obligations under operating leases

473


513

Accounts payable

10,407


11,719

Accrued payroll and other compensation

1,035


961

Accrued income taxes

72


93

Other accrued taxes

405


434

Deferred membership dues revenue

4,018


3,153

Other liabilities and accrued expenses

896


839

Total current liabilities

18,631


19,022





Long term debt, net of current portion

21,308


21,570

Obligations under finance leases, net of current portion

576


555

Obligations under operating leases, net of current portion

926


953

Asset retirement obligation

100


100





Equity:




Total Avalon Holdings Corporation Shareholders' Equity

36,218


37,030

Non-controlling interest in subsidiary

(83)


(66)

Total shareholders' equity

36,135


36,964

Total liabilities and equity

$              77,676


$              79,164

 

Cision View original content:http://www.prnewswire.com/news-releases/avalon-holdings-corporation-announces-first-quarter-results-301059518.html

SOURCE Avalon Holdings Corporation

Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.