PR Newswire
WARREN, Ohio, March 16, 2017
WARREN, Ohio, March 16, 2017 /PRNewswire/ -- Avalon
Holdings Corporation (NYSE Amex: AWX) today announced financial results for the fiscal year and fourth quarter ended December 31, 2016.
Net operating revenues in the fourth quarter of 2016 were $15.6 million compared with
$13.9 million in the fourth quarter of 2015. The Company incurred a net loss attributable to
Avalon Holdings Corporation common shareholders of $0.4 million in the fourth quarter of 2016
compared with a net loss attributable to Avalon Holdings Corporation common shareholders of $0.2
million in the fourth quarter of 2015. For the fourth quarter of 2016, basic net loss per share attributable to
Avalon Holdings Corporation common shareholders was $0.10 compared with a basic net loss per share
attributable to Avalon Holdings Corporation common shareholders of $0.05 in the fourth quarter of
2015.
For the year ended December 31, 2016, net operating revenues were $61.4
million compared with $53.1 million for the year ended December 31,
2015. The Company incurred a net loss attributable to Avalon Holdings Corporation common shareholders of $0.1 million for the year ended December 31, 2016 compared with a net loss
attributable to Avalon Holdings Corporation common shareholders of $0.7 million for the year ended
December 31, 2015. For the year ended December 31, 2016, basic
net loss per share attributable to Avalon Holdings Corporation common shareholders was $0.02
compared with a basic net loss per share attributable to Avalon Holdings Corporation common shareholders of $0.19 for year ended December 31, 2015.
Avalon Holdings Corporation provides waste management services to industrial, commercial, municipal and governmental customers
in selected northeastern and midwestern U.S. markets, captive landfill management services and salt water injection well
operations. Avalon Holdings Corporation also owns Avalon Resorts and Clubs Inc., which includes the operation of a hotel
and its associated amenities, three golf courses and related country clubs and facilities.
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AVALON HOLDINGS CORPORATION AND SUBSIDIARIES
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Condensed Consolidated Statements of Operations (Unaudited)
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(in thousands, except for per share amounts)
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Three Months Ended
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Year Ended
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December 31,
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December 31,
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2016
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2015
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2016
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2015
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Net operating revenues
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$ 15,578
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$ 13,858
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$ 61,352
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$ 53,090
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Costs and expenses:
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Costs of operations
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12,912
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11,459
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50,519
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44,197
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Depreciation and amortization expense
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723
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724
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2,816
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2,560
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Selling, general and administrative expenses
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2,338
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1,910
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8,203
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7,635
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Operating loss
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(395)
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(235)
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(186)
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(1,302)
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Other income (expense):
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Interest expense
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(106)
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(80)
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(379)
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(147)
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Other income, net
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63
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49
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281
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286
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Loss before income taxes
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(438)
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(266)
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(284)
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(1,163)
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Provision for income taxes
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46
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17
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125
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59
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Net loss
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(484)
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(283)
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(409)
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(1,222)
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Less net loss attributable to non-controlling interest in
subsidiary
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(96)
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(87)
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(340)
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(510)
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Net loss attributable to Avalon Holdings Corporation common
shareholders
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$ (388)
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$ (196)
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$ (69)
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$ (712)
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Loss per share attributable to Avalon Holdings Corporation common
shareholders
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Basic and diluted net loss per share
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$ (0.10)
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$ (0.05)
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$ (0.02)
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$ (0.19)
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Weighted average shares outstanding - basic
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3,803
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3,803
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3,803
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3,803
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Weighted average shares outstanding - diluted
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3,803
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3,803
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3,803
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3,803
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AVALON HOLDINGS CORPORATION AND SUBSIDIARIES
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Condensed Consolidated Balance Sheets (Unaudited)
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(in thousands)
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December 31,
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2016
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2015
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Assets
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Current Assets:
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Cash and cash equivalents
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$
2,299
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$
1,814
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Accounts receivable, net
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11,349
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9,579
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Inventories
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773
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830
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Prepaid expenses
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462
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487
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Refundable income taxes
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-
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33
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Other current assets
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35
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45
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Total current assets
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14,918
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12,788
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Property and equipment, net
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43,971
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43,386
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Leased property under capital leases, net
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6,035
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6,042
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Restricted cash
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2,905
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-
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Noncurrent deferred tax asset
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8
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8
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Other assets, net
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61
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78
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Total assets
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$
67,898
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$
62,302
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Liabilities and Equity
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Current liabilities:
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Current portion of obligations under capital leases
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$
112
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$
59
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Current portion of long term debt
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517
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-
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Accounts payable
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9,387
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8,022
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Accrued payroll and other compensation
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684
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618
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Accrued income taxes
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48
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-
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Other accrued taxes
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448
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380
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Deferred revenues
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2,716
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2,401
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Other liabilities and accrued expenses
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764
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667
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Total current liabilities
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14,676
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12,147
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Revolving line of credit
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-
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7,975
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Long term debt, net of current portion
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11,294
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-
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Obligations under capital leases, net of current portion
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452
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274
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Asset retirement obligation
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100
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100
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Deferred rental income
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-
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50
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Equity:
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Total Avalon Holdings Corporation Shareholders' Equity
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38,741
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38,781
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Non-controlling interest in subsidiary
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2,635
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2,975
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Total shareholders' equity
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41,376
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41,756
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Total liabilities and equity
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$
67,898
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$
62,302
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To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/avalon-holdings-corporation-announces-2016-full-year-and-fourth-quarter-results-300425016.html
SOURCE Avalon Holdings Corporation