Le Lézard
Classified in: Tourism and vacations, Environment, Business
Subject: ERN

Avalon Holdings Corporation Announces Second Quarter Results


WARREN, Ohio, Aug. 7, 2020 /PRNewswire/ -- Avalon Holdings Corporation (NYSE Amex: AWX) today announced financial results for the second quarter of 2020.

Net operating revenues in the second quarter of 2020 were $13.1 million compared with $18.4 million in the second quarter of 2019.  The Company recorded a net loss attributable to Avalon Holdings Corporation common shareholders of $0.4 million in the second quarter of 2020 compared with net income attributable to Avalon Holdings Corporation common shareholders of $0.5 million in the second quarter of 2019.  For the second quarter of 2020, basic net loss per share attributable to Avalon Holdings Corporation common shareholders was $0.11 compared with basic net income per share attributable to Avalon Holdings Corporation common shareholders of $0.12 in the second quarter of 2019.

For the first six months of 2020, net operating revenues were $27.5 million compared with $33.0 million for the first six months of 2019.  The Company incurred a net loss attributable to Avalon Holdings Corporation common shareholders of approximately $1.2 million in the first six months of 2020 compared with a net loss attributable to Avalon Holdings Corporation common shareholders of $0.2 million in the first six months of 2019.  For the first six months of 2020, basic net loss per share attributable to Avalon Holdings Corporation common shareholders was $0.32 compared with basic net loss per share attributable to Avalon Holdings Corporation common shareholders of $0.04 in the first six months 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


Six Months Ended 


June 30,


June 30,


2020


2019


2020


2019









Net operating revenues:








Waste management services

$            9,088


$          12,902


$          20,221


$          24,336









Food, beverage and merchandise sales

1,361


2,358


2,396


3,440

Other golf and related operations

2,618


3,165


4,853


5,257

Total golf and related operations

3,979


5,523


7,249


8,697









Total net operating revenues

13,067


18,425


27,470


33,033









Costs and expenses:








Waste management services operating costs

7,211


10,296


16,080


19,544

Cost of food, beverage and merchandise

564


999


1,092


1,514

Golf and related operations operating costs

2,875


3,563


5,507


6,095

Depreciation and amortization expense

712


618


1,411


1,218

Selling, general and administrative expenses

1,927


2,380


4,159


4,611

Operating income (loss)

(222)


569


(779)


51









Other income (expense):








Interest expense

(304)


(215)


(611)


(378)

Other income, net

103


148


181


216

Income (loss) before income taxes

(423)


502


(1,209)


(111)









Provision for income taxes

24


57


68


97

Net income (loss)

(447)


445


(1,277)


(208)









Less net loss attributable to non-controlling interest in subsidiary

(12)


(34)


(29)


(49)

Net income (loss) attributable to Avalon Holdings Corporation common shareholders

$              (435)


$               479


$           (1,248)


$              (159)









Income (loss) per share attributable to Avalon Holdings Corporation common shareholders:








Basic net income (loss) per share

$             (0.11)


$              0.12


$             (0.32)


$             (0.04)

Diluted net income (loss) per share

$             (0.11)


$              0.12


$             (0.32)


$             (0.04)









Weighted average shares outstanding - basic 

3,875


3,875


3,875


3,875

Weighted average shares outstanding - diluted

3,875


3,894


3,875


3,875









 

AVALON HOLDINGS CORPORATION AND SUBSIDIARIES

Condensed Consolidated Balance Sheets (Unaudited)

(in thousands)










June 30,


December 31,


2020


2019

Assets




Current Assets:




Cash and cash equivalents

$              5,529


$              1,446

Accounts receivable, net

7,809


12,009

Unbilled membership dues receivable

1,109


602

Inventories

1,072


813

Prepaid expenses

559


725

Other current assets

15


15

Total current assets

16,093


15,610





Property and equipment, net

50,341


48,978

Property and equipment under finance leases, net

6,053


5,878

Operating lease right-of-use assets

1,500


1,466

Restricted cash

4,934


7,185

Noncurrent deferred tax asset

8


8

Other assets, net

37


39

Total assets

$             78,966


$             79,164





Liabilities and Equity




Current liabilities:




Current portion of long term debt

$              2,146


$              1,015

Current portion of obligations under finance leases

353


295

Current portion of obligations under operating leases

528


513

Accounts payable

8,661


11,719

Accrued payroll and other compensation

1,052


961

Accrued income taxes

41


93

Other accrued taxes

252


434

Deferred membership dues revenue

4,776


3,153

Other liabilities and accrued expenses

919


839

Total current liabilities

18,728


19,022





Long term debt, net of current portion

22,703


21,570

Obligations under finance leases, net of current portion

773


555

Obligations under operating leases, net of current portion

972


953

Asset retirement obligation

100


100





Equity:




Total Avalon Holdings Corporation Shareholders' Equity

35,785


37,030

Non-controlling interest in subsidiary

(95)


(66)

Total shareholders' equity

35,690


36,964

Total liabilities and equity

$             78,966


$             79,164





 

 

SOURCE Avalon Holdings Corporation


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