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Avalon Holdings Corporation Announces Second Quarter Results

WARREN, Ohio, Aug. 12, 2014 /PRNewswire/ -- Avalon Holdings Corporation (NYSE Amex: AWX) today announced financial results for the second quarter of 2014.    

Net operating revenues in the second quarter of 2014 were $13.0 million compared with $15.7 million in the second quarter of 2013.  The Company incurred a net loss of $.1 million, or $.03 per share for the second quarter of 2014 compared with net income of $.5 million, or $.12 per share for the second quarter of 2013.

For the first six months of 2014, net operating revenues were  $23.0 million compared with $30.4 million for the first six months of 2013.  The Company incurred a net loss of $.8 million, or $.21 per share for the first six months of 2014 compared with net income of $.3 million or $.08 per share for the first six months of 2013.

Avalon Holdings Corporation provides waste management services to industrial, commercial, municipal and governmental customers in selected northeastern and midwestern U.S. markets.  Avalon Holdings Corporation also owns the Avalon Golf and Country Club, which operates golf courses and related facilities.

AVALON HOLDINGS CORPORATION AND SUBSIDIARIES
Condensed Consolidated Statements of Operations (Unaudited)
(in thousands, except for per share amounts)



Three Months Ended

June 30,


Six Months Ended

June 30,


2014


2013


2014


2013









Net operating revenues

$  13,016


$ 15,733


$ 22,999


$  30,402









Costs and expenses:








   Costs of operations

10,786


13,038


19,300


25,592

   Depreciation and Amortization

555


405


983


809

   Selling, general and administrative expenses

1,876


1,894


3,676


3,794

 

Operating (loss) income

 

(201)


 

396


 

(960)


 

207









Other income (expense):








   Interest expense

(5)


(5)


(10)


(10)

   Interest income


1



1

   Other income, net

90


97


162


176

(Loss) income before income taxes

(116)


489


(808)


374









Provision for income taxes

22


30


30


59









Net (loss) income

$      (138)


$       459


$     (838)


$        315









Less loss attributable to non-controlling interest in subsidiary

(50)



(51)










Net loss attributable to Avalon Holdings Corporation
















(Loss) income per share attributable to Avalon

Holdings Corporation common shareholders:

$        (88)


$      459


$     (787)


$        315









Net (loss) income per share- basic

$       (.03)


$        .12


$      (.21)


$         .08

Net (loss) income  per share- diluted

$       (.03)


$        .11


$      (.21)


$         .08









Weighted average shares outstanding – basic

3,803


3,803


3,803


3,803

Weighted average shares outstanding – diluted

3,803


4,018


3,803


4,039

 


AVALON HOLDINGS CORPORATION AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(in thousands)




  June 30,

   2014


December 31,
2013


(Unaudited)



Assets:




Current Assets:




     Cash and cash equivalents

$          7,137


$          9,798

     Accounts receivable, net

9,051


10,201

     Prepaid expenses

323


349

     Refundable income taxes

3


3

     Other current assets

1,107


830

          Total current assets

17,621


21,181





Property and equipment, net

30,471


27,563

Leased property under capital leases, net

6,559


6,719

Noncurrent deferred tax asset

8


8

Other assets, net

93


108

          Total assets

$         54,752


$        55,579





Liabilities and Equity




Current Liabilities:




     Current portion of obligations under capital leases

$               57


$              56

     Accounts payable

6,416


8,101

     Accrued payroll and other compensation

827


549

     Accrued income taxes

10


1

     Other accrued taxes

297


307

     Deferred revenues

3,108


2,265

     Other liabilities and accrued expenses

509


365

          Total current liabilities

11,224


11,644





Obligations under capital leases

363


390

Noncurrent liabilities

75


75





 Total equity  

43,090


43,470





          Total liabilities and equity

$         54,752


$        55,579

 

SOURCE Avalon Holdings Corporation

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