*DJ Avalon Holdings 2Q EPS 12c >AWX

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Press Release: Avalon Holdings Corporation Announces Second Quarter Results

Avalon Holdings Corporation Announces Second Quarter Results

PR Newswire

WARREN, Ohio, Aug. 9, 2019

WARREN, Ohio, Aug. 9, 2019 /PRNewswire/ -- Avalon Holdings Corporation (NYSE Amex: AWX) today announced financial results for the second quarter of 2019.

Net operating revenues in the second quarter of 2019 were $18.4 million compared with $16.7 million in the second quarter of 2018. The Company recorded net income attributable to Avalon Holdings Corporation common shareholders of $0.5 million in the second quarter of 2019 compared with net income attributable to Avalon Holdings Corporation common shareholders of $0.6 million in the second quarter of 2018. For the second quarter of 2019, basic net income per share attributable to Avalon Holdings Corporation common shareholders was $0.12 compared with basic net income per share attributable to Avalon Holdings Corporation common shareholders of $0.16 in the second quarter of 2018.

For the first six months of 2019, net operating revenues were $33.0 million compared with $28.2 million for the first six months of 2018. The Company incurred a net loss attributable to Avalon Holdings Corporation common shareholders of approximately $0.2 million in both the first six months of 2019 and 2018. For the first six months of 2019, basic net loss per share attributable to Avalon Holdings Corporation common shareholders was $0.04 compared with basic net loss per share attributable to Avalon Holdings Corporation common shareholders of $0.05 in the first six months of 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 Six Months Ended
June 30, June 30,
2019 2018 2019 2018

Net operating
revenues:
Waste management
services $ 12,902 $ 11,510 $ 24,336 $ 19,968

Food, beverage
and merchandise
sales 2,358 2,206 3,440 3,246
Other golf and
related
operations 3,165 2,989 5,257 5,007
Total golf and
related
operations 5,523 5,195 8,697 8,253

Total net
operating
revenues 18,425 16,705 33,033 28,221

Costs and
expenses:
Waste management
services
operating
costs 10,296 9,090 19,544 15,752
Cost of food,
beverage and
merchandise 999 932 1,514 1,399
Golf and related
operations
operating
costs 3,563 3,146 6,095 5,363
Depreciation and
amortization
expense 618 726 1,218 1,455
Selling, general
and
administrative
expenses 2,380 2,215 4,611 4,440
Operating income
(loss) 569 596 51 (188)

Other income
(expense):
Interest expense (215) (174) (378) (345)
Other income,
net 148 113 216 173
Income (loss)
before income
taxes 502 535 (111) (360)

Provision for
income taxes 57 41 97 60
Net income
(loss) 445 494 (208) (420)

Less net loss
attributable to
non-controlling
interest in
subsidiary (34) (129) (49) (244)
Net income
(loss)
attributable to
Avalon Holdings
Corporation
common
shareholders $ 479 $ 623 $ (159) $ (176)

Income (loss)
per share
attributable to
Avalon Holdings
Corporation
common
shareholders:
Basic net income
(loss) per
share $ 0.12 $ 0.16 $ (0.04) $ (0.05)
Diluted net
income (loss)
per share $ 0.12 $ 0.16 $ (0.04) $ (0.05)

Weighted average
shares
outstanding -
basic 3,875 3,803 3,875 3,803
Weighted average
shares
outstanding -
diluted 3,894 3,818 3,875 3,803


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


June 30, December 31,
2019 2018
Assets
Current Assets:
Cash and cash equivalents $ 3,280 $ 1,406
Accounts receivable, net 12,271 12,197
Unbilled membership dues receivable 1,101 554
Inventories 913 820
Prepaid expenses 512 622
Other current assets 48 31
Total current assets 18,125 15,630

Property and equipment, net 46,794 42,534
Property and equipment under finance leases,
net 5,942 6,068
Operating lease right-of-use assets 1,726 -
Restricted cash 501 502
Noncurrent deferred tax asset 8 8
Other assets, net 42 27
Total assets $ 73,138 $ 64,769

Liabilities and Equity
Current liabilities:
Current portion of long term debt $ 771 $ 578
Current portion of obligations under finance
leases 247 236
Current portion of obligations under operating
leases 551 -
Accounts payable 12,098 10,454
Accrued payroll and other compensation 1,222 872
Accrued income taxes 102 84
Other accrued taxes 296 405
Deferred membership dues revenue 4,497 2,899
Other liabilities and accrued expenses 907 793
Total current liabilities 20,691 16,321

Long term debt, net of current portion 13,258 10,167
Obligations under finance leases, net of
current portion 626 688
Obligations under operating leases, net of
current portion 1,175 -
Asset retirement obligation 100 100

Equity:
Total Avalon Holdings Corporation
Shareholders' Equity 37,323 37,479
Non-controlling interest in subsidiary (35) 14
Total shareholders' equity 37,288 37,493
Total liabilities and equity $ 73,138 $ 64,769

View original content:http://www.prnewswire.com/news-releases/avalon-holdings-corporation-announces-second-quarter-results-300899382.html

SOURCE Avalon Holdings Corporation

/CONTACT: Bryan P. Saksa, Chief Financial Officer, Avalon Holdings Corporation, One American Way, Warren, OH 44484-5555, (330) 856-8800

(END) Dow Jones Newswires

August 09, 2019 17:01 ET (21:01 GMT)