Sign In  |  Register  |  About Burlingame  |  Contact Us

Burlingame, CA
September 01, 2020 10:18am
7-Day Forecast | Traffic
  • Search Hotels in Burlingame

  • CHECK-IN:
  • CHECK-OUT:
  • ROOMS:

Avalon Holdings Corporation Announces 2020 Full Year And Fourth Quarter Results

WARREN, Ohio, March 11, 2021 /PRNewswire/ -- Avalon Holdings Corporation (NYSE Amex: AWX) today announced financial results for the fourth quarter and fiscal year ended December 31, 2020.

Net operating revenues in the fourth quarter of 2020 were $14.6 million compared with $17.3 million in the fourth quarter of 2019.  The Company recorded net income attributable to Avalon Holdings Corporation common shareholders of $0.5 million in the fourth quarter of 2020 compared with a net loss attributable to Avalon Holdings Corporation common shareholders of $0.4 million in the fourth quarter of 2019.  For the fourth quarter of 2020, basic net income per share attributable to Avalon Holdings Corporation common shareholders was $0.12 compared with a basic net loss per share attributable to Avalon Holdings Corporation common shareholders of $0.11 in the fourth quarter of 2019.

For the year ended December 31, 2020, net operating revenues were $58.7 million compared with $68.4 million for the year ended December 31, 2019. The Company recorded net income attributable to Avalon Holdings Corporation common shareholders of less than $0.1 million for the year ended December 31, 2020 compared with a net loss attributable to Avalon Holdings Corporation common shareholders of $0.5 million for the year ended December 31, 2019.  For the year ended December 31, 2020, basic net income per share attributable to Avalon Holdings Corporation common shareholders was $0.00 compared with a basic net loss per share attributable to Avalon Holdings Corporation common shareholders of $0.12 for year ended December 31, 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


Year Ended


December 31,


December 31,


2020


2019


2020


2019









Net operating revenues:








Waste management services

$          10,824


$          12,823


$          40,371


$          48,731









Food, beverage and merchandise sales

1,169


1,866


6,416


7,893

Other golf and related operations

2,632


2,617


11,933


11,733

Total golf and related operations

3,801


4,483


18,349


19,626









Total net operating revenues

14,625


17,306


58,720


68,357









Costs and expenses:








Waste management services operating costs

8,185


10,418


31,658


39,191

Cost of food, beverage and merchandise

626


811


2,810


3,494

Golf and related operations operating costs

2,770


3,226


12,547


13,587

Depreciation and amortization expense

757


674


2,909


2,522

Selling, general and administrative expenses

2,403


2,440


8,672


9,430

Operating income (loss)

(116)


(263)


124


133









Other income (expense):








Interest expense

(297)


(237)


(1,210)


(837)

Gain on debt extinguishment

801


-


801


-

Other income, net

73


72


337


329

Income (loss) before income taxes

461


(428)


52


(375)









Provision for income taxes

3


25


98


160

Net income (loss)

458


(453)


(46)


(535)









Less net loss attributable to non-controlling interest in subsidiary

(23)


(13)


(60)


(80)

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

$               481


$              (440)


$                 14


$              (455)









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








Basic net income (loss) per share

$              0.12


$             (0.11)


$              0.00


$             (0.12)

Diluted net income (loss) per share

$              0.12


$             (0.11)


$              0.00


$             (0.12)









Weighted average shares outstanding - basic

3,876


3,875


3,876


3,875

Weighted average shares outstanding - diluted

3,885


3,875


3,878


3,875

 

AVALON HOLDINGS CORPORATION AND SUBSIDIARIES

Condensed Consolidated Balance Sheets (Unaudited)

(in thousands)










December 31,


December 31,


2020


2019

Assets




Current Assets:




Cash and cash equivalents

$              4,210


$              1,446

Accounts receivable, net

8,744


12,009

Unbilled membership dues receivable

585


602

Inventories

910


813

Prepaid expenses

730


725

Other current assets

80


15

  Total current assets

15,259


15,610





Property and equipment, net

51,299


48,978

Property and equipment under finance leases, net

5,735


5,878

Operating lease right-of-use assets

1,728


1,466

Restricted cash

3,885


7,185

Noncurrent deferred tax asset

8


8

Other assets, net

36


39

  Total assets

$             77,950


$             79,164





Liabilities and Equity




Current liabilities:




Current portion of long term debt

$              1,594


$              1,015

Current portion of obligations under finance leases

333


295

Current portion of obligations under operating leases

529


513

Accounts payable

9,097


11,719

Accrued payroll and other compensation

809


961

Accrued income taxes

43


93

Other accrued taxes

461


434

Deferred membership dues revenue

3,196


3,153

Other liabilities and accrued expenses

1,121


839

  Total current liabilities

17,183


19,022





Long term debt, net of current portion

21,941


21,570

Obligations under finance leases, net of current portion

560


555

Obligations under operating leases, net of current portion

1,199


953

Asset retirement obligation

100


100





Equity:




Total Avalon Holdings Corporation Shareholders' Equity

37,093


37,030

Non-controlling interest in subsidiary

(126)


(66)

  Total shareholders' equity

36,967


36,964

  Total liabilities and equity

$             77,950


$             79,164

 

Cision View original content:http://www.prnewswire.com/news-releases/avalon-holdings-corporation-announces-2020-full-year-and-fourth-quarter-results-301244678.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.
 
 
Copyright © 2010-2020 Burlingame.com & California Media Partners, LLC. All rights reserved.