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Avalon Holdings Corporation Announces First Quarter Results

WARREN, Ohio, May 13, 2021 /PRNewswire/ -- Avalon Holdings Corporation (NYSE Amex: AWX) today announced financial results for the first quarter of 2021.

Net operating revenues in the first quarter of 2021 were $15.1 million compared with $14.4 million in the first quarter of 2020.  The Company recorded net income attributable to Avalon Holdings Corporation common shareholders of $0.7 million in the first quarter of 2021 compared with a net loss attributable to Avalon Holdings Corporation common shareholders of $0.8 million in the first quarter of 2020.  For the first quarter of 2021, basic net income per share attributable to Avalon Holdings Corporation common shareholders was $0.18 compared with a basic net loss per share attributable to Avalon Holdings Corporation common shareholders of $0.21 in the first quarter of 2020.

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


March 31,


2021


2020





Net operating revenues:




Waste management services

$                    11,150


$                    11,133

Food, beverage and merchandise sales

1,341


1,035

Other golf and related operations

2,622


2,235

Total golf and related operations

3,963


3,270

Total net operating revenues

15,113


14,403





Costs and expenses:




Waste management services operating costs

8,701


8,869

Cost of food, beverage and merchandise

593


528

Golf and related operations operating costs

2,921


2,632

Depreciation and amortization expense

764


699

Selling, general and administrative expenses

2,280


2,232

Operating loss

(146)


(557)





Other income (expense):




Interest expense

(297)


(307)

Gain on debt extinguishment

1,087


-

Other income, net

87


78

Income (loss) before income taxes

731


(786)





Provision for income taxes

43


44

Net income (loss)

688


(830)





Less net loss attributable to non-controlling interest in subsidiary

(28)


(17)

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

$                         716


$                       (813)





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




Basic net income (loss) per share

$                        0.18


$                      (0.21)

Diluted net income (loss) per share

$                        0.18


$                      (0.21)





Weighted average shares outstanding - basic 

3,899


3,875

Weighted average shares outstanding - diluted

3,945


3,875





 

AVALON HOLDINGS CORPORATION AND SUBSIDIARIES

Condensed Consolidated Balance Sheets (Unaudited)

(in thousands)










March 31,


December 31,


2021


2020

Assets




Current Assets:




Cash and cash equivalents

$               4,038


$               4,210

Accounts receivable, net

10,688


8,744

Unbilled membership dues receivable

701


585

Inventories

1,138


910

Prepaid expenses

893


730

Other current assets

50


80

Total current assets

17,508


15,259





Property and equipment, net

51,337


51,299

Property and equipment under finance leases, net

5,793


5,735

Operating lease right-of-use assets

1,726


1,728

Restricted cash

3,368


3,885

Noncurrent deferred tax asset

8


8

Other assets, net

36


36

Total assets

$              79,776


$              77,950





Liabilities and Equity




Current liabilities:




Current portion of long term debt

$               1,465


$               1,594

Current portion of obligations under finance leases

333


333

Current portion of obligations under operating leases

532


529

Accounts payable

10,444


9,097

Accrued payroll and other compensation

1,102


809

Accrued income taxes

67


43

Other accrued taxes

422


461

Deferred membership dues revenue

4,122


3,196

Other liabilities and accrued expenses

1,072


1,121

Total current liabilities

19,559


17,183





Long term debt, net of current portion

20,721


21,941

Obligations under finance leases, net of current portion

546


560

Obligations under operating leases, net of current portion

1,194


1,199

Asset retirement obligation

100


100





Equity:




Total Avalon Holdings Corporation Shareholders' Equity

37,810


37,093

Non-controlling interest in subsidiary

(154)


(126)

Total shareholders' equity

37,656


36,967

Total liabilities and equity

$              79,776


$              77,950

 

Cision View original content:http://www.prnewswire.com/news-releases/avalon-holdings-corporation-announces-first-quarter-results-301290796.html

SOURCE Avalon Holdings Corporation

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