Avalon Holdings Corporation Announces 2017 Full Year and Fourth Quarter Results

WARREN, Ohio, March 15, 2018 /PRNewswire/ -- Avalon Holdings Corporation (NYSE Amex: AWX) today announced financial results for the fiscal year and fourth quarter ended December 31, 2017.

Net operating revenues in the fourth quarter of 2017 were $14.2 million compared with $15.6 million in the fourth quarter of 2016. The Company incurred a net loss attributable to Avalon Holdings Corporation common shareholders of less than $0.1 million in the fourth quarter of 2017 compared with a net loss attributable to Avalon Holdings Corporation common shareholders of $0.4 million in the fourth quarter of 2016. For the fourth quarter of 2017, basic net loss per share attributable to Avalon Holdings Corporation common shareholders was $0.01 compared with a basic net loss per share attributable to Avalon Holdings Corporation common shareholders of $0.10 in the fourth quarter of 2016.

For the year ended December 31, 2017, net operating revenues were $55.8 million compared with $61.4 million for the year ended December 31, 2016. The Company incurred a net loss attributable to Avalon Holdings Corporation common shareholders of $0.3 million for the year ended December 31, 2017 compared with a net loss attributable to Avalon Holdings Corporation common shareholders of $0.1 million for the year ended December 31, 2016. For the year ended December 31, 2017, basic net loss per share attributable to Avalon Holdings Corporation common shareholders was $0.08 compared with a basic net loss per share attributable to Avalon Holdings Corporation common shareholders of $0.02 for year ended December 31, 2016.

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 amenities, three golf courses and related country clubs and facilities.

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,
	2017	2016	2017	2016

Net operating revenues:
Waste management services	$ 10,464	$ 11,681	$ 38,398	$ 44,306

Food, beverage and merchandise sales	1,588	1,637	7,290	7,242
Other golf and related operations	2,153	2,260	10,160	9,804
Total golf and related operations	3,741	3,897	17,450	17,046

Total net operating revenues	14,205	15,578	55,848	61,352

Costs and expenses:
Waste management services operating costs	8,276	9,536	30,495	36,437
Cost of food, beverage and merchandise	693	754	3,177	3,210
Golf and related operations operating costs	2,354	2,622	11,000	10,872
Depreciation and amortization expense	740	723	2,996	2,816
Selling, general and administrative expenses	2,146	2,338	8,451	8,203
Operating loss	(4)	(395)	(271)	(186)

Other income (expense):
Interest expense	(171)	(106)	(699)	(379)
Other income, net	40	63	276	281
Loss before income taxes	(135)	(438)	(694)	(284)

Provision for income taxes	41	46	122	125
Net loss	(176)	(484)	(816)	(409)

Less net loss attributable to non-controlling interest in subsidiary	(127)	(96)	(509)	(340)
Net loss attributable to Avalon Holdings Corporation common shareholders	$ (49)	$ (388)	$ (307)	$ (69)

Loss per share attributable to Avalon Holdings Corporation common shareholders:
Basic and diluted net loss per share	$ (0.01)	$ (0.10)	$ (0.08)	$ (0.02)

Weighted average shares outstanding - basic and diluted	3,803	3,803	3,803	3,803

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


	December 31,
	2017	2016
Assets
Current Assets:
Cash and cash equivalents	$ 1,025	$ 2,299
Accounts receivable, net	10,486	11,349
Inventories	850	773
Prepaid expenses	512	462
Other current assets	34	35
Total current assets	12,907	14,918

Property and equipment, net	43,215	43,971
Leased property under capital leases, net	6,360	6,035
Restricted cash	2,826	2,905
Noncurrent deferred tax asset	8	8
Other assets, net	62	61
Total assets	$ 65,378	$ 67,898

Liabilities and Equity
Current liabilities:
Current portion of obligations under capital leases	$ 212	$ 112
Current portion of long term debt	547	517
Accounts payable	7,832	9,387
Accrued payroll and other compensation	739	684
Accrued income taxes	26	48
Other accrued taxes	372	448
Deferred revenues	2,718	2,716
Other liabilities and accrued expenses	658	764
Total current liabilities	13,104	14,676

Long term debt, net of current portion	10,745	11,294
Obligations under capital leases, net of current portion	857	452
Asset retirement obligation	100	100

Equity:
Total Avalon Holdings Corporation Shareholders' Equity	38,446	38,741
Non-controlling interest in subsidiary	2,126	2,635
Total shareholders' equity	40,572	41,376
Total liabilities and equity	$ 65,378	$ 67,898

View original content:http://www.prnewswire.com/news-releases/avalon-holdings-corporation-announces-2017-full-year-and-fourth-quarter-results-300614231.html