WARREN, Ohio, March 25, 2014 /PRNewswire/ -- Avalon
Holdings Corporation (NYSE Amex:AWX) today announced financial
results for the fourth quarter of 2013.
Net operating revenues in the fourth quarter of 2013 were
$12.7 million compared with
$12.1 million in the fourth quarter
of 2012. The Company incurred a net loss of $.3 million, or $.08 per share for both the fourth quarter of
2013 and the fourth quarter of 2012.
For the twelve months ended December 31,
2013, net operating revenues increased to $59.5 million compared with $48.9 million for the twelve months ended
December 31, 2012. The Company
recorded net income of $.4 million,
or $.12 per share for the twelve
months ended December 31, 2013
compared with a net loss of $.3
million or $.09 per share for
twelve months ended December 31,
2012.
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
December
31,
|
|
Twelve Months
Ended
December
31,
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
|
|
|
|
|
|
|
|
|
Net operating
revenues
|
$
12,682
|
|
$ 12,114
|
|
$ 59,470
|
|
$
48,891
|
|
|
|
|
|
|
|
|
|
Costs and
expenses:
|
|
|
|
|
|
|
|
|
Costs of
operations
|
10,574
|
|
10,127
|
|
49,598
|
|
40,321
|
|
Depreciation and Amortization
|
419
|
|
409
|
|
1,636
|
|
1,635
|
|
Selling,
general and administrative expenses
|
2,026
|
|
1,902
|
|
7,965
|
|
7,436
|
|
Operating income
(loss)
|
(337)
|
|
(324)
|
|
271
|
|
(501)
|
|
|
|
|
|
|
|
|
|
Other income
(expense):
|
|
|
|
|
|
|
|
|
Interest
expense
|
(6)
|
|
(3)
|
|
(22)
|
|
(13)
|
|
Interest
income
|
—
|
|
—
|
|
1
|
|
2
|
|
Other
income, net
|
53
|
|
55
|
|
285
|
|
257
|
|
Income before income
taxes
|
(290)
|
|
(272)
|
|
535
|
|
(255)
|
|
|
|
|
|
|
|
|
|
Provision for income
taxes
|
2
|
|
22
|
|
97
|
|
71
|
|
Net income
(loss)
|
$
(292)
|
|
$
(294)
|
|
$
438
|
|
$
(326)
|
|
|
|
|
|
|
|
|
|
Net income (loss) per
share- basic
|
$
(.08)
|
|
$
(.08)
|
|
$
.12
|
|
$
(.09)
|
|
Net income (loss) per
share- diluted
|
$
(.08)
|
|
$
(.08)
|
|
$
.11
|
|
$
(.09)
|
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding – basic
|
3,803
|
|
3,803
|
|
3,803
|
|
3,803
|
|
Weighted average
shares outstanding – diluted
|
3,803
|
|
3,803
|
|
4,090
|
|
3,803
|
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AVALON HOLDINGS
CORPORATION AND SUBSIDIARIES
|
|
Condensed
Consolidated Balance Sheets
|
|
(in
thousands)
|
|
|
December
31,
2013
|
|
December 31,
2012
|
|
|
|
|
|
Assets:
|
|
|
|
|
Current
Assets:
|
|
|
|
|
Cash and cash
equivalents
|
$
9,798
|
|
$
7,888
|
|
Accounts receivable,
net
|
10,201
|
|
9,244
|
|
Prepaid expenses
|
349
|
|
287
|
|
Refundable income
taxes
|
3
|
|
9
|
|
Other current
assets
|
830
|
|
758
|
|
Total current assets
|
21,181
|
|
18,186
|
|
|
|
|
|
Property and
equipment, net
|
27,563
|
|
25,177
|
|
Leased property under
capital leases, net
|
6,719
|
|
6,680
|
|
Noncurrent deferred
tax asset
|
8
|
|
8
|
|
Other assets,
net
|
108
|
|
104
|
|
Total assets
|
$
55,579
|
|
$
50,155
|
|
|
|
|
|
Liabilities and
Shareholders' Equity
|
|
|
|
|
Current
Liabilities:
|
|
|
|
|
Current portion of
obligations under capital leases
|
$
56
|
|
$
2
|
|
Accounts payable
|
8,101
|
|
6,677
|
|
Accrued payroll and other
compensation
|
549
|
|
486
|
|
Accrued income
taxes
|
1
|
|
2
|
|
Other accrued
taxes
|
307
|
|
303
|
|
Deferred revenues
|
2,265
|
|
2,180
|
|
Other liabilities and
accrued expenses
|
365
|
|
424
|
|
Total current liabilities
|
11,644
|
|
10,074
|
|
|
|
|
|
Obligations under
capital leases
|
390
|
|
224
|
|
Noncurrent
liabilities
|
75
|
|
—
|
|
|
|
|
|
Total
shareholders' equity
|
43,470
|
|
39,857
|
|
|
|
|
|
Total liabilities and shareholders' equity
|
$
55,579
|
|
$
50,155
|
SOURCE Avalon Holdings Corporation