WARREN, Ohio, March 12, 2015 /PRNewswire/ -- Avalon
Holdings Corporation (NYSE Amex:AWX) today announced financial
results for the fiscal year and fourth quarter ended December 31, 2014.
Net operating revenues in the fourth quarter of 2014 were
$14.0 million compared with
$12.7 million in the fourth quarter
of 2013. The Company incurred a net loss of $0.4 million, or $.10 per share in the fourth quarter of 2014
compared to a net loss of $0.3
million, or $.08 per share in
the fourth quarter of 2013.
For the twelve months ended December 31,
2014, net operating revenues decreased to $51.5 million compared with $59.5 million for the twelve months ended
December 31, 2013. The Company
recorded a net loss of $1.1 million,
or $.28 per share for the twelve
months ended December 31, 2014
compared with net income of $0.4
million or $.12 per share for
twelve months ended December 31,
2013.
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 the Avalon Golf and Country
Club, which includes the operation of golf courses, country clubs
and related facilities and The Avalon Resort and Spa which operates
a hotel and tennis facility.
|
AVALON HOLDINGS
CORPORATION AND SUBSIDIARIES
|
|
Condensed
Consolidated Statements of Operations (Unaudited)
|
|
(in thousands,
except for per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
December
31,
|
|
December
31,
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
|
|
|
|
|
|
|
|
Net operating
revenues
|
$
14,036
|
|
$
12,682
|
|
$
51,472
|
|
$
59,470
|
|
|
|
|
|
|
|
|
|
Costs and
expenses:
|
|
|
|
|
|
|
|
|
Costs of
operations
|
11,815
|
|
10,574
|
|
42,687
|
|
49,598
|
|
Depreciation and
amortization expense
|
593
|
|
419
|
|
2,155
|
|
1,636
|
|
Selling, general and
administrative expenses
|
2,195
|
|
2,026
|
|
8,026
|
|
7,965
|
|
Operating income
(loss)
|
(567)
|
|
(337)
|
|
(1,396)
|
|
271
|
|
|
|
|
|
|
|
|
|
Other income
(expense):
|
|
|
|
|
|
|
|
|
Interest
expense
|
(27)
|
|
(6)
|
|
(58)
|
|
(22)
|
|
Interest
income
|
-
|
|
-
|
|
1
|
|
1
|
|
Other income,
net
|
55
|
|
53
|
|
268
|
|
285
|
|
Income (loss) before
income taxes
|
(539)
|
|
(290)
|
|
(1,185)
|
|
535
|
|
|
|
|
|
|
|
|
|
Provision for income
taxes
|
15
|
|
2
|
|
73
|
|
97
|
|
Net income
(loss)
|
(554)
|
|
(292)
|
|
(1,258)
|
|
438
|
|
|
|
|
|
|
|
|
|
Less net loss
attributable to non-controlling interest in subsidiary
|
(163)
|
|
-
|
|
(178)
|
|
-
|
|
Net income (loss) of
Avalon Holdings Corporation common shareholders
|
$
(391)
|
|
$
(292)
|
|
$
(1,080)
|
|
$
438
|
|
|
|
|
|
|
|
|
|
Income (loss) per
share attributable to Avalon Holdings
|
|
|
|
|
|
|
|
|
Corporation common
shareholders:
|
|
|
|
|
|
|
|
|
Basic net
income (loss) per share
|
$
(0.10)
|
|
$
(0.08)
|
|
$
(0.28)
|
|
$
0.12
|
|
Dilutive net
income (loss) per share
|
$
(0.10)
|
|
$
(0.08)
|
|
$
(0.28)
|
|
$
0.11
|
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding - basic
|
3,803
|
|
3,803
|
|
3,803
|
|
3,803
|
|
Weighted average
shares outstanding - diluted
|
3,803
|
|
3,803
|
|
3,803
|
|
4,090
|
|
|
|
|
|
|
|
|
|
AVALON HOLDINGS
CORPORATION AND SUBSIDIARIES
|
|
Condensed
Consolidated Balance Sheets
|
|
(in
thousands)
|
|
|
|
|
|
|
|
|
|
December
31,
|
|
2014
|
|
2013
|
|
Assets
|
|
|
|
|
Current
Assets:
|
|
|
|
|
Cash and cash
equivalents
|
$
4,329
|
|
$
9,798
|
|
Accounts receivable,
net
|
8,750
|
|
10,201
|
|
Inventories
|
947
|
|
815
|
|
Prepaid
expenses
|
474
|
|
349
|
|
Refundable income
taxes
|
8
|
|
3
|
|
Other current
assets
|
45
|
|
15
|
|
Total
current assets
|
14,553
|
|
21,181
|
|
|
|
|
|
Property and
equipment, net
|
35,954
|
|
27,563
|
|
Leased property under
capital leases, net
|
6,418
|
|
6,719
|
|
Noncurrent deferred
tax asset
|
8
|
|
8
|
|
Other assets,
net
|
911
|
|
108
|
|
Total
assets
|
$
57,844
|
|
$
55,579
|
|
|
|
|
|
Liabilities and
Equity
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
Current portion of
obligations under capital leases
|
$
58
|
|
$
56
|
|
Accounts
payable
|
6,429
|
|
8,101
|
|
Accrued payroll and
other compensation
|
714
|
|
549
|
|
Accrued income
taxes
|
8
|
|
1
|
|
Other accrued
taxes
|
379
|
|
307
|
|
Deferred
revenues
|
2,256
|
|
2,265
|
|
Other liabilities and
accrued expenses
|
707
|
|
365
|
|
Total current
liabilities
|
10,551
|
|
11,644
|
|
|
|
|
|
Revolving line of
credit
|
3,800
|
|
-
|
|
Obligations under
capital leases
|
333
|
|
390
|
|
Asset retirement
obligation
|
100
|
|
75
|
|
Deferred rental
income
|
138
|
|
-
|
|
|
|
|
|
Equity:
|
|
|
|
|
Total Avalon Holdings
Corporation Shareholders' Equity
|
39,437
|
|
40,420
|
|
Non-controlling
interest in subsidiary
|
3,485
|
|
3,050
|
|
Total
shareholders' equity
|
42,922
|
|
43,470
|
|
Total
liabilities and equity
|
$
57,844
|
|
$
55,579
|
|
|
|
|
|
|
|
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/avalon-holdings-corporation-announces-2014-full-year-and-fourth-quarter-results-300049887.html
SOURCE Avalon Holdings Corporation