Avalon Holdings Corporation Announces 2017 Full Year and Fourth Quarter Results

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