Avalon Holdings Corporation Announces Second Quarter Results

AVALON HOLDINGS CORPORATION AND SUBSIDIARIES

Condensed Consolidated Statements of Operations (Unaudited)

(in thousands, except for per share amounts)

Three Months Ended 

Six Months Ended 

June 30,

June 30,

2017

2016

2017

2016

Net operating revenues

$          14,577

$          15,642

$          25,279

$          26,641

Costs and expenses:

Costs of operations

11,644

12,688

20,497

22,111

Depreciation and amortization expense

761

693

1,509

1,379

Selling, general and administrative expenses

2,063

1,891

4,065

3,757

Operating income (loss)

109

370

(792)

(606)

Other income (expense):

Interest expense

(177)

(92)

(352)

(179)

Other income, net

109

89

186

161

Income (loss) before income taxes

41

367

(958)

(624)

Provision for income taxes

32

27

52

36

Net income (loss)

9

340

(1,010)

(660)

Less net loss attributable to non-controlling interest in subsidiary

(112)

(81)

(205)

(173)

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

$               121

$               421

$              (805)

$              (487)

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

Basic net income (loss) per share

$              0.03

$              0.11

$             (0.21)

$             (0.13)

Diluted net income (loss) per share

$              0.03

$              0.11

$             (0.21)

$             (0.13)

Weighted average shares outstanding - basic

3,803

3,803

3,803

3,803

Weighted average shares outstanding - diluted

3,827

3,811

3,803

3,803

AVALON HOLDINGS CORPORATION AND SUBSIDIARIES

Condensed Consolidated Balance Sheets (Unaudited)

(in thousands)

June 30,

December 31,

2017

2016

Assets

Current Assets:

Cash and cash equivalents

$                      1,675

$                      2,299

Accounts receivable, net

9,899

11,349

Inventories

1,005

773

Prepaid expenses

310

462

Refundable income taxes

1

-

Other current assets

39

35

Total current assets

12,929

14,918

Property and equipment, net

43,721

43,971

Leased property under capital leases, net

6,435

6,035

Restricted cash

2,826

2,905

Noncurrent deferred tax asset

8

8

Other assets, net

82

61

Total assets

$                    66,001

$                    67,898

Liabilities and Equity

Current liabilities:

Current portion of obligations under capital leases

$                         199

$                         112

Current portion of long term debt

532

517

Accounts payable

6,652

9,387

Accrued payroll and other compensation

968

684

Accrued income taxes

-

48

Other accrued taxes

225

448

Deferred revenues

4,167

2,716

Other liabilities and accrued expenses

854

764

Total current liabilities

13,597

14,676

Long term debt, net of current portion

11,024

11,294

Obligations under capital leases, net of current portion

907

452

Asset retirement obligation

100

100

Equity:

Total Avalon Holdings Corporation Shareholders' Equity

37,943

38,741

Non-controlling interest in subsidiary

2,430

2,635

Total shareholders' equity

40,373

41,376

Total liabilities and equity

$                    66,001

$                    67,898