WARREN, Ohio, May 9, 2019 /PRNewswire/ -- Avalon Holdings
Corporation (NYSE Amex: AWX) today announced financial results for
the first quarter of 2019.
Net operating revenues in the first quarter of 2019 were
$14.6 million compared with
$11.5 million in the first quarter of
2018. The Company incurred a net loss attributable to Avalon
Holdings Corporation common shareholders of $0.6 million in the first quarter of 2019
compared with a net loss attributable to Avalon Holdings
Corporation common shareholders of $0.8
million in the first quarter of 2018. For the first
quarter of 2019, basic net loss per share attributable to Avalon
Holdings Corporation common shareholders was $0.16 compared with a basic net loss per share
attributable to Avalon Holdings Corporation common shareholders of
$0.21 in the first quarter of
2018.
Avalon Holdings Corporation provides waste management services
to industrial, commercial, municipal and governmental customers in
selected northeastern and midwestern U.S. markets, captive landfill
management services and salt water injection well
operations. Avalon Holdings Corporation also owns Avalon
Resorts and Clubs Inc., which includes the operation of a hotel and
its associated resort amenities, three golf courses and related
country clubs and a multipurpose recreation center.
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AVALON HOLDINGS
CORPORATION AND SUBSIDIARIES
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Condensed
Consolidated Statements of Operations (Unaudited)
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(in thousands,
except for per share amounts)
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Three Months
Ended
March
31,
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2019
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2018
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Net operating
revenues:
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Waste
management services
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$
11,434
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$
8,458
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Food, beverage and
merchandise sales
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1,082
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1,040
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Other golf and
related operations
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2,092
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2,018
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Total golf and
related operations
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3,174
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3,058
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Total net operating
revenues
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14,608
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11,516
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Costs and
expenses:
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Waste
management services operating costs
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9,248
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6,662
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Cost of food,
beverage and merchandise
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515
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467
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Golf and
related operations operating costs
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2,532
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2,217
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Depreciation
and amortization expense
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600
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729
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Selling,
general and administrative expenses
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2,231
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2,225
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Operating
loss
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(518)
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(784)
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Other income
(expense):
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Interest
expense
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(163)
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(171)
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Other income,
net
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68
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60
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Loss before income
taxes
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(613)
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(895)
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Provision for income
taxes
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40
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19
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Net loss
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(653)
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(914)
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Less net loss
attributable to non-controlling interest in subsidiary
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(15)
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(115)
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Net loss attributable
to Avalon Holdings Corporation common shareholders
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$
(638)
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$
(799)
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Loss per share
attributable to Avalon Holdings Corporation common
shareholders:
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Basic and diluted net
loss per share
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$
(0.16)
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$
(0.21)
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Weighted average
shares outstanding - basic and diluted
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3,875
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3,803
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AVALON HOLDINGS
CORPORATION AND SUBSIDIARIES
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Condensed
Consolidated Balance Sheets (Unaudited)
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(in
thousands)
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March
31,
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December
31,
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2019
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2018
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Assets
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Current
Assets:
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Cash and cash
equivalents
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$
1,237
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$
1,406
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Accounts
receivable, net
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11,185
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12,197
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Unbilled
membership dues receivable
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672
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554
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Inventories
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919
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820
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Prepaid
expenses
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646
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622
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Other current
assets
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39
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31
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Total current
assets
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14,698
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15,630
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Property and
equipment, net
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43,311
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42,534
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Property and
equipment under finance leases, net
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5,984
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6,068
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Operating lease
right-of-use assets
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1,631
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-
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Restricted
cash
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2,976
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502
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Noncurrent deferred
tax asset
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8
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8
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Other assets,
net
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26
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27
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Total
assets
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$
68,634
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$
64,769
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Liabilities and
Equity
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Current
liabilities:
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Current portion
of long term debt
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$
709
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$
578
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Current portion
of obligations under finance leases
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239
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236
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Current portion
of obligations under operating leases
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493
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-
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Accounts
payable
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10,274
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10,454
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Accrued payroll
and other compensation
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824
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872
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Accrued income
taxes
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81
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84
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Other accrued
taxes
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306
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405
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Deferred
membership dues revenue
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3,316
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2,899
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Other
liabilities and accrued expenses
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784
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793
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Total current
liabilities
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17,026
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16,321
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Long term debt, net
of current portion
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12,853
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10,167
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Obligations under
finance leases, net of current portion
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676
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688
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Obligations under
operating leases, net of current portion
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1,138
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-
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Asset retirement
obligation
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100
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100
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Equity:
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Total Avalon Holdings
Corporation Shareholders' Equity
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36,842
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37,479
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Non-controlling
interest in subsidiary
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(1)
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14
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Total shareholders'
equity
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36,841
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37,493
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Total liabilities and
equity
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$
68,634
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$
64,769
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View original
content:http://www.prnewswire.com/news-releases/avalon-holdings-corporation-announces-first-quarter-results-300847262.html
SOURCE Avalon Holdings Corporation