WARREN, Ohio, March 10, 2022 /PRNewswire/ -- Avalon
Holdings Corporation (NYSE Amex:AWX) today announced financial
results for the fourth quarter and fiscal year ended December 31,
2021.
Net operating revenues in the fourth quarter of 2021 were
$17.6 million compared with
$14.6 million in the fourth quarter
of 2020. The Company recorded a net loss attributable to
Avalon Holdings Corporation common shareholders of $0.5 million in the fourth quarter of 2021
compared with net income attributable to Avalon Holdings
Corporation common shareholders of $0.5
million in the fourth quarter of 2020. For the fourth
quarter of 2021, basic net loss per share attributable to Avalon
Holdings Corporation common shareholders was $0.12 compared with basic net income per share
attributable to Avalon Holdings Corporation common shareholders of
$0.12 in the fourth quarter of
2020.
For the year ended December 31,
2021, net operating revenues were $70.4 million compared with $58.7 million for the year ended December 31, 2020. The Company recorded net
income attributable to Avalon Holdings Corporation common
shareholders of $2.0 million for the
year ended December 31, 2021 compared
with net income attributable to Avalon Holdings Corporation common
shareholders of less than $0.1
million for the year ended December
31, 2020. For the year ended December
31, 2021, basic net income per share attributable to Avalon
Holdings Corporation common shareholders was $0.51 compared with basic net income per share
attributable to Avalon Holdings Corporation common shareholders of
$0.00 for year ended December 31, 2020.
Avalon Holdings Corporation provides waste management services
to industrial, commercial, municipal and governmental customers in
selected northeastern and midwestern U.S. markets, captive landfill
management services and salt water injection well operations.
Avalon Holdings Corporation also owns Avalon Resorts and Clubs
Inc., which includes the operation of a hotel and its associated
resort amenities, four golf courses and related country clubs and a
multipurpose recreation center.
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AVALON HOLDINGS
CORPORATION AND SUBSIDIARIES
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Condensed
Consolidated Statements of Operations (Unaudited)
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(in thousands,
except for per share amounts)
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Three Months
Ended
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Year
Ended
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December
31,
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December
31,
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2021
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2020
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2021
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2020
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Net operating
revenues:
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Waste management
services
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$
11,431
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$
10,824
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$
42,710
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$
40,371
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Food, beverage and
merchandise sales
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2,437
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1,169
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11,045
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6,416
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Other golf and
related operations
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3,711
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2,632
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16,628
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11,933
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Total golf and
related operations
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6,148
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3,801
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27,673
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18,349
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Total net operating
revenues
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17,579
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14,625
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70,383
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58,720
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Costs and
expenses:
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Waste management
services operating costs
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9,204
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8,185
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34,259
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31,658
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Cost of food,
beverage and merchandise
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1,150
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626
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4,748
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2,810
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Golf and related
operations operating costs
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4,469
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2,770
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17,825
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12,547
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Depreciation and
amortization expense
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804
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757
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3,112
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2,909
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Selling, general and
administrative expenses
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2,319
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2,403
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9,878
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8,672
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Operating income
(loss)
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(367)
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(116)
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561
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124
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Other income
(expense):
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Interest
expense
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(280)
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(297)
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(1,158)
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(1,210)
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Gain on debt
extinguishment
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-
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801
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1,964
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801
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Other income,
net
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71
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73
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369
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337
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Income (loss) before
income taxes
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(576)
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461
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1,736
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52
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Provision for income
taxes
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4
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3
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89
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98
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Net income
(loss)
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(580)
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458
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1,647
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(46)
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Less net loss
attributable to non-controlling interest in subsidiaries
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(110)
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(23)
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(324)
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(60)
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Net income (loss)
attributable to Avalon Holdings Corporation common
shareholders
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$
(470)
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$
481
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$
1,971
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$
14
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Income (loss) per
share attributable to Avalon Holdings Corporation common
shareholders:
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Basic net income
(loss) per share
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$
(0.12)
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$
0.12
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$
0.51
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$
0.00
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Diluted net income
(loss) per share
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$
(0.12)
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$
0.12
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$
0.50
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$
0.00
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Weighted average
shares outstanding - basic
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3,899
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3,876
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3,899
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3,876
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Weighted average
shares outstanding - diluted
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3,899
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3,885
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3,933
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3,878
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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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December
31,
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December
31,
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2021
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2020
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Assets
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Current
Assets:
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Cash and cash
equivalents
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$
3,254
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$
4,210
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Accounts receivable,
net
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9,933
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8,744
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Unbilled membership
dues receivable
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578
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585
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Inventories
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1,105
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910
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Prepaid
expenses
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996
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730
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Other current
assets
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105
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80
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Total current
assets
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15,971
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15,259
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Property and
equipment, net
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53,338
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51,299
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Property and
equipment under finance leases, net
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5,390
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5,735
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Operating lease
right-of-use assets
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1,598
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1,728
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Restricted
cash
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1,696
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3,885
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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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36
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36
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Total
assets
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$
78,037
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$
77,950
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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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$
1,126
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$
1,594
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Current portion of
obligations under finance leases
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167
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333
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Current portion of
obligations under operating leases
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534
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529
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Accounts
payable
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10,164
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9,097
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Accrued payroll and
other compensation
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797
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809
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Accrued income
taxes
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67
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43
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Other accrued
taxes
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541
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461
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Deferred membership
dues revenue
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3,363
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3,196
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Other liabilities and
accrued expenses
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1,265
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1,121
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Total current
liabilities
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18,024
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17,183
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Long term debt, net
of current portion
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19,376
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21,941
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Obligations under
finance leases, net of current portion
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496
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560
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Obligations under
operating leases, net of current portion
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1,064
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1,199
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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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39,069
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37,093
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Non-controlling
interest in subsidiaries
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(92)
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(126)
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Total shareholders'
equity
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38,977
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36,967
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Total liabilities and
equity
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$
78,037
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$
77,950
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SOURCE Avalon Holdings Corporation