Avalon Holdings Corporation Announces First Quarter Results
10 Mai 2014 - 12:15AM
PR Newswire (US)
WARREN, Ohio, May 9, 2014 /PRNewswire/ -- Avalon Holdings
Corporation (NYSE Amex: AWX) today announced financial results for
the first quarter of 2014.
Net operating revenues decreased to $10.0
million in the first quarter of 2014 compared with
$14.7 million in the first quarter of
2013. The Company incurred a net loss of $.7
million or $.18 per share in
the first quarter of 2014 compared with a net loss of $.1 million or $.04
per share for the first quarter of 2013.
Avalon Holdings Corporation provides waste management services
to industrial, commercial, municipal and governmental customers in
selected northeastern and midwestern U.S. markets. Avalon
Holdings Corporation also owns the Avalon Golf and Country Club,
which operates golf courses and related facilities.
|
AVALON HOLDINGS
CORPORATION AND SUBSIDIARIES
Condensed Consolidated Statements of Operations (Unaudited)
(in thousands, except for per share amounts)
|
|
|
Three Months
Ended
March 31,
|
|
2014
|
|
2013
|
|
|
|
|
|
Net operating
revenues
|
$ 9,983
|
|
$
14,669
|
|
|
|
|
|
Costs and
expenses:
|
|
|
|
|
Costs of
operations
|
8,514
|
|
12,554
|
|
Depreciation and amortization
|
428
|
|
404
|
|
Selling,
general and administrative expenses
|
1,800
|
|
1,900
|
|
Loss from
operations
|
(759)
|
|
(189)
|
|
|
|
|
|
Other income
(expense):
|
|
|
|
|
Interest
expense
|
(5)
|
|
(5)
|
|
Other
income, net
|
72
|
|
79
|
|
Loss before income
taxes
|
(692)
|
|
(115)
|
|
Provision for income
taxes
|
8
|
|
29
|
|
Net loss
|
$
(700)
|
|
$
(144)
|
|
Less loss
attributable to non-controlling interest in subsidiary
|
(1)
|
|
—
|
|
Net loss attributable
to Avalon Holdings Corporation
|
$
(699)
|
|
$
(144)
|
|
|
|
|
|
Basic and dilutive
net loss per share
|
$
(.18)
|
|
$
(.04)
|
|
|
|
|
|
Weighted average
shares outstanding – basic and diluted
|
3,803
|
|
3,803
|
|
AVALON HOLDINGS
CORPORATION AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(in thousands)
|
|
|
March
31,
2014
|
December
31,
2013
|
|
(Unaudited)
|
|
|
Assets:
|
|
|
|
Current
Assets:
|
|
|
|
Cash and cash
equivalents
|
$
7,331
|
$
9,798
|
|
Accounts receivable,
net
|
8,000
|
10,201
|
|
Prepaid expenses
|
400
|
349
|
|
Refundable income
taxes
|
3
|
3
|
|
Other current
assets
|
994
|
830
|
|
Total current assets
|
16,728
|
21,181
|
|
|
|
|
Property and
equipment, net
|
30,108
|
27,563
|
|
Leased property under
capital leases, net
|
6,624
|
6,719
|
|
Noncurrent deferred
tax asset
|
8
|
8
|
|
Other assets,
net
|
108
|
108
|
|
Total assets
|
$
53,576
|
$
55,579
|
|
|
|
|
Liabilities and
Equity
|
|
|
|
Current
Liabilities:
|
|
|
|
Current portion of
obligations under capital leases
|
$
57
|
$
56
|
|
Accounts payable
|
6,157
|
8,101
|
|
Accrued payroll and other
compensation
|
555
|
549
|
|
Accrued income
taxes
|
—
|
1
|
|
Other accrued
taxes
|
227
|
307
|
|
Deferred revenues
|
2,559
|
2,265
|
|
Other liabilities and
accrued expenses
|
412
|
365
|
|
Total current liabilities
|
9,967
|
11,644
|
|
|
|
|
Obligations under
capital leases
|
376
|
390
|
|
Noncurrent
liabilities
|
75
|
75
|
|
|
|
|
Total
equity
|
43,158
|
43,470
|
|
|
|
|
Total liabilities and equity
|
$
53,576
|
$
55,579
|
SOURCE Avalon Holdings Corporation
Copyright 2014 PR Newswire
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