Avalon Holdings Corporation Announces 2018 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,

2018

2017

2018

2017

Net operating revenues:

Waste management services

$          12,010

$          10,464

$          44,535

$          38,398

Food, beverage and merchandise sales

1,618

1,588

7,149

7,290

Other golf and related operations

2,237

2,153

10,550

10,160

Total golf and related operations

3,855

3,741

17,699

17,450

Total net operating revenues

15,865

14,205

62,234

55,848

Costs and expenses:

Waste management services operating costs

9,566

8,276

35,181

30,495

Cost of food, beverage and merchandise

774

693

3,165

3,177

Golf and related operations operating costs

2,748

2,354

11,448

11,000

Depreciation and amortization expense

690

740

2,877

2,996

Selling, general and administrative expenses

2,263

2,146

9,000

8,451

Impairment of property and equipment

3,261

-

3,261

-

Operating loss

(3,437)

(4)

(2,698)

(271)

Other income (expense):

Interest expense

(163)

(171)

(675)

(699)

Other income, net

66

40

284

276

Loss before income taxes

(3,534)

(135)

(3,089)

(694)

Provision for income taxes

55

41

167

122

Net loss

(3,589)

(176)

(3,256)

(816)

Less net loss attributable to non-controlling interest in subsidiary

(1,772)

(127)

(2,112)

(509)

Net loss attributable to Avalon Holdings Corporation common shareholders

$           (1,817)

$                (49)

$           (1,144)

$              (307)

Loss per share attributable to Avalon Holdings Corporation common shareholders:

Basic and diluted net loss per share

$             (0.47)

$             (0.01)

$             (0.30)

$             (0.08)

Weighted average shares outstanding - basic and diluted

3,845

3,803

3,814

3,803

AVALON HOLDINGS CORPORATION AND SUBSIDIARIES

Condensed Consolidated Balance Sheets (Unaudited)

(in thousands)

December 31, 

2018

2017

Assets

Current Assets:

Cash and cash equivalents

$                      1,406

$                      1,025

Accounts receivable, net

12,197

9,906

Unbilled membership dues receivable

554

580

Inventories

820

850

Prepaid expenses

622

512

Other current assets

31

34

Total current assets

15,630

12,907

Property and equipment, net

42,534

43,215

Leased property under capital leases, net

6,068

6,360

Restricted cash

502

2,826

Noncurrent deferred tax asset

8

8

Other assets, net

27

62

Total assets

$                    64,769

$                    65,378

Liabilities and Equity

Current liabilities:

Current portion of obligations under capital leases

$                         236

$                         212

Current portion of long term debt

578

547

Accounts payable

10,454

7,832

Accrued payroll and other compensation

872

739

Accrued income taxes

84

26

Other accrued taxes

405

372

Deferred membership dues revenue

2,899

2,718

Other liabilities and accrued expenses

793

658

Total current liabilities

16,321

13,104

Long term debt, net of current portion

10,167

10,745

Obligations under capital leases, net of current portion

688

857

Asset retirement obligation

100

100

Equity:

Total Avalon Holdings Corporation Shareholders' Equity

37,479

38,446

Non-controlling interest in subsidiary

14

2,126

Total shareholders' equity

37,493

40,572

Total liabilities and equity

$                    64,769

$                    65,378