Avalon Holdings Corporation Announces Second Quarter Results

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WARREN, Ohio, Aug. 6, 2021 /PRNewswire/ — Avalon Holdings Corporation (NYSE Amex: AWX) today announced financial results for the second quarter of 2021.

Net operating revenues in the second quarter of 2021 were $16.4 million compared with $13.1 million in the second quarter of 2020.  The Company recorded net income attributable to Avalon Holdings Corporation common shareholders of $0.7 million in the second quarter of 2021 compared with a net loss attributable to Avalon Holdings Corporation common shareholders of $0.4 million in the second quarter of 2020.  For the second quarter of 2021, basic net income per share attributable to Avalon Holdings Corporation common shareholders was $0.19 compared with a basic net loss per share attributable to Avalon Holdings Corporation common shareholders of $0.11 in the second quarter of 2020.

For the first six months of 2021, net operating revenues were $31.5 million compared with $27.5 million for the first six months of 2020.  The Company recorded net income attributable to Avalon Holdings Corporation common shareholders of approximately $1.5 million in the first six months of 2021 compared with a net loss attributable to Avalon Holdings Corporation common shareholders of $1.2 million in the first six months of 2020.  For the first six months of 2021, basic net income per share attributable to Avalon Holdings Corporation common shareholders was $0.37 compared with a basic net loss per share attributable to Avalon Holdings Corporation common shareholders of $0.32 in the first six months of 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.

 

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,


2021


2020


2021


2020









Net operating revenues:








Waste management services

$            8,685


$            9,088


$          19,835


$          20,221









Food, beverage and merchandise sales

3,283


1,361


4,624


2,396

Other golf and related operations

4,422


2,618


7,044


4,853

Total golf and related operations

7,705


3,979


11,668


7,249









Total net operating revenues

16,390


13,067


31,503


27,470









Costs and expenses:








Waste management services operating costs

6,969


7,211


15,670


16,080

Cost of food, beverage and merchandise

1,348


564


1,941


1,092

Golf and related operations operating costs

4,743


2,875


7,664


5,507

Depreciation and amortization expense

767


712


1,531


1,411

Selling, general and administrative expenses

2,536


1,927


4,816


4,159

Operating income (loss)

27


(222)


(119)


(779)









Other income (expense):








Interest expense

(291)


(304)


(588)


(611)

Gain on debt extinguishment

877



1,964


Other income, net

126


103


213


181

Income (loss) before income taxes

739


(423)


1,470


(1,209)









Provision for income taxes

15


24


58


68

Net income (loss)

724


(447)


1,412


(1,277)









Less net loss attributable to non-controlling interest in subsidiary

(18)


(12)


(46)


(29)

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

$               742


$              (435)


$            1,458


$           (1,248)









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








Basic net income (loss) per share

$              0.19


$             (0.11)


$              0.37


$             (0.32)

Diluted net income (loss) per share

$              0.19


$             (0.11)


$              0.37


$             (0.32)









Weighted average shares outstanding – basic 

3,899


3,875


3,899


3,875

Weighted average shares outstanding – diluted

3,929


3,875


3,927


3,875









 

AVALON HOLDINGS CORPORATION AND SUBSIDIARIES

Condensed Consolidated Balance Sheets (Unaudited)

(in thousands)










June 30,


December 31,


2021


2020

Assets




Current Assets:




Cash and cash equivalents

$              4,451


$              4,210

Accounts receivable, net

9,038


8,744

Unbilled membership dues receivable

1,102


585

Inventories

1,234


910

Prepaid expenses

766


730

Other current assets

51


80

Total current assets

16,642


15,259





Property and equipment, net

51,856


51,299

Property and equipment under finance leases, net

5,734


5,735

Operating lease right-of-use assets

1,588


1,728

Restricted cash

2,856


3,885

Noncurrent deferred tax asset

8


8

Other assets, net

36


36

Total assets

$             78,720


$             77,950





Liabilities and Equity




Current liabilities:




Current portion of long term debt

$              1,097


$              1,594

Current portion of obligations under finance leases

271


333

Current portion of obligations under operating leases

552


529

Accounts payable

8,581


9,097

Accrued payroll and other compensation

1,324


809

Accrued income taxes

59


43

Other accrued taxes

376


461

Deferred membership dues revenue

5,376


3,196

Other liabilities and accrued expenses

1,118


1,121

Total current liabilities

18,754


17,183





Long term debt, net of current portion

19,946


21,941

Obligations under finance leases, net of current portion

502


560

Obligations under operating leases, net of current portion

1,036


1,199

Asset retirement obligation

100


100





Equity:




Total Avalon Holdings Corporation Shareholders’ Equity

38,554


37,093

Non-controlling interest in subsidiary

(172)


(126)

Total shareholders’ equity

38,382


36,967

Total liabilities and equity

$             78,720


$             77,950





 

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SOURCE Avalon Holdings Corporation

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