Avalon Holdings Corporation Announces Second Quarter Results

WARREN, Ohio, Aug. 12, 2014 /PRNewswire/ --Avalon Holdings Corporation (NYSE Amex: AWX) today announced financial results for the second quarter of 2014.

Net operating revenues in the second quarter of 2014 were $13.0 million compared with $15.7 million in the second quarter of 2013. The Company incurred a net loss of $.1 million, or $.03 per share for the second quarter of 2014 compared with net income of $.5 million, or $.12 per share for the second quarter of 2013.

For the first six months of 2014, net operating revenues were $23.0 million compared with $30.4 million for the first six months of 2013. The Company incurred a net loss of $.8 million, or $.21 per share for the first six months of 2014 compared with net income of $.3 million or $.08 per share for the first six months 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 June 30,				Six Months Ended June 30,
	2014		2013		2014		2013
Net operating revenues	$ 13,016		$ 15,733		$ 22,999		$ 30,402
Costs and expenses:
Costs of operations	10,786		13,038		19,300		25,592
Depreciation and Amortization	555		405		983		809
Selling, general and administrative expenses	1,876		1,894		3,676		3,794
Operating (loss) income	(201)		396		(960)		207
Other income (expense):
Interest expense	(5)		(5)		(10)		(10)
Interest income	-		1		-		1
Other income, net	90		97		162		176
(Loss) income before income taxes	(116)		489		(808)		374
Provision for income taxes	22		30		30		59
Net (loss) income	$ (138)		$ 459		$ (838)		$ 315
Less loss attributable to non-controlling interest in subsidiary	(50)		-		(51)		-
Net loss attributable to Avalon Holdings Corporation
(Loss) income per share attributable to Avalon Holdings Corporation common shareholders:	$ (88)		$ 459		$ (787)		$ 315
Net (loss) income per share- basic	$ (.03)		$ .12		$ (.21)		$ .08
Net (loss) income per share- diluted	$ (.03)		$ .11		$ (.21)		$ .08
Weighted average shares outstanding - basic	3,803		3,803		3,803		3,803
Weighted average shares outstanding - diluted	3,803		4,018		3,803		4,039

	AVALON HOLDINGS CORPORATION AND SUBSIDIARIES Condensed Consolidated Balance Sheets (in thousands)
	June 30, 2014		December 31, 2013
	(Unaudited)
Assets:
Current Assets:
Cash and cash equivalents	$ 7,137		$ 9,798
Accounts receivable, net	9,051		10,201
Prepaid expenses	323		349
Refundable income taxes	3		3
Other current assets	1,107		830
Total current assets	17,621		21,181
Property and equipment, net	30,471		27,563
Leased property under capital leases, net	6,559		6,719
Noncurrent deferred tax asset	8		8
Other assets, net	93		108
Total assets	$ 54,752		$ 55,579
Liabilities and Equity
Current Liabilities:
Current portion of obligations under capital leases	$ 57		$ 56
Accounts payable	6,416		8,101
Accrued payroll and other compensation	827		549
Accrued income taxes	10		1
Other accrued taxes	297		307
Deferred revenues	3,108		2,265
Other liabilities and accrued expenses	509		365
Total current liabilities	11,224		11,644
Obligations under capital leases	363		390
Noncurrent liabilities	75		75
Total equity	43,090		43,470
Total liabilities and equity	$ 54,752		$ 55,579

SOURCE Avalon Holdings Corporation