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Avalon Holdings Corporation Announces First Quarter Results - KOAM TV 7

Avalon Holdings Corporation Announces First Quarter Results

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SOURCE Avalon Holdings Corporation

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

©2012 PR Newswire. All Rights Reserved.

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