PR Newswire | Mar 11, 2021 05:01PM EST

03/11 16:01 CST

Avalon Holdings Corporation Announces 2020 Full Year And Fourth Quarter Results WARREN, Ohio, March 11, 2021

WARREN, Ohio, March 11, 2021 /PRNewswire/ -- Avalon Holdings Corporation (NYSE Amex: AWX) today announced financial results for the fourth quarter and fiscal year ended December 31, 2020.

Net operating revenues in the fourth quarter of 2020 were $14.6 million compared with $17.3 million in the fourth quarter of 2019. The Company recorded net income attributable to Avalon Holdings Corporation common shareholders of $0.5 million in the fourth quarter of 2020 compared with a net loss attributable to Avalon Holdings Corporation common shareholders of $0.4 million in the fourth quarter of 2019. For the fourth quarter of 2020, basic net income per share attributable to Avalon Holdings Corporation common shareholders was $0.12 compared with a basic net loss per share attributable to Avalon Holdings Corporation common shareholders of $0.11 in the fourth quarter of 2019.

For the year ended December 31, 2020, net operating revenues were $58.7 million compared with $68.4 million for the year ended December 31, 2019. The Company recorded net income attributable to Avalon Holdings Corporation common shareholders of less than $0.1 million for the year ended December 31, 2020 compared with a net loss attributable to Avalon Holdings Corporation common shareholders of $0.5 million for the year ended December 31, 2019. For the year ended December 31, 2020, basic net income per share attributable to Avalon Holdings Corporation common shareholders was $0.00 compared with a basic net loss per share attributable to Avalon Holdings Corporation common shareholders of $0.12 for year ended December 31, 2019.

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 Year Ended

December 31, December 31,

2020 2019 2020 2019

Net operating revenues:

Waste management services $ 10,824 $ 12,823 $ 40,371 $ 48,731

Food, beverage and merchandise sales 1,169 1,866 6,416 7,893

Other golf and related operations 2,632 2,617 11,933 11,733

Total golf and related operations 3,801 4,483 18,349 19,626

Total net operating revenues 14,625 17,306 58,720 68,357

Costs and expenses:

Waste management services operating costs 8,185 10,418 31,658 39,191

Cost of food, beverage and merchandise 626 811 2,810 3,494

Golf and related operations operating costs 2,770 3,226 12,547 13,587

Depreciation and amortization expense 757 674 2,909 2,522

Selling, general and administrative expenses 2,403 2,440 8,672 9,430

Operating income (loss) (116) (263) 124 133

Other income (expense):

Interest expense (297) (237) (1,210) (837)

Gain on debt extinguishment 801 - 801 -

Other income, net 73 72 337 329

Income (loss) before income taxes 461 (428) 52 (375)

Provision for income taxes 3 25 98 160

Net income (loss) 458 (453) (46) (535)

Less net loss attributable to non-controlling interest in subsidiary (23) (13) (60) (80)

Net income (loss) attributable to Avalon Holdings Corporation common $ 481 $ (440) $ 14 $ (455)shareholders

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

Basic net income (loss) per share $ 0.12 $ (0.11) $ 0.00 $ (0.12)

Diluted net income (loss) per share $ 0.12 $ (0.11) $ 0.00 $ (0.12)

Weighted average shares outstanding - basic 3,876 3,875 3,876 3,875

Weighted average shares outstanding - diluted 3,885 3,875 3,878 3,875

AVALON HOLDINGS CORPORATION AND SUBSIDIARIES

Condensed Consolidated Balance Sheets (Unaudited)

(in thousands)

December 31, December 31,

2020 2019

Assets

Current Assets:

Cash and cash equivalents $ 4,210 $ 1,446

Accounts receivable, net 8,744 12,009

Unbilled membership dues receivable 585 602

Inventories 910 813

Prepaid expenses 730 725

Other current assets 80 15

Total current assets 15,259 15,610

Property and equipment, net 51,299 48,978

Property and equipment under finance leases, net 5,735 5,878

Operating lease right-of-use assets 1,728 1,466

Restricted cash 3,885 7,185

Noncurrent deferred tax asset 8 8

Other assets, net 36 39

Total assets $ 77,950 $ 79,164

Liabilities and Equity

Current liabilities:

Current portion of long term debt $ 1,594 $ 1,015

Current portion of obligations under finance leases 333 295

Current portion of obligations under operating leases 529 513

Accounts payable 9,097 11,719

Accrued payroll and other compensation 809 961

Accrued income taxes 43 93

Other accrued taxes 461 434

Deferred membership dues revenue 3,196 3,153

Other liabilities and accrued expenses 1,121 839

Total current liabilities 17,183 19,022

Long term debt, net of current portion 21,941 21,570

Obligations under finance leases, net of current portion 560 555

Obligations under operating leases, net of current portion 1,199 953

Asset retirement obligation 100 100

Equity:

Total Avalon Holdings Corporation Shareholders' Equity 37,093 37,030

Non-controlling interest in subsidiary (126) (66)

Total shareholders' equity 36,967 36,964

Total liabilities and equity $ 77,950 $ 79,164

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SOURCE Avalon Holdings Corporation