PR Newswire | May 13, 2021 05:01PM EDT

05/13 16:01 CDT

Avalon Holdings Corporation Announces First Quarter Results WARREN, Ohio, May 13, 2021

WARREN, Ohio, May 13, 2021 /PRNewswire/ -- Avalon Holdings Corporation (NYSE Amex: AWX) today announced financial results for the first quarter of 2021.

Net operating revenues in the first quarter of 2021 were $15.1 million compared with $14.4 million in the first quarter of 2020. The Company recorded net income attributable to Avalon Holdings Corporation common shareholders of $0.7 million in the first quarter of 2021 compared with a net loss attributable to Avalon Holdings Corporation common shareholders of $0.8 million in the first quarter of 2020. For the first quarter of 2021, basic net income per share attributable to Avalon Holdings Corporation common shareholders was $0.18 compared with a basic net loss per share attributable to Avalon Holdings Corporation common shareholders of $0.21 in the first quarter 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

March 31,

2021 2020

Net operating revenues:

Waste management services $ 11,150 $ 11,133

Food, beverage and merchandise sales 1,341 1,035

Other golf and related operations 2,622 2,235

Total golf and related operations 3,963 3,270

Total net operating revenues 15,113 14,403

Costs and expenses:

Waste management services operating costs 8,701 8,869

Cost of food, beverage and merchandise 593 528

Golf and related operations operating costs 2,921 2,632

Depreciation and amortization expense 764 699

Selling, general and administrative expenses 2,280 2,232

Operating loss (146) (557)

Other income (expense):

Interest expense (297) (307)

Gain on debt extinguishment 1,087 -

Other income, net 87 78

Income (loss) before income taxes 731 (786)

Provision for income taxes 43 44

Net income (loss) 688 (830)

Less net loss attributable to non-controlling interest in subsidiary (28) (17)

Net income (loss) attributable to Avalon Holdings Corporation common $ 716 $ (813)shareholders

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

Basic net income (loss) per share $ 0.18 $ (0.21)

Diluted net income (loss) per share $ 0.18 $ (0.21)

Weighted average shares outstanding - basic 3,899 3,875

Weighted average shares outstanding - diluted 3,945 3,875

AVALON HOLDINGS CORPORATION AND SUBSIDIARIES

Condensed Consolidated Balance Sheets (Unaudited)

(in thousands)

March 31, December 31,

2021 2020

Assets

Current Assets:

Cash and cash equivalents $ 4,038 $ 4,210

Accounts receivable, net 10,688 8,744

Unbilled membership dues receivable 701 585

Inventories 1,138 910

Prepaid expenses 893 730

Other current assets 50 80

Total current assets 17,508 15,259

Property and equipment, net 51,337 51,299

Property and equipment under finance leases, net 5,793 5,735

Operating lease right-of-use assets 1,726 1,728

Restricted cash 3,368 3,885

Noncurrent deferred tax asset 8 8

Other assets, net 36 36

Total assets $ 79,776 $ 77,950

Liabilities and Equity

Current liabilities:

Current portion of long term debt $ 1,465 $ 1,594

Current portion of obligations under finance leases 333 333

Current portion of obligations under operating leases 532 529

Accounts payable 10,444 9,097

Accrued payroll and other compensation 1,102 809

Accrued income taxes 67 43

Other accrued taxes 422 461

Deferred membership dues revenue 4,122 3,196

Other liabilities and accrued expenses 1,072 1,121

Total current liabilities 19,559 17,183

Long term debt, net of current portion 20,721 21,941

Obligations under finance leases, net of current portion 546 560

Obligations under operating leases, net of current portion 1,194 1,199

Asset retirement obligation 100 100

Equity:

Total Avalon Holdings Corporation Shareholders' Equity 37,810 37,093

Non-controlling interest in subsidiary (154) (126)

Total shareholders' equity 37,656 36,967

Total liabilities and equity $ 79,776 $ 77,950

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SOURCE Avalon Holdings Corporation