Avalon Holdings Corporation Announces First Quarter Results

AVALON HOLDINGS CORPORATION AND SUBSIDIARIES

Condensed Consolidated Statements of Operations (Unaudited)

(in thousands, except for per share amounts)

Three Months Ended

March 31,

2017

2016

Net operating revenues

$                    10,702

$                    10,999

Costs and expenses:

  Costs of operations

8,853

9,423

  Depreciation and amortization expense

748

686

  Selling, general and administrative expenses

2,002

1,866

Operating loss

(901)

(976)

Other income (expense):

  Interest expense

(175)

(87)

  Other income, net

77

72

Loss before income taxes

(999)

(991)

Provision for income taxes

20

9

Net loss

(1,019)

(1,000)

Less net loss attributable to non-controlling interest in subsidiary

(93)

(92)

Net loss attributable to Avalon Holdings Corporation common shareholders

$                       (926)

$                       (908)

Loss per share attributable to Avalon Holdings Corporation common shareholders

Basic and diluted net loss per share

$                      (0.24)

$                      (0.24)

Weighted average shares outstanding - basic and diluted

3,803

3,803

AVALON HOLDINGS CORPORATION AND SUBSIDIARIES

Condensed Consolidated Balance Sheets (Unaudited)

(in thousands)

March 31,

December 31,

2017

2016

Assets

Current Assets:

Cash and cash equivalents

$                      1,079

$                      2,299

Accounts receivable, net

8,986

11,349

Inventories

919

773

Prepaid expenses

478

462

Refundable income taxes

6

-

Other current assets

35

35

   Total current assets

11,503

14,918

Property and equipment, net

43,879

43,971

Leased property under capital leases, net

6,540

6,035

Restricted cash

2,905

2,905

Noncurrent deferred tax asset

8

8

Other assets, net

72

61

Total assets

$                    64,907

$                    67,898

Liabilities and Equity

Current liabilities:

Current portion of obligations under capital leases

$                         212

$                         112

Current portion of long term debt

525

517

Accounts payable

6,378

9,387

Accrued payroll and other compensation

834

684

Accrued income taxes

-

48

Other accrued taxes

296

448

Deferred revenues

3,198

2,716

Other liabilities and accrued expenses

876

764

   Total current liabilities

12,319

14,676

Long term debt, net of current portion

11,160

11,294

Obligations under capital leases, net of current portion

966

452

Asset retirement obligation

100

100

Equity:

Total Avalon Holdings Corporation Shareholders' Equity

37,820

38,741

Non-controlling interest in subsidiary

2,542

2,635

Total shareholders' equity

40,362

41,376

Total liabilities and equity

$                    64,907

$                    67,898