Avalon Holdings Corporation Announces 2020 Full Year And Fourth Quarter Results

Rhea-AI Summary

Avalon Holdings Corporation (AWX) reported its fourth quarter and fiscal year results for 2020, showing a decline in net operating revenues to $14.6 million from $17.3 million in Q4 2019, but achieved net income of $0.5 million. For the full year, revenues decreased to $58.7 million from $68.4 million, with a net income of less than $0.1 million compared to a loss of $0.5 million in 2019. Basic net income per share was $0.00 for 2020, recovering from a loss of $0.12 in 2019. The company operates in waste management and hospitality sectors.

Positive

• Achieved net income of $0.5 million in Q4 2020 compared to a loss in Q4 2019.
• Reduced annual net loss to less than $0.1 million for 2020 from $0.5 million in 2019.
• Improved basic net income per share to $0.12 in Q4 2020, recovering from a loss of $0.11 in Q4 2019.

Negative

• Decline in net operating revenues for Q4 2020 to $14.6 million from $17.3 million in Q4 2019.
• Full-year revenues decreased to $58.7 million from $68.4 million in 2019, indicating a downward trend.
• Basic net income per share for 2020 was $0.00, showing limited profitability.

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 shareholders	$               481		$              (440)		$                 14		$              (455)
Income (loss) per share attributable to Avalon Holdings Corporation common shareholders:
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

FAQ

What were Avalon Holdings Corporation's financial results for Q4 2020?

Avalon Holdings reported net operating revenues of $14.6 million in Q4 2020, with net income of $0.5 million.

How did Avalon Holdings Corporation perform in 2020 compared to 2019?

In 2020, Avalon Holdings had revenues of $58.7 million and a net income of less than $0.1 million, down from $68.4 million and a net loss of $0.5 million in 2019.

What is the basic net income per share for Avalon Holdings Corporation in 2020?

Avalon Holdings reported a basic net income per share of $0.00 for the year 2020, compared to a loss of $0.12 in 2019.

What sectors does Avalon Holdings Corporation operate in?

Avalon Holdings provides waste management services and operates in the hospitality sector through Avalon Resorts and Clubs.

What was the net income attributable to Avalon Holdings Corporation common shareholders in Q4 2020?

The net income attributable to common shareholders in Q4 2020 was $0.5 million.