WARREN, Ohio, March 12, 2020 /PRNewswire/ -- Avalon
Holdings Corporation (NYSE Amex:AWX) today announced financial
results for the fourth quarter and fiscal year ended December 31, 2019.
Net operating revenues in the fourth quarter of 2019 were
$17.3 million compared with
$15.9 million in the fourth quarter
of 2018. The Company incurred a net loss attributable to
Avalon Holdings Corporation common shareholders of $0.4 million in the fourth quarter of 2019
compared with a net loss attributable to Avalon Holdings
Corporation common shareholders of $1.8
million in the fourth quarter of 2018. For the fourth
quarter of 2019, basic net loss per share attributable to Avalon
Holdings Corporation common shareholders was $0.11 compared with a basic net loss per share
attributable to Avalon Holdings Corporation common shareholders of
$0.47 in the fourth quarter of
2018.
For the year ended December 31,
2019, net operating revenues were $68.4 million compared with $62.2 million for the year ended December 31, 2018. The Company incurred a net
loss attributable to Avalon Holdings Corporation common
shareholders of $0.5 million for the
year ended December 31, 2019 compared
with a net loss attributable to Avalon Holdings Corporation common
shareholders of $1.1 million for the
year ended December 31, 2018.
For the year ended December 31, 2019,
basic net loss 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
$0.30 for year ended December 31, 2018.
Avalon Holdings Corporation provides waste management services
to industrial, commercial, municipal and governmental customers in
selected northeastern and midwestern U.S. markets, captive landfill
management services and salt water injection well operations.
Avalon Holdings Corporation also owns Avalon Resorts and Clubs
Inc., which includes the operation of a hotel and its associated
resort amenities, four golf courses and related country clubs and a
multipurpose recreation center.
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AVALON HOLDINGS
CORPORATION AND SUBSIDIARIES
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Condensed
Consolidated Statements of Operations (Unaudited)
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(in thousands,
except for per share amounts)
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Three Months
Ended
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Year
Ended
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December
31,
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December
31,
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2019
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2018
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2019
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2018
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Net operating
revenues:
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Waste
management services
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$
12,823
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$
12,010
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$
48,731
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$
44,535
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Food, beverage
and merchandise sales
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1,866
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1,618
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7,893
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7,149
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Other golf and
related operations
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2,617
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2,237
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11,733
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10,550
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Total
golf and related operations
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4,483
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3,855
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19,626
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17,699
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Total
net operating revenues
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17,306
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15,865
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68,357
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62,234
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Costs and
expenses:
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Waste
management services operating costs
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10,418
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9,566
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39,191
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35,181
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Cost of food,
beverage and merchandise
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811
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774
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3,494
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3,165
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Golf and
related operations operating costs
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3,226
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2,748
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13,587
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11,448
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Depreciation
and amortization expense
|
674
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690
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2,522
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2,877
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Selling,
general and administrative expenses
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2,440
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2,263
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9,430
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9,000
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Impairment of
property and equipment
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-
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3,261
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-
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3,261
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Operating income
(loss)
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(263)
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(3,437)
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133
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(2,698)
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Other income
(expense):
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Interest
expense
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(237)
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(163)
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(837)
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(675)
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Other income,
net
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72
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66
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329
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284
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Loss before income
taxes
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(428)
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(3,534)
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(375)
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(3,089)
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Provision for income
taxes
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25
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55
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160
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167
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Net loss
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(453)
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(3,589)
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(535)
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(3,256)
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Less net loss
attributable to non-controlling
interest in subsidiary
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(13)
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(1,772)
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(80)
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(2,112)
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Net loss attributable
to Avalon Holdings Corporation
common shareholders
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$
(440)
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$
(1,817)
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$
(455)
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$
(1,144)
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Loss per share
attributable to Avalon Holdings Corporation common
shareholders:
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Basic and diluted net
loss per share
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$
(0.11)
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$
(0.47)
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$
(0.12)
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$
(0.30)
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Weighted average
shares outstanding - basic
and diluted
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3,875
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3,845
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3,875
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3,814
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AVALON HOLDINGS
CORPORATION AND SUBSIDIARIES
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Condensed
Consolidated Balance Sheets (Unaudited)
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(in
thousands)
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December
31,
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December
31,
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2019
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2018
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Assets
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Current
Assets:
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Cash and cash
equivalents
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$
1,446
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$
1,406
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Accounts
receivable, net
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12,009
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12,197
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Unbilled
membership dues receivable
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602
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554
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Inventories
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813
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820
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Prepaid
expenses
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725
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622
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Other current
assets
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15
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31
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Total current assets
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15,610
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15,630
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Property and
equipment, net
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48,978
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42,534
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Property and
equipment under finance leases, net
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5,878
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6,068
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Operating lease
right-of-use assets
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1,466
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-
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Restricted
cash
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7,185
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502
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Noncurrent deferred
tax asset
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8
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8
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Other assets,
net
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39
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27
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Total
assets
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$
79,164
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$
64,769
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Liabilities and
Equity
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Current
liabilities:
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Current
portion of long term debt
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$
1,015
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$
578
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Current
portion of obligations under finance leases
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295
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236
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Current
portion of obligations under operating leases
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513
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-
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Accounts
payable
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11,719
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10,454
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Accrued
payroll and other compensation
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961
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872
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Accrued income
taxes
|
93
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84
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Other accrued
taxes
|
434
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405
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Deferred
membership dues revenue
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3,153
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2,899
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Other
liabilities and accrued expenses
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839
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|
793
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Total
current liabilities
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19,022
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16,321
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Long term debt, net
of current portion
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21,570
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10,167
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Obligations under
finance leases, net of current portion
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555
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688
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Obligations under
operating leases, net of current portion
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953
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-
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Asset retirement
obligation
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100
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100
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Equity:
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Total Avalon
Holdings Corporation Shareholders' Equity
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37,030
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37,479
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Non-controlling interest in subsidiary
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(66)
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14
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Total
shareholders' equity
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36,964
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37,493
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Total
liabilities and equity
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$
79,164
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$
64,769
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content:http://www.prnewswire.com/news-releases/avalon-holdings-corporation-announces-2019-full-year-and-fourth-quarter-results-301022245.html
SOURCE Avalon Holdings Corporation