Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2015 | Aug. 03, 2015 | |
Common Class A [Member] | ||
Entity Common Stock, Shares Outstanding (in shares) | 3,191,100 | |
Common Class B [Member] | ||
Entity Common Stock, Shares Outstanding (in shares) | 612,231 | |
Entity Registrant Name | AVALON HOLDINGS CORP | |
Entity Central Index Key | 1,061,069 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Net operating revenues | $ 13,955,000 | $ 13,016,000 | $ 24,655,000 | $ 22,999,000 |
Costs and expenses: | ||||
Costs of operations | 11,665,000 | 10,786,000 | 20,972,000 | 19,300,000 |
Depreciation and amortization expense | 595,000 | 555,000 | 1,233,000 | 983,000 |
Selling, general and administrative expenses | 1,909,000 | 1,876,000 | 3,943,000 | 3,676,000 |
Operating loss | (214,000) | (201,000) | (1,493,000) | (960,000) |
Other income (expense): | ||||
Interest expense | (7,000) | (5,000) | (12,000) | (10,000) |
Other income, net | 101,000 | 90,000 | 173,000 | 162,000 |
Loss before income taxes | (120,000) | (116,000) | (1,332,000) | (808,000) |
Provision for income taxes | 17,000 | 22,000 | 24,000 | 30,000 |
Net loss | (137,000) | (138,000) | (1,356,000) | (838,000) |
Less net loss attributable to non-controlling interest in subsidiary | (132,000) | (50,000) | (311,000) | (51,000) |
Net loss of Avalon Holdings Corporation common shareholders | $ (5,000) | $ (88,000) | $ (1,045,000) | $ (787,000) |
Corporation common shareholders: | ||||
Basic and dilutive net loss per share (in dollars per share) | $ 0 | $ (0.03) | $ (0.27) | $ (0.21) |
Weighted average shares outstanding - basic and diluted (in shares) | 3,803 | 3,803 | 3,803 | 3,803 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Common Class A [Member] | ||
Equity: | ||
Common Stock | $ 32 | $ 32 |
Common Class B [Member] | ||
Equity: | ||
Common Stock | 6 | 6 |
Cash and cash equivalents | 2,322 | 4,329 |
Accounts receivable, net | 9,857 | 8,750 |
Inventories | 1,091 | 947 |
Prepaid expenses | 386 | 474 |
Refundable income taxes | 20 | 8 |
Other current assets | 45 | 45 |
Total current assets | 13,721 | 14,553 |
Property and equipment, less accumulated depreciation and amortization of $16,130 in 2015 and $15,172 in 2014 | 41,299 | 35,954 |
Leased property under capital leases, less accumulated depreciation and amortization of $4,092 in 2015 and $3,867 in 2014 | 6,244 | 6,418 |
Noncurrent deferred tax asset | 8 | 8 |
Other assets, net | 111 | 911 |
Total assets | 61,383 | 57,844 |
Current portion of obligations under capital leases | 59 | 58 |
Accounts payable | 7,619 | 6,429 |
Accrued payroll and other compensation | $ 891 | 714 |
Accrued income taxes | 8 | |
Other accrued taxes | $ 395 | 379 |
Deferred revenues | 3,152 | 2,256 |
Other liabilities and accrued expenses | 573 | 707 |
Total current liabilities | 12,689 | 10,551 |
Revolving line of credit | 6,600 | 3,800 |
Obligations under capital leases | 304 | 333 |
Asset retirement obligation | 100 | 100 |
Deferred rental income | 93 | 138 |
Paid-in capital | 58,899 | 58,868 |
Accumulated deficit | (20,514) | (19,469) |
Total Avalon Holdings Corporation Shareholders' Equity | 38,423 | 39,437 |
Non-controlling interest in subsidiary | 3,174 | 3,485 |
Total equity | 41,597 | 42,922 |
Total liabilities and equity | $ 61,383 | $ 57,844 |
Condensed Consolidated Balance4
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Common Class A [Member] | ||
Common Stock, Par Value (in dollars per share) | $ 0.01 | $ 0.01 |
Common Class B [Member] | ||
Common Stock, Par Value (in dollars per share) | $ 0.01 | $ 0.01 |
Property and equipment, accumulated depreciation and amortization | $ 16,130 | $ 15,172 |
Leased property under capital leases, accumulated depreciation and amortization | $ 4,092 | $ 3,867 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Operating activities: | ||
Net loss | $ (1,356) | $ (838) |
Reconciliation of net loss to cash provided by operating activities: | ||
Depreciation and amortization expense | 1,233 | 983 |
Compensation costs - stock options | 31 | $ 41 |
Deferred rental income | (45) | |
Provision for losses on accounts receivable | $ 6 | $ 16 |
Gain from disposal of property and equipment | (2) | |
Change in operating assets and liabilities, net of effect of acquisition: | ||
Accounts receivable | $ (1,113) | 1,134 |
Inventories | (144) | (277) |
Prepaid expenses | 88 | $ 26 |
Refundable income taxes | (12) | |
Other assets, net | (18) | $ 14 |
Accounts payable | 739 | (1,890) |
Accrued payroll and other compensation | 177 | 278 |
Accrued income taxes | (8) | 9 |
Other accrued taxes | 16 | (10) |
Deferred revenues | 896 | 843 |
Other liabilities and accrued expenses | (134) | 144 |
Net cash provided by operating activities | 356 | 471 |
Investing activities: | ||
Capital expenditures | $ (5,135) | (3,537) |
Proceeds from disposal of property and equipment | 14 | |
Net cash used in investing activities | $ (5,135) | (3,523) |
Financing activities: | ||
Proceeds from subsidiary private placement offering | $ 400 | |
Borrowings under line of credit facilities | $ 7,800 | |
Repayment under line of credit facilities | (5,000) | |
Principal payments on capital lease obligations | $ (28) | $ (26) |
Contribution to paid-in capital | 17 | |
Net cash provided by financing activities | $ 2,772 | 391 |
Decrease in cash and cash equivalents | (2,007) | (2,661) |
Cash and cash equivalents at beginning of year | 4,329 | 9,798 |
Cash and cash equivalents at end of year | 2,322 | 7,137 |
Supplemental disclosure of cash flow information: | ||
Capital expenditures included in accounts payable | 451 | 205 |
Cash paid during the year for interest | $ 87 | $ 10 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 6 Months Ended |
Jun. 30, 2015 | |
Notes to Financial Statements | |
Business Description and Basis of Presentation [Text Block] | Note 1. Basis of Presentation The unaudited condensed consolidated financial statements of Avalon Holdings Corporation and subsidiaries (collectively “Avalon” or the “Company”) and related notes included herein have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been omitted consistent with such rules and regulations. The accompanying unaudited condensed consolidated financial statements and related notes should be read in conjunction with the consolidated financial statements and related notes included in Avalon’s 2014 Annual Report to Shareholders. In the opinion of management, these unaudited condensed consolidated financial statements include all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of the financial position of Avalon as of June 30, 2015, and the results of its operations and cash flows for the interim periods presented. The operating results for the interim periods are not necessarily indicative of the results to be expected for the full year. Certain reclassifications of prior year amounts have been made to the Condensed Consolidated Statements of Cash Flows to conform to current year classification. |
Note 2 - Subsequent Events
Note 2 - Subsequent Events | 6 Months Ended |
Jun. 30, 2015 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | Note 2. Subsequent Events Avalon evaluated subsequent events through the date the financial statements were issued. |
Note 3 - Acquisition
Note 3 - Acquisition | 6 Months Ended |
Jun. 30, 2015 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | Note 3. Acquisition In August 2014, Avalon, through a newly created subsidiary, The Avalon Resort and Spa LLC, completed the acquisition of The Magnuson Grand Hotel (formerly The Avalon Inn) in Howland, Ohio for approximately $3.1 million in cash and the assumption of certain operating leases and some rental payment relief. The acquisition was primarily funded from borrowings under our line of credit facility of $2.9 million and cash on hand of approximately $0.2 million. Subsequent to the acquisition, The Magnuson Grand Hotel was renamed and now operates as The Avalon Inn (formerly renamed The Avalon Resort and Spa in August 2014). The primary assets of The Avalon Inn include the 144 room hotel, indoor swimming pool and adjoining tennis center. The Avalon Inn is located adjacent to Avalon’s corporate headquarters and the Avalon Lakes Golf Course. The acquisition is consistent with the Company's business strategy in that The Avalon Inn provides guests with a self-contained vacation experience, offering hotel guests golf packages to all of the golf courses of the Avalon Golf and Country Club and allows its guests to utilize the facilities at each of the clubhouses. Members of the Avalon Golf and Country Club also have access to all of the amenities offered by The Avalon Inn. The Avalon Inn earns revenues through room rentals, food and beverage sales, merchandise sales and tennis activities. The operating results of The Avalon Inn have been included within the Company’s Condensed Consolidated Statement of Operations and within Avalon's golf and related operations segment since the date of acquisition. The Consolidated Statement of Operations for the three months ended June 30, 2015 includes net operating revenues of $0.5 million and a loss before income taxes of less than $0.1 million related to The Avalon Inn. During the six months ended June 30, 2015, the Consolidated Statement of Operations includes net operating revenues of $0.7 million and a loss before income taxes of approximately $0.3 million related to The Avalon Inn. The Company accounted for the acquisition of The Avalon Inn using the acquisition method of accounting, which requires among other things, the recognition of the assets acquired and the liabilities assumed at their respective fair values as of the acquisition date. As of June 30, 2015, the entire purchase price allocation is preliminary. The Company has received a preliminary third-party valuation of the acquired property, buildings, furniture and fixtures of The Avalon Inn and, therefore, the values attributed to those acquired assets in the condensed consolidated financial statements are subject to adjustment. During the six months ended June 30, 2015, the Company reclassified approximately $0.8 million of other intangible assets to property and equipment to reflect an updated preliminary valuation of the acquired property, building, furniture and fixtures of The Avalon Inn. As the Company finalizes the fair value of assets acquired and liabilities assumed, additional adjustments may be recorded during the measurement period. The following table summarizes the purchase price allocation of the estimated fair values of the assets acquired and liabilities assumed at the transaction date (in thousands): Assets acquired: Property and equipment $ 3,388 Liabilities assumed: Deferred rental income 266 Total consideration $ 3,122 Pro forma net operating revenues and results of operations for the acquisition of The Avalon Inn, had the acquisition occurred at the beginning of the six month period ended June 30, 2014, are not significant and, accordingly, are not provided. |
Note 4 - Net Loss per Share
Note 4 - Net Loss per Share | 6 Months Ended |
Jun. 30, 2015 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | Note 4. Net Loss per Share Basic net loss per share is computed by dividing net loss by the weighted average number of common shares outstanding during the periods presented, which was 3,803,331 for each period. Diluted net loss per share is computed by dividing net loss by the weighted average number of common shares outstanding plus any weighted common equivalent shares determined to be outstanding during the period using the treasury method. The weighted common equivalent shares included in the calculation are related to stock options granted by Avalon where the weighted average market price of Avalon’s common stock for the period presented is greater than the option exercise price of the stock option. For the three and six month periods ended June 30, 2015 and 2014, the diluted per share amount is equal to the basic per share amount because Avalon was in a net loss position and as a result, such dilution would be considered anti-dilutive. However, assuming dilution, the diluted weighted average number of common shares outstanding for the three and six months ended June 30, 2015 was 3,890,065 and 3,893,413, respectively. For the three and six months ended June 30, 2014, the diluted weighted average number of common shares outstanding was 4,119,961 and 4,159,972, respectively, assuming dilution. |
Note 5 - Credit Facility
Note 5 - Credit Facility | 6 Months Ended |
Jun. 30, 2015 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | Note 5. Credit Facility On May 21, 2015 Avalon and certain wholly owned subsidiaries entered into a line of credit agreement (the “Agreement”) with The Home Savings and Loan Company of Youngstown, Ohio expiring on June 30, 2016. The Agreement provides for a line of credit of up to $9 million. Borrowings under the line of credit agreement are secured by all business assets of the Company including accounts receivable, inventory, equipment and certain real property as defined in the Agreement. Interest on outstanding borrowings accrue at Prime Rate plus .25%. The line of credit agreement contains certain financial and other covenants, customary representations, warranties and events of defaults. Avalon was in compliance with the debt covenants at June 30, 2015. At June 30, 2015, the outstanding borrowings under the line of credit agreement were $6.6 million. As of June 30, 2015, the Company has $2.4 million available under the line of credit agreement. During the three and six months ended June 30, 2015, the weighted average interest rate on outstanding borrowings under the line of credit agreement was 3.11% and 2.99%, respectively. At June 30, 2015, the interest rate was 3.50%. Total unamortized debt issuance costs incurred in connection with the Agreement were $22,000 at June 30, 2015. Borrowings of $5.0 million under the Agreement were utilized to repay the total amount outstanding under the line of credit agreement with The Huntington National Bank. The line of credit agreement with Huntington National Bank was terminated in conjunction with the repayment. At June 30, 2014, there were no borrowings under the line of credit agreement. In accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 835-20, Capitalization of Interest |
Note 6 - Income Taxes
Note 6 - Income Taxes | 6 Months Ended |
Jun. 30, 2015 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 6. Income Taxes Avalon recorded a net loss of $5,000 and $88,000 in the second quarter of 2015 and 2014, respectively. During the six month periods ended June 30, 2015 and 2014, Avalon recorded a net loss of $1,045,000 and $787,000, respectively. Avalon recorded a state income tax provision in both the three and six month periods ended June 30, 2015 and 2014, which was related entirely to the waste management and brokerage operations. Excluding the effect of this state tax provision, Avalon’s overall effective tax rate was 0% in the three and six month periods ended June 30, 2015 and 2014. The overall effective tax rate is different than statutory rates primarily due to a change in the valuation allowance. Avalon’s income tax benefit on the loss before taxes was offset by an increase in the valuation allowance. A valuation allowance is provided when it is more likely than not that deferred tax assets relating to certain federal and state loss carryforwards will not be realized. Avalon continues to maintain a valuation allowance against the majority of its deferred tax amounts until it is evident that the deferred tax asset will be utilized in the future. |
Note 7 - Long-term Incentive Pl
Note 7 - Long-term Incentive Plan | 6 Months Ended |
Jun. 30, 2015 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | Note 7. Long-term Incentive Plan The purpose of the Avalon Holdings Corporation 2009 Long-term Incentive Plan (the “Plan”) is (a) to improve individual employee performance by providing long-term incentives and rewards to employees of Avalon, (b) to assist Avalon in attracting, retaining and motivating employees and non-employee directors with experience and ability, and (c) to associate the interests of such employees and directors with those of the Avalon shareholders. Under the Plan, 1,300,000 shares have been reserved for the issuance of stock options. At June 30, 2015 there were 760,000 options outstanding. The stock options, vest ratably over a five year period and have a contractual term of ten years from the date of grant. At the end of each contractual vesting period, the share price of the Avalon common stock, traded on a public stock exchange (NYSE Amex), must reach a predetermined price within three years following such contractual vesting period before the stock options are exercisable (See table below). If the Avalon common stock price does not reach the predetermined price, the stock options will either be cancelled or the period will be extended at the discretion of the Board of Directors. The following information is a summary of the stock option activity: Weighted Weighted Number of Average Average Options Exercise Fair Value at Granted Price Grant Date Outstanding at January 1, 2015 760,000 2.63 1.09 Options granted - - - Options exercised - - - Options cancelled or forfeited - - - Outstanding at June 30, 2015 760,000 $ 2.63 $ 1.09 Options Vested 704,000 Exercisable at June 30, 2015 304,000 The stock options vest and become exercisable based upon achieving two critical metrics as follows: 1) Contract Vesting Term: The stock options vest ratably over a five year period. 2) The Avalon common stock price traded on a public stock exchange (NYSE Amex) must reach the predetermined vesting price within three years after the options become vested under the Contract Vesting Term. The table below represents the period and predetermined stock price needed for vesting. Begins Ends Predetermined Vesting Vesting Vesting Price Block 1 12 months after Grant Dates 48 months after Grant Dates $ 3.43 Block 2 24 months after Grant Dates 60 months after Grant Dates $ 4.69 Block 3 36 months after Grant Dates 72 months after Grant Dates $ 6.43 Block 4 48 months after Grant Dates 84 months after Grant Dates $ 8.81 Block 5 60 months after Grant Dates 96 months after Grant Dates $ 12.07 Compensation cost was approximately $13,000 and $20,000 for the three months ended June 30, 2015 and 2014, respectively, and $31,000 and $41,000 for the six months ended June 30, 2015 and 2014, respectively, based upon the estimated fair value calculation. As of June 30, 2015, there was approximately $65,000 of total unrecognized compensation costs related to non-vested share-based compensation arrangements granted under the Plan. That cost is expected to be recognized over a weighted-average period of 1.01 years. |
Note 8 - Legal Matters
Note 8 - Legal Matters | 6 Months Ended |
Jun. 30, 2015 | |
Notes to Financial Statements | |
Legal Matters and Contingencies [Text Block] | Note 8. Legal Matters In the ordinary course of conducting its business, Avalon becomes involved in lawsuits, administrative proceedings and governmental investigations, including those related to environmental matters. Some of these proceedings may result in fines, penalties or judgments being assessed against Avalon which, from time to time, may have an impact on its business and financial condition. Although the outcome of such lawsuits or other proceedings cannot be predicted with certainty, Avalon does not believe that any uninsured ultimate liabilities, fines or penalties resulting from such pending proceedings, individually or in the aggregate, will have a material adverse effect on its liquidity, financial position or results of operations. |
Note 9 - Business Segment Infor
Note 9 - Business Segment Information | 6 Months Ended |
Jun. 30, 2015 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | Note 9. Business Segment Information Avalon’s reportable segments include waste management services and golf and related operations. In determining the segment information, Avalon considered its operating and management structure and the types of information subject to regular review by its “chief operating decision maker.” Using the criteria of ASC 280 Segment Reporting Avalon’s primary business segment, the waste management services segment, provides hazardous and nonhazardous brokerage and management services to industrial, commercial, municipal and governmental customers, captive landfill management for an industrial customer, construction mats and salt water injection well operations . The golf and related operations segment includes the operations of golf courses, country clubs and related facilities, a hotel and travel agency. Revenue for the golf and related operations segment consists primarily of membership dues, greens fees, cart rentals, room rentals, merchandise sales, tennis, spa services and food and beverage sales. Revenue related to membership dues are recognized proportionately over twelve months. The unrecognized or deferred revenues relating to membership dues at June 30, 2015 and December 31, 2014 were $3.2 million and $2.3 million, respectively. Avalon does not have significant operations located outside the United States and, accordingly, geographical segment information is not presented. For the six months ended June 30, 2015, no one customer accounted for 10% of Avalon’s consolidated net operating revenue. For the six months ended June 30, 2014, one customer accounted for approximately 8.5% of Avalon’s consolidated net operating revenues and 11.3% of the waste management service segment’s net operating revenues. The accounting policies of the segments are consistent with those described for the consolidated financial statements in the summary of significant accounting policies. Avalon measures segment profit for internal reporting purposes as income (loss) before taxes. Business segment information including the reconciliation of segment income before taxes to income (loss) before taxes is as follows (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 Net operating revenues from: Waste management services: External customer revenues $ 9,772 $ 9,346 $ 18,142 $ 17,176 Intersegment revenues - - - - Total waste management services 9,772 9,346 18,142 17,176 Golf and related operations: External customer revenues 4,183 3,670 6,513 5,823 Intersegment revenues 11 14 37 33 Total golf and related operations 4,194 3,684 6,550 5,856 Segment operating revenues 13,966 13,030 24,692 23,032 Intersegment eliminations (11 ) (14 ) (37 ) (33 ) Total net operating revenues $ 13,955 $ 13,016 $ 24,655 $ 22,999 Income (loss) before income taxes: Waste management services $ 432 $ 682 $ 611 $ 1,190 Golf and related operations 147 (155 ) (454 ) (653 ) Segment income before taxes 579 527 157 537 Corporate interest expense (2 ) - (3 ) - Corporate other income, net 8 9 17 17 General corporate expenses (705 ) (652 ) (1,503 ) (1,362 ) Loss before income taxes $ (120 ) $ (116 ) $ (1,332 ) $ (808 ) June 30, December 31, 2015 2014 Identifiable assets: Waste management services $ 20,982 $ 19,381 Golf and related operations 42,165 36,449 Corporate 46,679 44,613 Subtotal 109,826 100,443 Elimination of intersegment receivables (48,443 ) (42,599 ) Total $ 61,383 $ 57,844 In comparing the identifiable assets at June 30, 2015 with those at December 31, 2014, the increase in identifiable assets of the waste management services segment of $1.6 million is primarily due to an increase in intersegment transactions, which are eliminated in consolidation and to a lesser extent an increase in trade accounts receivable. The increase in identifiable assets of the golf and related operations segment of $5.7 million is primarily due to the renovation and expansion of The Avalon Inn. The increase in corporate identifiable assets is primarily due to an increase in intersegment transactions partially offset by a decrease in cash and cash equivalents as a result of monies expended for the construction on The Avalon Inn. |
Note 10 - Certain Relationships
Note 10 - Certain Relationships and Related Transactions | 6 Months Ended |
Jun. 30, 2015 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | Note 10 . Certain Relationships and Related Transactions In August 2013, Avalon created a new Ohio limited liability company, AWMS Holdings, LLC, to act as a holding company to form and own a series of wholly owned subsidiaries that will own and operate salt water injection wells and facilities (together the “facilities”). AWMS Holdings, LLC, offers investment opportunities to accredited investors by selling membership units of AWMS Holdings, LLC through private placement offerings. The monies received from these offerings, along with internally contributed capital, are used to construct the facilities necessary for the operation of salt water injection wells. AWMS Water Solutions, LLC (formerly American Water Management Services, LLC), a wholly owned subsidiary of Avalon, manages all the salt water injection well operations, including the marketing and sales function and all decisions regarding the well operations for a percentage of the gross revenues. As a result of the private placement offering, Avalon is not the majority owner of AWMS Holdings, LLC; however, due to the managerial control of AWMS Water Solutions, LLC, the financial statements of AWMS Holdings, LLC and subsidiaries are included in Avalon’s consolidated financial statements. At June 30, 2015, Avalon owned approximately 47% of AWMS Holdings, LLC. Management and outside directors of Avalon, who qualified as accredited investors, invested approximately $1.0 million in AWMS Holdings, LLC. |
Note 3 - Acquisition (Tables)
Note 3 - Acquisition (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Assets acquired: Property and equipment $ 3,388 Liabilities assumed: Deferred rental income 266 Total consideration $ 3,122 |
Note 7 - Long-term Incentive 17
Note 7 - Long-term Incentive Plan (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Notes Tables | |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | Weighted Weighted Number of Average Average Options Exercise Fair Value at Granted Price Grant Date Outstanding at January 1, 2015 760,000 2.63 1.09 Options granted - - - Options exercised - - - Options cancelled or forfeited - - - Outstanding at June 30, 2015 760,000 $ 2.63 $ 1.09 Options Vested 704,000 Exercisable at June 30, 2015 304,000 |
Schedule Of Period And Predetermined Stock Price Needed For Vesting [Table Text Block] | Begins Ends Predetermined Vesting Vesting Vesting Price Block 1 12 months after Grant Dates 48 months after Grant Dates $ 3.43 Block 2 24 months after Grant Dates 60 months after Grant Dates $ 4.69 Block 3 36 months after Grant Dates 72 months after Grant Dates $ 6.43 Block 4 48 months after Grant Dates 84 months after Grant Dates $ 8.81 Block 5 60 months after Grant Dates 96 months after Grant Dates $ 12.07 |
Note 9 - Business Segment Inf18
Note 9 - Business Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Income (loss) before income taxes: Waste management services $ 432 $ 682 $ 611 $ 1,190 Golf and related operations 147 (155 ) (454 ) (653 ) Segment income before taxes 579 527 157 537 Corporate interest expense (2 ) - (3 ) - Corporate other income, net 8 9 17 17 General corporate expenses (705 ) (652 ) (1,503 ) (1,362 ) Loss before income taxes $ (120 ) $ (116 ) $ (1,332 ) $ (808 ) Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 Net operating revenues from: Waste management services: External customer revenues $ 9,772 $ 9,346 $ 18,142 $ 17,176 Intersegment revenues - - - - Total waste management services 9,772 9,346 18,142 17,176 Golf and related operations: External customer revenues 4,183 3,670 6,513 5,823 Intersegment revenues 11 14 37 33 Total golf and related operations 4,194 3,684 6,550 5,856 Segment operating revenues 13,966 13,030 24,692 23,032 Intersegment eliminations (11 ) (14 ) (37 ) (33 ) Total net operating revenues $ 13,955 $ 13,016 $ 24,655 $ 22,999 |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | June 30, December 31, 2015 2014 Identifiable assets: Waste management services $ 20,982 $ 19,381 Golf and related operations 42,165 36,449 Corporate 46,679 44,613 Subtotal 109,826 100,443 Elimination of intersegment receivables (48,443 ) (42,599 ) Total $ 61,383 $ 57,844 |
Note 3 - Acquisition (Details T
Note 3 - Acquisition (Details Textual) - Acquisition of The Magnuson Grand Hotel [Member] - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended |
Aug. 31, 2014 | Jun. 30, 2015 | Jun. 30, 2015 | |
Proceeds From Line Of Credit [Member] | |||
Payments to Acquire Businesses, Gross | $ 2,900 | ||
Cash on Hand [Member] | |||
Business Combination, Consideration Transferred | 200 | ||
Reclassified From Other Intangible Assets [Member] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | $ 800 | $ 800 | |
Business Combination, Consideration Transferred | 3,122 | ||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | 500 | 700 | |
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | $ (100) | $ (300) | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | $ 3,388 |
Note 3 - Preliminary Allocation
Note 3 - Preliminary Allocation of Purchase Price (Details) - Aug. 31, 2014 - Acquisition of The Magnuson Grand Hotel [Member] - Scenario, Unspecified [Domain] - USD ($) $ in Thousands | Total |
Property and equipment | $ 3,388 |
Liabilities assumed: | |
Deferred rental income | 266 |
Business Combination, Consideration Transferred | $ 3,122 |
Note 4 - Net Loss per Share (De
Note 4 - Net Loss per Share (Details Textual) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Weighted Average Number of Shares Issued, Basic | 3,803,331 | 3,803,331 | 3,803,331 | 3,803,331 |
Weighted Average Number of Shares Outstanding, Diluted | 3,890,065 | 4,119,961 | 3,893,413 | 4,159,972 |
Note 5 - Credit Facility (Detai
Note 5 - Credit Facility (Details Textual) - USD ($) | May. 21, 2015 | Jun. 30, 2015 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 |
The Home Savings and Loan Company [Member] | Line of Credit [Member] | Prime Rate [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 0.25% | ||||
The Home Savings and Loan Company [Member] | Line of Credit [Member] | |||||
Debt Instrument, Interest Rate During Period | 3.11% | 2.99% | |||
Debt Instrument, Interest Rate, Effective Percentage | 3.50% | 3.50% | |||
The Home Savings and Loan Company [Member] | |||||
Long-term Line of Credit, Noncurrent | $ 6,600,000 | $ 6,600,000 | $ 0 | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 9,000,000 | ||||
Line of Credit Facility, Remaining Borrowing Capacity | 2,400,000 | 2,400,000 | |||
Deferred Finance Costs, Net | 22,000 | 22,000 | |||
Huntington National Bank [Member] | |||||
Repayments of Lines of Credit | 5,000,000 | ||||
Long-term Line of Credit, Noncurrent | 6,600,000 | 6,600,000 | $ 3,800,000 | ||
Repayments of Lines of Credit | 5,000,000 | ||||
Interest Costs Capitalized | $ 44,000 | $ 77,000 |
Note 6 - Income Taxes (Details
Note 6 - Income Taxes (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Effective Income Tax Rate Reconciliation, Percent | 0.00% | 0.00% | 0.00% | 0.00% |
Net Income (Loss) Attributable to Parent | $ (5,000) | $ (88,000) | $ (1,045,000) | $ (787,000) |
Note 7 - Long-term Incentive 24
Note 7 - Long-term Incentive Plan (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Avalon Holdings Corporation2009 Long Term Incentive Plan Member | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 1,300,000 | 1,300,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 760,000 | 760,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | ||||
Number Of Years After Options Vested, Stock Price Reach Predetermined Vesting Price | 3 years | ||||
Allocated Share-based Compensation Expense | $ 13,000 | $ 20,000 | $ 31,000 | $ 41,000 | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 65,000 | $ 65,000 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 3 days | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 760,000 | 760,000 | 760,000 |
Note 7 - Stock Option Activity
Note 7 - Stock Option Activity (Details) - $ / shares | 6 Months Ended | |
Jun. 30, 2015 | Dec. 31, 2014 | |
Outstanding at January 1, 2015 (in shares) | 760,000 | |
Outstanding at January 1, 2015 (in dollars per share) | $ 2.63 | $ 2.63 |
Outstanding at January 1, 2015 (in dollars per share) | $ 1.09 | $ 1.09 |
Options Vested (in shares) | 704,000 | |
Exercisable at June 30, 2015 (in shares) | 304,000 |
Note 7 - Period and Predetermin
Note 7 - Period and Predetermined Stock Price Needed for Vesting (Details) - Jun. 30, 2015 - $ / shares | Total |
Share-based Compensation Award, Tranche One [Member] | |
Block 1 | 12 months after Grant Dates |
Block 1 | 48 months after Grant Dates |
Block 1 (in dollars per share) | $ 3.43 |
Share-based Compensation Award, Tranche Two [Member] | |
Block 1 | 24 months after Grant Dates |
Block 1 | 60 months after Grant Dates |
Block 1 (in dollars per share) | $ 4.69 |
Share-based Compensation Award, Tranche Three [Member] | |
Block 1 | 36 months after Grant Dates |
Block 1 | 72 months after Grant Dates |
Block 1 (in dollars per share) | $ 6.43 |
Share-Based Compensation Award Tranche Four [Member] | |
Block 1 | 48 months after Grant Dates |
Block 1 | 84 months after Grant Dates |
Block 1 (in dollars per share) | $ 8.81 |
Share-Based Compensation Award Tranche Five [Member] | |
Block 1 | 60 months after Grant Dates |
Block 1 | 96 months after Grant Dates |
Block 1 (in dollars per share) | $ 12.07 |
Note 9 - Business Segment Inf27
Note 9 - Business Segment Information (Details Textual) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Golf And Related Operations [Member] | |||
Deferred Revenue, Current | $ 3,200 | $ 2,300 | |
Increase (Decrease) in Operating Assets | 5,700 | ||
Waste Management Services [Member] | Sales Revenue, Segment [Member] | Customer Concentration Risk [Member] | One Customer Member | |||
Concentration Risk, Percentage | 11.30% | ||
Waste Management Services [Member] | |||
Increase (Decrease) in Operating Assets | 1,600 | ||
Sales Revenue, Segment [Member] | Customer Concentration Risk [Member] | One Customer Member | |||
Concentration Risk, Percentage | 8.50% | ||
Deferred Revenue, Current | $ 3,152 | $ 2,256 |
Note 9 - Segment Reporting Info
Note 9 - Segment Reporting Information - Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Waste Management Services [Member] | Intersegment Eliminations [Member] | ||||
Revenues | ||||
Waste Management Services [Member] | Operating Segments [Member] | ||||
Revenues | $ 9,772 | $ 9,346 | $ 18,142 | $ 17,176 |
Waste Management Services [Member] | ||||
Revenues | 9,772 | 9,346 | 18,142 | 17,176 |
Income (loss) before income taxes | 432 | 682 | 611 | 1,190 |
Golf And Related Operations [Member] | Intersegment Eliminations [Member] | ||||
Revenues | 11 | 14 | 37 | 33 |
Golf And Related Operations [Member] | Operating Segments [Member] | ||||
Revenues | 4,194 | 3,684 | 6,550 | 5,856 |
Golf And Related Operations [Member] | ||||
Revenues | 4,183 | 3,670 | 6,513 | 5,823 |
Income (loss) before income taxes | 147 | $ (155) | (454) | $ (653) |
Corporate Segment [Member] | ||||
Corporate interest expense | (2) | (3) | ||
Corporate other income, net | 8 | $ 9 | 17 | $ 17 |
General corporate expenses | (705) | (652) | (1,503) | (1,362) |
Intersegment Eliminations [Member] | ||||
Revenues | (11) | (14) | (37) | (33) |
Operating Segments [Member] | ||||
Revenues | 13,966 | 13,030 | 24,692 | 23,032 |
Income (loss) before income taxes | 579 | 527 | 157 | 537 |
Revenues | 13,955 | 13,016 | 24,655 | 22,999 |
Income (loss) before income taxes | (120) | (116) | (1,332) | (808) |
Corporate interest expense | (7) | (5) | (12) | (10) |
Corporate other income, net | $ 101 | $ 90 | $ 173 | $ 162 |
Note 9 - Segment Reporting In29
Note 9 - Segment Reporting Information - Identifiable Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Operating Segments [Member] | Waste Management Services [Member] | ||
Identifiable assets | $ 20,982 | $ 19,381 |
Operating Segments [Member] | Golf And Related Operations [Member] | ||
Identifiable assets | 42,165 | 36,449 |
Operating Segments [Member] | Corporate Segment [Member] | ||
Identifiable assets | 46,679 | 44,613 |
Operating Segments [Member] | ||
Identifiable assets | 109,826 | 100,443 |
Intersegment Eliminations [Member] | ||
Identifiable assets | (48,443) | (42,599) |
Identifiable assets | $ 61,383 | $ 57,844 |
Note 10 - Certain Relationshi30
Note 10 - Certain Relationships and Related Transactions (Details Textual) - Jun. 30, 2015 - USD ($) $ in Millions | Total |
AWMS Holdings LLC [Member] | |
Equity Method Investment, Ownership Percentage | 47.00% |
Management and Accredited Investors [Member] | Investment in Subsidiary [Member] | |
Related Party Transaction, Amounts of Transaction | $ 1 |