AVALON HOLDINGS CORPORATION ANNOUNCES SECOND QUARTER RESULTS

WARREN, Ohio, Aug. 8, 2024 /PRNewswire/ -- Avalon Holdings Corporation (NYSE Amex: AWX) today announced financial results for the second quarter of 2024.

Net operating revenues in the second quarter of 2024 were $23.1 million compared with $20.8 million in the second quarter of 2023. The Company recorded net income attributable to Avalon Holdings Corporation common shareholders of $1.0 million in the second quarter of 2024 compared with a net loss attributable to Avalon Holdings Corporation common shareholders of $0.2 million in the second quarter of 2023. For the second quarter of 2024, basic net income per share attributable to Avalon Holdings Corporation common shareholders was $0.24 compared with basic net loss per share attributable to Avalon Holdings Corporation common shareholders of $0.04 in the second quarter of 2023.

For the first six months of 2024, net operating revenues were $41.9 million compared with $39.3 million for the first six months of 2023. The Company recorded a net loss attributable to Avalon Holdings Corporation common shareholders of approximately $25,000 in the first six months of 2024 compared with net loss attributable to Avalon Holdings Corporation common shareholders of $1.8 million in the first six months of 2023. For the first six months of 2024, basic net loss per share attributable to Avalon Holdings Corporation common shareholders was $0.01 compared with basic net loss per share attributable to Avalon Holdings Corporation common shareholders of $0.47 in the first six months of 2023.

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				Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023
Net operating revenues:
Waste management services	$          12,220		$          10,298		$          24,690		$          22,950
Food, beverage and merchandise sales	3,996		3,995		6,007		5,968
Other golf and related operations	6,841		6,533		11,218		10,363
Total golf and related operations	10,837		10,528		17,225		16,331
Total net operating revenues	23,057		20,826		41,915		39,281
Costs and expenses:
Waste management services operating costs	9,527		8,224		19,424		18,604
Cost of food, beverage and merchandise	1,682		1,811		2,707		2,834
Golf and related operations operating costs	6,744		6,987		11,617		11,823
Depreciation and amortization expense	1,002		955		1,982		1,895
Selling, general and administrative expenses	2,654		2,501		5,251		5,030
Operating income (loss)	1,448		348		934		(905)
Other income (expense):
Interest expense	(521)		(529)		(1,028)		(1,044)
Other income, net	-		-		7		-
Income (loss) before income taxes	927		(181)		(87)		(1,949)
Provision for income taxes	44		23		84		54
Net income (loss)	883		(204)		(171)		(2,003)
Less net loss attributable to non-controlling interest in subsidiary	(71)		(52)		(146)		(174)
Net income (loss) attributable to Avalon Holdings Corporation common shareholders	$               954		$             (152)		$               (25)		$           (1,829)
Income (loss) per share attributable to Avalon Holdings Corporation common shareholders:
Basic and diluted net income (loss) per share	$              0.24		$            (0.04)		$            (0.01)		$            (0.47)
Weighted average shares outstanding - basic and diluted	3,899		3,899		3,899		3,899

 

 

AVALON HOLDINGS CORPORATION AND SUBSIDIARIES
Condensed Consolidated Balance Sheets (Unaudited)
(in thousands)
	June 30,		December 31,
	2024		2023
Assets
Current Assets:
Cash and cash equivalents	$               3,775		$               1,187
Accounts receivable, net	11,525		9,499
Unbilled membership dues receivable	1,110		567
Inventories	1,875		1,662
Prepaid expenses	881		1,116
Other current assets	15		14
Total current assets	19,181		14,045
Property and equipment, net	55,701		56,630
Property and equipment under finance leases, net	5,487		5,711
Operating lease right-of-use assets	1,096		1,270
Restricted cash	10,216		10,265
Noncurrent deferred tax asset	8		8
Other assets, net	36		36
Total assets	$             91,725		$             87,965
Liabilities and Equity
Current liabilities:
Current portion of long term debt	$                  556		$                  538
Current portion of obligations under finance leases	216		198
Current portion of obligations under operating leases	387		432
Accounts payable	11,026		9,657
Accrued payroll and other compensation	1,768		1,277
Accrued taxes	418		539
Deferred membership dues revenue	5,863		3,443
Other liabilities and accrued expenses	2,005		1,825
Total current liabilities	22,239		17,909
Long term debt, net of current portion	28,938		29,220
Line of credit	3,200		3,200
Obligations under finance leases, net of current portion	610		598
Obligations under operating leases, net of current portion	709		838
Asset retirement obligation	100		100
Equity:
Total Avalon Holdings Corporation Shareholders' Equity	36,691		36,716
Non-controlling interest in subsidiary	(762)		(616)
Total shareholders' equity	35,929		36,100
Total liabilities and equity	$             91,725		$             87,965

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SOURCE Avalon Holdings Corporation

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