AVALON HOLDINGS CORPORATION ANNOUNCES THIRD QUARTER RESULTS

WARREN, Ohio, Nov. 9, 2023 /PRNewswire/ -- Avalon Holdings Corporation (NYSE Amex: AWX) today announced financial results for the third quarter of 2023.

Net operating revenues in the third quarter of 2023 were $23.9 million compared with $25.7 million in the third quarter of 2022. The Company recorded net income attributable to Avalon Holdings Corporation common shareholders of $0.9 million in the third quarter of 2023 compared with net income attributable to Avalon Holdings Corporation common shareholders of $1.2 million in the third quarter of 2022. For the third quarter of 2023, basic net income per share attributable to Avalon Holdings Corporation common shareholders was $0.23 compared with basic net income per share attributable to Avalon Holdings Corporation common shareholders of $0.30 in the third quarter of 2022.

For the first nine months of 2023, net operating revenues were $62.9 million compared with $59.5 million for the first nine months of 2022. The Company recorded a net loss attributable to Avalon Holdings Corporation common shareholders of $0.9 million in the first nine months of 2023 compared with net income attributable to Avalon Holdings Corporation common shareholders of $0.4 million in the first nine months of 2022. For the first nine months of 2023, basic net loss per share attributable to Avalon Holdings Corporation common shareholders was $0.24 compared with basic net income per share attributable to Avalon Holdings Corporation common shareholders of $0.10 in the first nine months of 2022.

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				Nine Months Ended
	September 30,				September 30,
	2023		2022		2023		2022
Net operating revenues:
Waste management services	$          11,744		$          15,036		$          34,694		$          35,092
Food, beverage and merchandise sales	4,609		4,077		10,577		9,305
Other golf and related operations	7,550		6,600		17,627		15,147
Total golf and related operations	12,159		10,677		28,204		24,452
Total net operating revenues	23,903		25,713		62,898		59,544
Costs and expenses:
Waste management services operating costs	9,262		12,173		27,866		28,243
Cost of food, beverage and merchandise	1,984		1,721		4,818		3,994
Golf and related operations operating costs	7,519		6,511		19,342		16,297
Depreciation and amortization expense	963		882		2,858		2,553
Selling, general and administrative expenses	2,815		2,913		7,846		7,518
Operating income	1,360		1,513		168		939
Other income (expense):
Interest expense	(530)		(408)		(1,573)		(960)
Other income, net	37		22		323		205
Income (loss) before income taxes	867		1,127		(1,082)		184
Provision for income taxes	39		55		93		108
Net income (loss)	828		1,072		(1,175)		76
Less net loss attributable to non-controlling interest in subsidiary	(57)		(96)		(231)		(314)
Net income (loss) attributable to Avalon Holdings Corporation common shareholders	$               885		$            1,168		$             (944)		$               390
Income per share attributable to Avalon Holdings Corporation common shareholders:
Basic net income (loss) per share	$              0.23		$              0.30		$            (0.24)		$              0.10
Diluted net income (loss) per share	$              0.23		$              0.30		$            (0.24)		$              0.10
Weighted average shares outstanding - basic	3,899		3,899		3,899		3,899
Weighted average shares outstanding - diluted	3,899		3,919		3,899		3,922

 

AVALON HOLDINGS CORPORATION AND SUBSIDIARIES
Condensed Consolidated Balance Sheets (Unaudited)
(in thousands)
	September 30,		December 31,
	2023		2022
Assets
Current Assets:
Cash and cash equivalents	$                  673		$               1,624
Accounts receivable, net	11,603		11,127
Unbilled membership dues receivable	813		599
Inventories	1,716		1,461
Prepaid expenses	948		1,172
Other current assets	14		105
Total current assets	15,767		16,088
Property and equipment, net	56,912		56,805
Property and equipment under finance leases, net	5,490		5,001
Operating lease right-of-use assets	1,375		1,386
Restricted cash	10,462		10,426
Noncurrent deferred tax asset	8		8
Other assets, net	34		36
Total assets	$             90,048		$             89,750
Liabilities and Equity
Current liabilities:
Current portion of long term debt	$                  529		$                  503
Current portion of obligations under finance leases	139		115
Current portion of obligations under operating leases	446		424
Accounts payable	10,753		10,995
Accrued payroll and other compensation	1,327		989
Accrued income taxes	130		103
Other accrued taxes	452		540
Deferred membership dues revenue	4,618		3,643
Other liabilities and accrued expenses	1,710		1,544
Total current liabilities	20,104		18,856
Long term debt, net of current portion	29,353		29,758
Line of credit	2,200		1,550
Obligations under finance leases, net of current portion	393		381
Obligations under operating leases, net of current portion	929		962
Asset retirement obligation	100		100
Equity:
Total Avalon Holdings Corporation Shareholders' Equity	37,547		38,490
Non-controlling interest in subsidiary	(578)		(347)
Total shareholders' equity	36,969		38,143
Total liabilities and equity	$             90,048		$             89,750

 

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SOURCE Avalon Holdings Corporation

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