AVALON HOLDINGS CORPORATION ANNOUNCES THIRD QUARTER RESULTS

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

Net operating revenues in the third quarter of 2024 were $24.2 million compared with $24.0 million in the third quarter of 2023. The Company recorded net income attributable to Avalon Holdings Corporation common shareholders of $1.8 million in the third quarter of 2024 compared with net income attributable to Avalon Holdings Corporation common shareholders of $0.9 million in the third quarter of 2023. For the third quarter of 2024, basic net income per share attributable to Avalon Holdings Corporation common shareholders was $0.47 compared with basic net income per share attributable to Avalon Holdings Corporation common shareholders of $0.23 in the third quarter of 2023.

For the first nine months of 2024, net operating revenues were $66.2 million compared with $63.2 million for the first nine months of 2023. The Company recorded a net income attributable to Avalon Holdings Corporation common shareholders of approximately $1.8 million in the first nine months of 2024 compared with net loss attributable to Avalon Holdings Corporation common shareholders of $0.9 million in the first nine months of 2023. For the first nine months of 2024, basic net income per share attributable to Avalon Holdings Corporation common shareholders was $0.47 compared with basic net loss per share attributable to Avalon Holdings Corporation common shareholders of $0.24 in the first nine 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


Nine Months Ended 


September 30,


September 30,


2024


2023


2024


2023









Net operating revenues:








Waste management services

$          11,461


$          11,744


$          36,151


$          34,694









Food, beverage and merchandise sales

4,615


4,609


10,622


10,577

Other golf and related operations

8,159


7,576


19,377


17,907

Total golf and related operations

12,774


12,185


29,999


28,484









Total net operating revenues

24,235


23,929


66,150


63,178









Costs and expenses:








Waste management services operating costs

8,949


9,262


28,372


27,866

Cost of food, beverage and merchandise

2,010


1,984


4,717


4,818

Golf and related operations operating costs

7,308


7,519


18,925


19,342

Depreciation and amortization expense

975


963


2,957


2,858

Selling, general and administrative expenses

2,719


2,815


7,970


7,846

Operating income 

2,274


1,386


3,209


448









Other income (expense):








Interest expense, net

(502)


(519)


(1,531)


(1,530)

Other income, net



7


Income (loss) before income taxes

1,772


867


1,685


(1,082)









Provision for income taxes

42


39


126


93

Net income (loss)

1,730


828


1,559


(1,175)









Less net loss attributable to non-controlling interest in subsidiary

(110)


(57)


(256)


(231)

Net income (loss) attributable to Avalon Holdings Corporation common shareholders

$            1,840


$               885


$            1,815


$             (944)









Income (loss) per share attributable to Avalon Holdings Corporation common shareholders:








Basic and diluted net income (loss) per share

$              0.47


$              0.23


$              0.47


$            (0.24)









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)










September 30,


December 31,


2024


2023

Assets




Current Assets:




Cash and cash equivalents

$               3,946


$               1,187

Accounts receivable, net

10,003


9,499

Unbilled membership dues receivable

845


567

Inventories

1,713


1,662

Prepaid expenses

680


1,116

Other current assets

15


14

Total current assets

17,202


14,045





Property and equipment, net

55,792


56,630

Property and equipment under finance leases, net

5,523


5,711

Operating lease right-of-use assets

1,418


1,270

Restricted cash

9,141


10,265

Noncurrent deferred tax asset

8


8

Other assets, net

34


36

Total assets

$             89,118


$             87,965





Liabilities and Equity




Current liabilities:




Current portion of long term debt

$                  565


$                  538

Current portion of obligations under finance leases

189


198

Current portion of obligations under operating leases

340


432

Accounts payable

7,680


9,657

Accrued payroll and other compensation

1,750


1,277

Accrued taxes

560


539

Deferred membership dues revenue

4,671


3,443

Other liabilities and accrued expenses

1,899


1,825

Total current liabilities

17,654


17,909





Long term debt, net of current portion

28,793


29,220

Line of credit

3,200


3,200

Obligations under finance leases, net of current portion

634


598

Obligations under operating leases, net of current portion

1,078


838

Asset retirement obligation

100


100





Equity:




Total Avalon Holdings Corporation Shareholders’ Equity

38,531


36,716

Non-controlling interest in subsidiary

(872)


(616)

Total shareholders’ equity

37,659


36,100

Total liabilities and equity

$             89,118


$             87,965

 

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SOURCE Avalon Holdings Corporation

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