WARREN, Ohio, Nov. 12, 2021 /PRNewswire/ -- Avalon Holdings Corporation (NYSE Amex: AWX) today announced financial results for the third quarter of 2021.

Net operating revenues in the third quarter of 2021 were $21.3 million compared with $16.6 million in the third quarter of 2020.  The Company recorded net income attributable to Avalon Holdings Corporation common shareholders of $1.0 million in the third quarter of 2021 compared with net income attributable to Avalon Holdings Corporation common shareholders of $0.8 million in the third quarter of 2020.  For the third quarter of 2021, basic net income per share attributable to Avalon Holdings Corporation common shareholders was $0.25 compared with basic net income per share attributable to Avalon Holdings Corporation common shareholders of $0.20 in the third quarter of 2020.

For the first nine months of 2021, net operating revenues were $52.8 million compared with $44.1 million for the first nine months of 2020.  The Company recorded net income attributable to Avalon Holdings Corporation common shareholders of $2.4 million in the first nine months of 2021 compared with a net loss attributable to Avalon Holdings Corporation common shareholders of $0.5 million in the first nine months of 2020.  For the first nine months of 2021, basic net income per share attributable to Avalon Holdings Corporation common shareholders was $0.63 compared with a basic net loss per share attributable to Avalon Holdings Corporation common shareholders of $0.12 in the first nine months of 2020.

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,


2021


2020


2021


2020









Net operating revenues:








Waste management services

$          11,444


$            9,326


$          31,279


$          29,547









Food, beverage and merchandise sales

3,984


2,851


8,608


5,247

Other golf and related operations

5,873


4,448


12,917


9,301

Total golf and related operations

9,857


7,299


21,525


14,548









Total net operating revenues

21,301


16,625


52,804


44,095









Costs and expenses:








Waste management services operating costs

9,385


7,393


25,055


23,473

Cost of food, beverage and merchandise

1,657


1,092


3,598


2,184

Golf and related operations operating costs

5,692


4,270


13,356


9,777

Depreciation and amortization expense

777


741


2,308


2,152

Selling, general and administrative expenses

2,743


2,110


7,559


6,269

Operating income

1,047


1,019


928


240









Other income (expense):








Interest expense

(290)


(302)


(878)


(913)

Gain on debt extinguishment

-


-


1,964


-

Other income, net

85


83


298


264

Income (loss) before income taxes

842


800


2,312


(409)









Provision for income taxes

27


27


85


95

Net income (loss)

815


773


2,227


(504)









Less net loss attributable to non-controlling interest in subsidiaries

(168)


(8)


(214)


(37)

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

$               983


$               781


$            2,441


$              (467)









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








Basic net income (loss) per share

$              0.25


$              0.20


$              0.63


$             (0.12)

Diluted net income (loss) per share

$              0.25


$              0.20


$              0.62


$             (0.12)









Weighted average shares outstanding - basic 

3,899


3,875


3,899


3,875

Weighted average shares outstanding - diluted

3,931


3,875


3,935


3,875

 

AVALON HOLDINGS CORPORATION AND SUBSIDIARIES

Condensed Consolidated Balance Sheets (Unaudited)

(in thousands)










September 30,


December 31,


2021


2020

Assets




Current Assets:




Cash and cash equivalents

$              4,106


$              4,210

Accounts receivable, net

9,919


8,744

Unbilled membership dues receivable

839


585

Inventories

1,154


910

Prepaid expenses

751


730

Other current assets

66


80

Total current assets

16,835


15,259





Property and equipment, net

52,625


51,299

Property and equipment under finance leases, net

5,644


5,735

Operating lease right-of-use assets

1,354


1,728

Restricted cash

2,092


3,885

Noncurrent deferred tax asset

8


8

Other assets, net

36


36

Total assets

$             78,594


$             77,950





Liabilities and Equity




Current liabilities:




Current portion of long term debt

$              1,111


$              1,594

Current portion of obligations under finance leases

178


333

Current portion of obligations under operating leases

540


529

Accounts payable

8,973


9,097

Accrued payroll and other compensation

1,226


809

Accrued income taxes

97


43

Other accrued taxes

428


461

Deferred membership dues revenue

4,422


3,196

Other liabilities and accrued expenses

1,042


1,121

Total current liabilities

18,017


17,183





Long term debt, net of current portion

19,663


21,941

Obligations under finance leases, net of current portion

444


560

Obligations under operating leases, net of current portion

814


1,199

Asset retirement obligation

100


100





Equity:




Total Avalon Holdings Corporation Shareholders' Equity

39,538


37,093

Non-controlling interest in subsidiaries

18


(126)

Total shareholders' equity

39,556


36,967

Total liabilities and equity

$             78,594


$             77,950

 

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SOURCE Avalon Holdings Corporation

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