WARREN, Ohio, March 10, 2022 /PRNewswire/ -- Avalon Holdings Corporation (NYSE Amex:AWX) today announced financial results for the fourth quarter and fiscal year ended December 31, 2021.         

Net operating revenues in the fourth quarter of 2021 were $17.6 million compared with $14.6 million in the fourth quarter of 2020.  The Company recorded a net loss attributable to Avalon Holdings Corporation common shareholders of $0.5 million in the fourth quarter of 2021 compared with net income attributable to Avalon Holdings Corporation common shareholders of $0.5 million in the fourth quarter of 2020. For the fourth quarter of 2021, basic net loss per share attributable to Avalon Holdings Corporation common shareholders was $0.12 compared with basic net income per share attributable to Avalon Holdings Corporation common shareholders of $0.12 in the fourth quarter of 2020.

For the year ended December 31, 2021, net operating revenues were $70.4 million compared with $58.7 million for the year ended December 31, 2020. The Company recorded net income attributable to Avalon Holdings Corporation common shareholders of $2.0 million for the year ended December 31, 2021 compared with net income attributable to Avalon Holdings Corporation common shareholders of less than $0.1 million for the year ended December 31, 2020. For the year ended December 31, 2021, basic net income per share attributable to Avalon Holdings Corporation common shareholders was $0.51 compared with basic net income per share attributable to Avalon Holdings Corporation common shareholders of $0.00 for year ended December 31, 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


Year Ended


December 31,


December 31,


2021


2020


2021


2020









Net operating revenues:








Waste management services

$          11,431


$          10,824


$          42,710


$          40,371









Food, beverage and merchandise sales

2,437


1,169


11,045


6,416

Other golf and related operations

3,711


2,632


16,628


11,933

Total golf and related operations

6,148


3,801


27,673


18,349









Total net operating revenues

17,579


14,625


70,383


58,720









Costs and expenses:








Waste management services operating costs

9,204


8,185


34,259


31,658

Cost of food, beverage and merchandise

1,150


626


4,748


2,810

Golf and related operations operating costs

4,469


2,770


17,825


12,547

Depreciation and amortization expense

804


757


3,112


2,909

Selling, general and administrative expenses

2,319


2,403


9,878


8,672

Operating income (loss)

(367)


(116)


561


124









Other income (expense):








Interest expense

(280)


(297)


(1,158)


(1,210)

Gain on debt extinguishment

-


801


1,964


801

Other income, net

71


73


369


337

Income (loss) before income taxes

(576)


461


1,736


52









Provision for income taxes

4


3


89


98

Net income (loss)

(580)


458


1,647


(46)









Less net loss attributable to non-controlling interest in subsidiaries

(110)


(23)


(324)


(60)

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

$              (470)


$               481


$            1,971


$                 14









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








Basic net income (loss) per share

$             (0.12)


$              0.12


$              0.51


$              0.00

Diluted net income (loss) per share

$             (0.12)


$              0.12


$              0.50


$              0.00









Weighted average shares outstanding - basic

3,899


3,876


3,899


3,876

Weighted average shares outstanding - diluted

3,899


3,885


3,933


3,878









 

 

AVALON HOLDINGS CORPORATION AND SUBSIDIARIES

Condensed Consolidated Balance Sheets (Unaudited)

(in thousands)










December 31,


December 31,


2021


2020

Assets




Current Assets:




Cash and cash equivalents

$               3,254


$               4,210

Accounts receivable, net

9,933


8,744

Unbilled membership dues receivable

578


585

Inventories

1,105


910

Prepaid expenses

996


730

Other current assets

105


80

Total current assets

15,971


15,259





Property and equipment, net

53,338


51,299

Property and equipment under finance leases, net

5,390


5,735

Operating lease right-of-use assets

1,598


1,728

Restricted cash

1,696


3,885

Noncurrent deferred tax asset

8


8

Other assets, net

36


36

Total assets

$              78,037


$              77,950





Liabilities and Equity




Current liabilities:




Current portion of long term debt

$               1,126


$               1,594

Current portion of obligations under finance leases

167


333

Current portion of obligations under operating leases

534


529

Accounts payable

10,164


9,097

Accrued payroll and other compensation

797


809

Accrued income taxes

67


43

Other accrued taxes

541


461

Deferred membership dues revenue

3,363


3,196

Other liabilities and accrued expenses

1,265


1,121

Total current liabilities

18,024


17,183





Long term debt, net of current portion

19,376


21,941

Obligations under finance leases, net of current portion

496


560

Obligations under operating leases, net of current portion

1,064


1,199

Asset retirement obligation

100


100





Equity:




Total Avalon Holdings Corporation Shareholders' Equity

39,069


37,093

Non-controlling interest in subsidiaries

(92)


(126)

Total shareholders' equity

38,977


36,967

Total liabilities and equity

$              78,037


$              77,950









 

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SOURCE Avalon Holdings Corporation

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