WARREN, Ohio, Nov. 10, 2022 /PRNewswire/ -- Avalon Holdings Corporation (NYSE Amex: AWX) today announced financial results for the third quarter of 2022.

Net operating revenues in the third quarter of 2022 were $25.7 million compared with $21.3 million in the third quarter of 2021. The Company recorded net income attributable to Avalon Holdings Corporation common shareholders of $1.2 million in the third quarter of 2022 compared with net income attributable to Avalon Holdings Corporation common shareholders of $1.0 million in the third quarter of 2021. For the third quarter of 2022, basic net income per share attributable to Avalon Holdings Corporation common shareholders was $0.30 compared with basic net income per share attributable to Avalon Holdings Corporation common shareholders of $0.25 in the third quarter of 2021.

For the first nine months of 2022, net operating revenues were $59.5 million compared with $52.8 million for the first nine months of 2021. The Company recorded net income attributable to Avalon Holdings Corporation common shareholders of $0.4 million in the first nine months of 2022 compared with net income attributable to Avalon Holdings Corporation common shareholders of $2.4 million in the first nine months of 2021. For the first nine months of 2022, basic net income per share attributable to Avalon Holdings Corporation common shareholders was $0.10 compared with basic net income per share attributable to Avalon Holdings Corporation common shareholders of $0.63 in the first nine months of 2021.

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,


2022


2021


2022


2021









Net operating revenues:








Waste management services

$          15,036


$          11,444


$          35,092


$          31,279









Food, beverage and merchandise sales

4,077


3,984


9,305


8,608

Other golf and related operations

6,600


5,873


15,147


12,917

Total golf and related operations

10,677


9,857


24,452


21,525









Total net operating revenues

25,713


21,301


59,544


52,804









Costs and expenses:








Waste management services operating costs

12,173


9,385


28,243


25,055

Cost of food, beverage and merchandise

1,721


1,657


3,994


3,598

Golf and related operations operating costs

6,511


5,692


16,297


13,356

Depreciation and amortization expense

882


777


2,553


2,308

Selling, general and administrative expenses

2,913


2,743


7,518


7,559

Operating income

1,513


1,047


939


928









Other income (expense):








Interest expense

(408)


(290)


(960)


(878)

Gain on debt extinguishment

-


-


-


1,964

Other income, net

22


85


205


298

Income before income taxes

1,127


842


184


2,312









Provision for income taxes

55


27


108


85

Net income 

1,072


815


76


2,227









Less net loss attributable to non-controlling interest in subsidiary

(96)


(168)


(314)


(214)

Net income attributable to Avalon Holdings Corporation common shareholders

$            1,168


$               983


$               390


$            2,441









Income per share attributable to Avalon Holdings Corporation common shareholders:








Basic net income per share

$              0.30


$              0.25


$              0.10


$              0.63

Diluted net income per share

$              0.30


$              0.25


$              0.10


$              0.62









Weighted average shares outstanding - basic 

3,899


3,899


3,899


3,899

Weighted average shares outstanding - diluted

3,919


3,931


3,922


3,935









 

AVALON HOLDINGS CORPORATION AND SUBSIDIARIES

Condensed Consolidated Balance Sheets (Unaudited)

(in thousands)










September 30,


December 31,


2022


2021

Assets




Current Assets:




Cash and cash equivalents

$              1,476


$              3,254

Accounts receivable, net

13,409


9,933

Unbilled membership dues receivable

878


578

Inventories

1,489


1,105

Prepaid expenses

1,058


996

Other current assets

90


105

Total current assets

18,400


15,971





Property and equipment, net

56,496


53,338

Property and equipment under finance leases, net

5,134


5,390

Operating lease right-of-use assets

1,191


1,598

Restricted cash

10,415


1,696

Noncurrent deferred tax asset

8


8

Other assets, net

36


36

Total assets

$             91,680


$             78,037





Liabilities and Equity




Current liabilities:




Current portion of long term debt

$                 494


$              1,126

Current portion of obligations under finance leases

130


167

Current portion of obligations under operating leases

478


534

Accounts payable

10,997


10,164

Accrued payroll and other compensation

1,504


797

Accrued income taxes

128


67

Other accrued taxes

423


541

Deferred membership dues revenue

4,649


3,363

Other liabilities and accrued expenses

1,628


1,265

Total current liabilities

20,431


18,024





Long term debt, net of current portion

29,887


19,376

Line of credit

950


-

Obligations under finance leases, net of current portion

401


496

Obligations under operating leases, net of current portion

713


1,064

Asset retirement obligation

100


100





Equity:




Total Avalon Holdings Corporation Shareholders' Equity

39,462


39,069

Non-controlling interest in subsidiary

(264)


(92)

Total shareholders' equity

39,198


38,977

Total liabilities and equity

$             91,680


$             78,037









 

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SOURCE Avalon Holdings Corporation

Copyright 2022 PR Newswire

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