WARREN, Ohio, March 23, 2023 /PRNewswire/ -- Avalon Holdings Corporation (NYSE Amex:AWX) today announced financial results for the fourth quarter and fiscal year ended December 31, 2022.

Net operating revenues in the fourth quarter of 2022 were $21.6 million compared with $17.6 million in the fourth quarter of 2021. The Company recorded a net loss attributable to Avalon Holdings Corporation common shareholders of $1.0 million in the fourth quarter of 2022 compared with a net loss attributable to Avalon Holdings Corporation common shareholders of $0.5 million in the fourth quarter of 2021. For the fourth quarter of 2022, basic net loss per share attributable to Avalon Holdings Corporation common shareholders was $0.25 compared with basic net loss per share attributable to Avalon Holdings Corporation common shareholders of $0.12 in the fourth quarter of 2021.

For the year ended December 31, 2022, net operating revenues were $81.2 million compared with $70.4 million for the year ended December 31, 2021. The Company recorded a net loss attributable to Avalon Holdings Corporation common shareholders of $0.6 million for the year ended December 31, 2022 compared with net income attributable to Avalon Holdings Corporation common shareholders of $2.0 million for the year ended December 31, 2021. For the year ended December 31, 2022, basic net loss per share attributable to Avalon Holdings Corporation common shareholders was $0.15 compared with basic net income per share attributable to Avalon Holdings Corporation common shareholders of $0.51 for year ended December 31, 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


Year Ended


December 31,


December 31,


2022


2021


2022


2021









Net operating revenues:








Waste management services

$          14,671


$          11,431


$          49,763


$          42,710









Food, beverage and merchandise sales

2,832


2,437


12,137


11,045

Other golf and related operations

4,133


3,711


19,280


16,628

Total golf and related operations

6,965


6,148


31,417


27,673









Total net operating revenues

21,636


17,579


81,180


70,383









Costs and expenses:








Waste management services operating costs

12,137


9,204


40,380


34,259

Cost of food, beverage and merchandise

1,506


1,150


5,500


4,748

Golf and related operations operating costs

5,040


4,469


21,337


17,825

Depreciation and amortization expense

930


804


3,483


3,112

Selling, general and administrative expenses

2,615


2,319


10,133


9,878

Operating income (loss)

(592)


(367)


347


561









Other income (expense):








Interest expense

(504)


(280)


(1,464)


(1,158)

Gain on debt extinguishment

-


-


-


1,964

Other income, net

26


71


231


369

Income (loss) before income taxes

(1,070)


(576)


(886)


1,736









Income tax provision (benefit)

(14)


4


94


89

Net income (loss)

(1,056)


(580)


(980)


1,647









Less net loss attributable to non-controlling interest in subsidiaries

(83)


(110)


(397)


(324)

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

$              (973)


$              (470)


$              (583)


$            1,971









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








Basic net income (loss) per share

$             (0.25)


$             (0.12)


$             (0.15)


$              0.51

Diluted net income (loss) per share

$             (0.25)


$             (0.12)


$             (0.15)


$              0.50









Weighted average shares outstanding - basic

3,899


3,899


3,899


3,899

Weighted average shares outstanding - diluted

3,899


3,899


3,899


3,933









 

AVALON HOLDINGS CORPORATION AND SUBSIDIARIES

Condensed Consolidated Balance Sheets (Unaudited)

(in thousands)










December 31,


December 31,


2022


2021

Assets




Current Assets:




Cash and cash equivalents

$               1,624


$               3,254

Accounts receivable, net

11,127


9,933

Unbilled membership dues receivable

599


578

Inventories

1,461


1,105

Prepaid expenses

1,172


996

Other current assets

105


105

Total current assets

16,088


15,971





Property and equipment, net

56,805


53,338

Property and equipment under finance leases, net

5,001


5,390

Operating lease right-of-use assets

1,386


1,598

Restricted cash

10,426


1,696

Noncurrent deferred tax asset

8


8

Other assets, net

36


36

Total assets

$              89,750


$              78,037





Liabilities and Equity




Current liabilities:




Current portion of long term debt

$                  503


$               1,126

Current portion of obligations under finance leases

115


167

Current portion of obligations under operating leases

424


534

Accounts payable

10,995


10,164

Accrued payroll and other compensation

989


797

Accrued income taxes

103


67

Other accrued taxes

540


541

Deferred membership dues revenue

3,643


3,363

Other liabilities and accrued expenses

1,544


1,265

Total current liabilities

18,856


18,024





Long term debt, net of current portion

29,758


19,376

Line of credit

1,550


-

Obligations under finance leases, net of current portion

381


496

Obligations under operating leases, net of current portion

962


1,064

Asset retirement obligation

100


100





Equity:




Total Avalon Holdings Corporation Shareholders' Equity

38,490


39,069

Non-controlling interest in subsidiaries

(347)


(92)

Total shareholders' equity

38,143


38,977

Total liabilities and equity

$              89,750


$              78,037





 

 

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SOURCE Avalon Holdings Corporation

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