WARREN, Ohio, Nov. 9, 2023 /PRNewswire/ -- Avalon Holdings Corporation (NYSE Amex: AWX) today announced financial results for the third quarter of 2023.

Net operating revenues in the third quarter of 2023 were $23.9 million compared with $25.7 million in the third quarter of 2022. The Company recorded net income attributable to Avalon Holdings Corporation common shareholders of $0.9 million in the third quarter of 2023 compared with net income attributable to Avalon Holdings Corporation common shareholders of $1.2 million in the third quarter of 2022. For the third quarter of 2023, basic net income per share attributable to Avalon Holdings Corporation common shareholders was $0.23 compared with basic net income per share attributable to Avalon Holdings Corporation common shareholders of $0.30 in the third quarter of 2022.

For the first nine months of 2023, net operating revenues were $62.9 million compared with $59.5 million for the first nine months of 2022. The Company recorded a net loss attributable to Avalon Holdings Corporation common shareholders of $0.9 million in the first nine months of 2023 compared with net income attributable to Avalon Holdings Corporation common shareholders of $0.4 million in the first nine months of 2022. For the first nine months of 2023, basic net loss per share attributable to Avalon Holdings Corporation common shareholders was $0.24 compared with basic net income per share attributable to Avalon Holdings Corporation common shareholders of $0.10 in the first nine months of 2022.

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,


2023


2022


2023


2022









Net operating revenues:








Waste management services

$          11,744


$          15,036


$          34,694


$          35,092









Food, beverage and merchandise sales

4,609


4,077


10,577


9,305

Other golf and related operations

7,550


6,600


17,627


15,147

Total golf and related operations

12,159


10,677


28,204


24,452









Total net operating revenues

23,903


25,713


62,898


59,544









Costs and expenses:








Waste management services operating costs

9,262


12,173


27,866


28,243

Cost of food, beverage and merchandise

1,984


1,721


4,818


3,994

Golf and related operations operating costs

7,519


6,511


19,342


16,297

Depreciation and amortization expense

963


882


2,858


2,553

Selling, general and administrative expenses

2,815


2,913


7,846


7,518

Operating income

1,360


1,513


168


939









Other income (expense):








Interest expense

(530)


(408)


(1,573)


(960)

Other income, net

37


22


323


205

Income (loss) before income taxes

867


1,127


(1,082)


184









Provision for income taxes

39


55


93


108

Net income (loss)

828


1,072


(1,175)


76









Less net loss attributable to non-controlling interest in subsidiary

(57)


(96)


(231)


(314)

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

$               885


$            1,168


$             (944)


$               390









Income per share attributable to Avalon Holdings Corporation common shareholders:








Basic net income (loss) per share

$              0.23


$              0.30


$            (0.24)


$              0.10

Diluted net income (loss) per share

$              0.23


$              0.30


$            (0.24)


$              0.10









Weighted average shares outstanding - basic

3,899


3,899


3,899


3,899

Weighted average shares outstanding - diluted

3,899


3,919


3,899


3,922









 

AVALON HOLDINGS CORPORATION AND SUBSIDIARIES

Condensed Consolidated Balance Sheets (Unaudited)

(in thousands)










September 30,


December 31,


2023


2022

Assets




Current Assets:




Cash and cash equivalents

$                  673


$               1,624

Accounts receivable, net

11,603


11,127

Unbilled membership dues receivable

813


599

Inventories

1,716


1,461

Prepaid expenses

948


1,172

Other current assets

14


105

Total current assets

15,767


16,088





Property and equipment, net

56,912


56,805

Property and equipment under finance leases, net

5,490


5,001

Operating lease right-of-use assets

1,375


1,386

Restricted cash

10,462


10,426

Noncurrent deferred tax asset

8


8

Other assets, net

34


36

Total assets

$             90,048


$             89,750





Liabilities and Equity




Current liabilities:




Current portion of long term debt

$                  529


$                  503

Current portion of obligations under finance leases

139


115

Current portion of obligations under operating leases

446


424

Accounts payable

10,753


10,995

Accrued payroll and other compensation

1,327


989

Accrued income taxes

130


103

Other accrued taxes

452


540

Deferred membership dues revenue

4,618


3,643

Other liabilities and accrued expenses

1,710


1,544

Total current liabilities

20,104


18,856





Long term debt, net of current portion

29,353


29,758

Line of credit

2,200


1,550

Obligations under finance leases, net of current portion

393


381

Obligations under operating leases, net of current portion

929


962

Asset retirement obligation

100


100





Equity:




Total Avalon Holdings Corporation Shareholders' Equity

37,547


38,490

Non-controlling interest in subsidiary

(578)


(347)

Total shareholders' equity

36,969


38,143

Total liabilities and equity

$             90,048


$             89,750









 

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SOURCE Avalon Holdings Corporation

Copyright 2023 PR Newswire

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