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Avalon Holdings Announces Third Quarter Results

WARREN, Ohio, Nov. 8, 2024 /PRNewswire/ -- Avalon Holdings Corporation (NYSE Amex: AWX) today announced financial results for the third quarter of 2024.

Net operating revenues in the third quarter of 2024 were $24.2 million compared with $24.0 million in the third quarter of 2023. The Company recorded net income attributable to Avalon Holdings Corporation common shareholders of $1.8 million in the third quarter of 2024 compared with net income attributable to Avalon Holdings Corporation common shareholders of $0.9 million in the third quarter of 2023. For the third quarter of 2024, basic net income per share attributable to Avalon Holdings Corporation common shareholders was $0.47 compared with basic net income per share attributable to Avalon Holdings Corporation common shareholders of $0.23 in the third quarter of 2023.

For the first nine months of 2024, net operating revenues were $66.2 million compared with $63.2 million for the first nine months of 2023. The Company recorded a net income attributable to Avalon Holdings Corporation common shareholders of approximately $1.8 million in the first nine months of 2024 compared with net loss attributable to Avalon Holdings Corporation common shareholders of $0.9 million in the first nine months of 2023. For the first nine months of 2024, basic net income per share attributable to Avalon Holdings Corporation common shareholders was $0.47 compared with basic net loss per share attributable to Avalon Holdings Corporation common shareholders of $0.24 in the first nine months of 2023.

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,

 

2024

 

2023

 

2024

 

2023

        

Net operating revenues:

       

Waste management services

$          11,461

 

$          11,744

 

$          36,151

 

$          34,694

        

Food, beverage and merchandise sales

4,615

 

4,609

 

10,622

 

10,577

Other golf and related operations

8,159

 

7,576

 

19,377

 

17,907

Total golf and related operations

12,774

 

12,185

 

29,999

 

28,484

        

Total net operating revenues

24,235

 

23,929

 

66,150

 

63,178

        

Costs and expenses:

       

Waste management services operating costs

8,949

 

9,262

 

28,372

 

27,866

Cost of food, beverage and merchandise

2,010

 

1,984

 

4,717

 

4,818

Golf and related operations operating costs

7,308

 

7,519

 

18,925

 

19,342

Depreciation and amortization expense

975

 

963

 

2,957

 

2,858

Selling, general and administrative expenses

2,719

 

2,815

 

7,970

 

7,846

Operating income 

2,274

 

1,386

 

3,209

 

448

        

Other income (expense):

       

Interest expense, net

(502)

 

(519)

 

(1,531)

 

(1,530)

Other income, net

-

 

-

 

7

 

-

Income (loss) before income taxes

1,772

 

867

 

1,685

 

(1,082)

        

Provision for income taxes

42

 

39

 

126

 

93

Net income (loss)

1,730

 

828

 

1,559

 

(1,175)

        

Less net loss attributable to non-controlling interest in subsidiary

(110)

 

(57)

 

(256)

 

(231)

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

$            1,840

 

$               885

 

$            1,815

 

$             (944)

        

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

       

Basic and diluted net income (loss) per share

$              0.47

 

$              0.23

 

$              0.47

 

$            (0.24)

        

Weighted average shares outstanding - basic and diluted

3,899

 

3,899

 

3,899

 

3,899

AVALON HOLDINGS CORPORATION AND SUBSIDIARIES

Condensed Consolidated Balance Sheets (Unaudited)

(in thousands)

    
    
 

September 30,

 

December 31,

 

2024

 

2023

Assets

   

Current Assets:

   

Cash and cash equivalents

$               3,946

 

$               1,187

Accounts receivable, net

10,003

 

9,499

Unbilled membership dues receivable

845

 

567

Inventories

1,713

 

1,662

Prepaid expenses

680

 

1,116

Other current assets

15

 

14

Total current assets

17,202

 

14,045

    

Property and equipment, net

55,792

 

56,630

Property and equipment under finance leases, net

5,523

 

5,711

Operating lease right-of-use assets

1,418

 

1,270

Restricted cash

9,141

 

10,265

Noncurrent deferred tax asset

8

 

8

Other assets, net

34

 

36

Total assets

$             89,118

 

$             87,965

    

Liabilities and Equity

   

Current liabilities:

   

Current portion of long term debt

$                  565

 

$                  538

Current portion of obligations under finance leases

189

 

198

Current portion of obligations under operating leases

340

 

432

Accounts payable

7,680

 

9,657

Accrued payroll and other compensation

1,750

 

1,277

Accrued taxes

560

 

539

Deferred membership dues revenue

4,671

 

3,443

Other liabilities and accrued expenses

1,899

 

1,825

Total current liabilities

17,654

 

17,909

    

Long term debt, net of current portion

28,793

 

29,220

Line of credit

3,200

 

3,200

Obligations under finance leases, net of current portion

634

 

598

Obligations under operating leases, net of current portion

1,078

 

838

Asset retirement obligation

100

 

100

    

Equity:

   

Total Avalon Holdings Corporation Shareholders' Equity

38,531

 

36,716

Non-controlling interest in subsidiary

(872)

 

(616)

Total shareholders' equity

37,659

 

36,100

Total liabilities and equity

$             89,118

 

$             87,965

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