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.
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AVALON HOLDINGS
CORPORATION AND SUBSIDIARIES
|
|
Condensed Consolidated
Statements of Operations (Unaudited)
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|
(in thousands,
except for per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Three Months
Ended
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Nine Months
Ended
|
|
September
30,
|
|
September
30,
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
|
|
|
|
|
|
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|
Net operating
revenues:
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|
|
|
|
|
|
|
|
Waste management
services
|
$
11,461
|
|
$
11,744
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|
$
36,151
|
|
$
34,694
|
|
|
|
|
|
|
|
|
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Food, beverage and
merchandise sales
|
4,615
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|
4,609
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|
10,622
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|
10,577
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Other golf and related
operations
|
8,159
|
|
7,576
|
|
19,377
|
|
17,907
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|
Total golf and related
operations
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12,774
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|
12,185
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|
29,999
|
|
28,484
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|
|
|
|
|
|
|
|
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Total net operating
revenues
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24,235
|
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23,929
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|
66,150
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|
63,178
|
|
|
|
|
|
|
|
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Costs and
expenses:
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|
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|
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Waste management
services operating costs
|
8,949
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|
9,262
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|
28,372
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|
27,866
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Cost of food, beverage
and merchandise
|
2,010
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|
1,984
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|
4,717
|
|
4,818
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Golf and related
operations operating costs
|
7,308
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|
7,519
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18,925
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19,342
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Depreciation and
amortization expense
|
975
|
|
963
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2,957
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|
2,858
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Selling, general and
administrative expenses
|
2,719
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|
2,815
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|
7,970
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|
7,846
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Operating
income
|
2,274
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|
1,386
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|
3,209
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|
448
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|
|
|
|
|
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|
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Other income
(expense):
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|
|
|
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|
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Interest expense,
net
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(502)
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(519)
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(1,531)
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(1,530)
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Other income,
net
|
-
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-
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7
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-
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Income (loss) before
income taxes
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1,772
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867
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|
1,685
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(1,082)
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Provision for income
taxes
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42
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|
39
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|
126
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|
93
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Net income
(loss)
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1,730
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828
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1,559
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(1,175)
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Less net loss
attributable to non-controlling interest in subsidiary
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(110)
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(57)
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(256)
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(231)
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Net income (loss)
attributable to Avalon Holdings Corporation common
shareholders
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$
1,840
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$
885
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$
1,815
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$
(944)
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Income (loss) per share
attributable to Avalon Holdings Corporation common
shareholders:
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Basic and diluted net
income (loss) per share
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$
0.47
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$
0.23
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$
0.47
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$
(0.24)
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Weighted average shares
outstanding - basic and diluted
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3,899
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|
3,899
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|
3,899
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|
3,899
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AVALON HOLDINGS
CORPORATION AND SUBSIDIARIES
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Condensed Consolidated
Balance Sheets (Unaudited)
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(in
thousands)
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September
30,
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December
31,
|
|
2024
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|
2023
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Assets
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Current
Assets:
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Cash and cash
equivalents
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$
3,946
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$
1,187
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Accounts receivable,
net
|
10,003
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|
9,499
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Unbilled membership
dues receivable
|
845
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|
567
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Inventories
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1,713
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1,662
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Prepaid
expenses
|
680
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1,116
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Other current
assets
|
15
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|
14
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Total current
assets
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17,202
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|
14,045
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|
|
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Property and equipment,
net
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55,792
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56,630
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Property and equipment
under finance leases, net
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5,523
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5,711
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Operating lease
right-of-use assets
|
1,418
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1,270
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Restricted
cash
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9,141
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10,265
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Noncurrent deferred tax
asset
|
8
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|
8
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Other assets,
net
|
34
|
|
36
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Total assets
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$
89,118
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|
$
87,965
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Liabilities and
Equity
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Current
liabilities:
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Current portion of long
term debt
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$
565
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$
538
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Current portion of
obligations under finance leases
|
189
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|
198
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Current portion of
obligations under operating leases
|
340
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|
432
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Accounts
payable
|
7,680
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|
9,657
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Accrued payroll and
other compensation
|
1,750
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|
1,277
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Accrued
taxes
|
560
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|
539
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Deferred membership
dues revenue
|
4,671
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3,443
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Other liabilities and
accrued expenses
|
1,899
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|
1,825
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|
Total current
liabilities
|
17,654
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|
17,909
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|
|
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Long term debt, net of
current portion
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28,793
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|
29,220
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Line of
credit
|
3,200
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|
3,200
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Obligations under
finance leases, net of current portion
|
634
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|
598
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Obligations under
operating leases, net of current portion
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1,078
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|
838
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Asset retirement
obligation
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100
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|
100
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Equity:
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Total Avalon Holdings
Corporation Shareholders' Equity
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38,531
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36,716
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Non-controlling
interest in subsidiary
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(872)
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(616)
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Total shareholders'
equity
|
37,659
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|
36,100
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Total liabilities and
equity
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$
89,118
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$
87,965
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SOURCE Avalon Holdings Corporation