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    AVALON HOLDINGS CORPORATION ANNOUNCES FIRST QUARTER RESULTS

    5/8/24 5:05:00 PM ET
    $AWX
    Environmental Services
    Utilities
    Get the next $AWX alert in real time by email

    WARREN, Ohio, May 8, 2024 /PRNewswire/ -- Avalon Holdings Corporation (AMEX:AWX) today announced financial results for the first quarter of 2024.              

    Net operating revenues in the first quarter of 2024 were $18.9 million compared with $18.4 million in the first quarter of 2023.  The Company recorded a net loss attributable to Avalon Holdings Corporation common shareholders of $1.0 million in the first quarter of 2024 compared with net loss attributable to Avalon Holdings Corporation common shareholders of $1.7 million in the first quarter of 2023. For the first quarter of 2024, 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 $0.43 in the first quarter 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



    March 31,



    2024



    2023









    Net operating revenues:







    Waste management services

    $                      12,470



    $                      12,652

    Food, beverage and merchandise sales

    2,011



    1,974

    Other golf and related operations

    4,377



    3,819

    Total golf and related operations

    6,388



    5,793

    Total net operating revenues

    18,858



    18,445









    Costs and expenses:







    Waste management services operating costs

    9,897



    10,380

    Cost of food, beverage and merchandise

    1,025



    1,023

    Golf and related operations operating costs

    4,873



    4,836

    Depreciation and amortization expense

    980



    940

    Selling, general and administrative expenses

    2,596



    2,530

    Operating loss

    (513)



    (1,264)









    Other income (expense):







    Interest expense, net

    (508)



    (504)

    Other income, net

    7



    -

    Loss before income taxes

    (1,014)



    (1,768)









    Provision for income taxes

    40



    31

    Net loss

    (1,054)



    (1,799)









    Less net loss attributable to non-controlling interest in subsidiaries

    (75)



    (122)

    Net loss attributable to Avalon Holdings Corporation common shareholders

    $                         (979)



    $                      (1,677)









    Loss per share attributable to Avalon Holdings Corporation common shareholders:







    Basic net loss per share

    $                        (0.25)



    $                        (0.43)









    Weighted average shares outstanding - basic 

    3,899



    3,899

     

    AVALON HOLDINGS CORPORATION AND SUBSIDIARIES

    Condensed Consolidated Balance Sheets (Unaudited)

    (in thousands)



















    March 31,



    December 31,



    2024



    2023

    Assets







    Current Assets:







    Cash and cash equivalents

    $              1,163



    $              1,187

    Accounts receivable, net

    12,265



    9,499

    Unbilled membership dues receivable

    790



    567

    Inventories

    1,861



    1,662

    Prepaid expenses

    1,282



    1,116

    Other current assets

    16



    14

    Total current assets

    17,377



    14,045









    Property and equipment, net

    56,158



    56,630

    Property and equipment under finance leases, net

    5,580



    5,711

    Operating lease right-of-use assets

    1,254



    1,270

    Restricted cash

    10,192



    10,265

    Noncurrent deferred tax asset

    8



    8

    Other assets, net

    34



    36

    Total assets

    $            90,603



    $            87,965









    Liabilities and Equity







    Current liabilities:







    Current portion of long term debt

    $                 547



    $                 538

    Current portion of obligations under finance leases

    197



    198

    Current portion of obligations under operating leases

    417



    432

    Accounts payable

    11,316



    9,657

    Accrued payroll and other compensation

    1,753



    1,277

    Accrued taxes

    504



    539

    Deferred membership dues revenue

    5,158



    3,443

    Other liabilities and accrued expenses

    1,863



    1,825

    Total current liabilities

    21,755



    17,909









    Long-term debt, net of current portion

    29,080



    29,220

    Line of credit

    3,200



    3,200

    Obligations under finance leases, net of current portion

    585



    598

    Obligations under operating leases, net of current portion

    837



    838

    Asset retirement obligation

    100



    100









    Equity:







    Total Avalon Holdings Corporation Shareholders' Equity

    35,737



    36,716

    Non-controlling interest in subsidiaries

    (691)



    (616)

    Total shareholders' equity

    35,046



    36,100

    Total liabilities and equity

    $            90,603



    $            87,965

     

    Cision View original content:https://www.prnewswire.com/news-releases/avalon-holdings-corporation-announces-first-quarter-results-302136778.html

    SOURCE Avalon Holdings Corporation

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