AVALON HOLDINGS CORPORATION ANNOUNCES SECOND QUARTER RESULTS
WARREN, Ohio, Aug. 8, 2024 /PRNewswire/ -- Avalon Holdings Corporation (NYSE Amex: AWX) today announced financial results for the second quarter of 2024.
Net operating revenues in the second quarter of 2024 were $23.1 million compared with $20.8 million in the second quarter of 2023. The Company recorded net income attributable to Avalon Holdings Corporation common shareholders of $1.0 million in the second quarter of 2024 compared with a net loss attributable to Avalon Holdings Corporation common shareholders of $0.2 million in the second quarter of 2023. For the second quarter of 2024, basic net income per share attributable to Avalon Holdings Corporation common shareholders was $0.24 compared with basic net loss per share attributable to Avalon Holdings Corporation common shareholders of $0.04 in the second quarter of 2023.
For the first six months of 2024, net operating revenues were $41.9 million compared with $39.3 million for the first six months of 2023. The Company recorded a net loss attributable to Avalon Holdings Corporation common shareholders of approximately $25,000 in the first six months of 2024 compared with net loss attributable to Avalon Holdings Corporation common shareholders of $1.8 million in the first six months of 2023. For the first six months of 2024, basic net loss per share attributable to Avalon Holdings Corporation common shareholders was $0.01 compared with basic net loss per share attributable to Avalon Holdings Corporation common shareholders of $0.47 in the first six 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 Six Months Ended June 30, June 30, 2024 2023 2024 2023 Net operating revenues: Waste management services $12,220 $10,298 $24,690 $22,950 Food, beverage and merchandise sales 3,996 3,995 6,007 5,968 Other golf and related operations 6,841 6,533 11,218 10,363 Total golf and related operations 10,837 10,528 17,225 16,331 Total net operating revenues 23,057 20,826 41,915 39,281 Costs and expenses: Waste management services operating costs 9,527 8,224 19,424 18,604 Cost of food, beverage and merchandise 1,682 1,811 2,707 2,834 Golf and related operations operating costs 6,744 6,987 11,617 11,823 Depreciation and amortization expense 1,002 955 1,982 1,895 Selling, general and administrative expenses 2,654 2,501 5,251 5,030 Operating income (loss) 1,448 348 934 (905) Other income (expense): Interest expense (521) (529) (1,028) (1,044) Other income, net - 7 Income (loss) before income taxes 927 (181) (87) (1,949) Provision for income taxes 44 23 84 54 Net income (loss) 883 (204) (171) (2,003) Less net loss attributable to non-controlling interest in subsidiary (71) (52) (146) (174) Net income (loss) attributable to Avalon Holdings Corporation common shareholders $954 $(152) $(25) $(1,829) Income (loss) per share attributable to Avalon Holdings Corporation common shareholders: Basic and diluted net income (loss) per share $0.24 $(0.04) $(0.01) $(0.47) 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) June 30, December 31, 2024 2023 Assets Current Assets: Cash and cash equivalents $3,775 $1,187 Accounts receivable, net 11,525 9,499 Unbilled membership dues receivable 1,110 567 Inventories 1,875 1,662 Prepaid expenses 881 1,116 Other current assets 15 14 Total current assets 19,181 14,045 Property and equipment, net 55,701 56,630 Property and equipment under finance leases, net 5,487 5,711 Operating lease right-of-use assets 1,096 1,270 Restricted cash 10,216 10,265 Noncurrent deferred tax asset 8 8 Other assets, net 36 36 Total assets $91,725 $87,965 Liabilities and Equity Current liabilities: Current portion of long term debt $556 $538 Current portion of obligations under finance leases 216 198 Current portion of obligations under operating leases 387 432 Accounts payable 11,026 9,657 Accrued payroll and other compensation 1,768 1,277 Accrued taxes 418 539 Deferred membership dues revenue 5,863 3,443 Other liabilities and accrued expenses 2,005 1,825 Total current liabilities 22,239 17,909 Long term debt, net of current portion 28,938 29,220 Line of credit 3,200 3,200 Obligations under finance leases, net of current portion 610 598 Obligations under operating leases, net of current portion 709 838 Asset retirement obligation 100 100 Equity: Total Avalon Holdings Corporation Shareholders' Equity 36,691 36,716 Non-controlling interest in subsidiary (762) (616) Total shareholders' equity 35,929 36,100 Total liabilities and equity $91,725 $87,965
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SOURCE Avalon Holdings Corporation