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
