AVALON HOLDINGS CORPORATION ANNOUNCES FIRST QUARTER RESULTS

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WARREN, Ohio, May 10, 2023 /PRNewswire/ — Avalon Holdings Corporation (NYSE Amex:AWX) today announced financial results for the first quarter of 2023.     

Net operating revenues in the first quarter of 2023 were $18.4 million compared with $14.3 million in the first quarter of 2022.  The Company recorded a net loss attributable to Avalon Holdings Corporation common shareholders of $1.7 million in the first quarter of 2023 compared with a net loss attributable to Avalon Holdings Corporation common shareholders of $1.3 million in the first quarter of 2022. For the first quarter of 2023, basic net loss per share attributable to Avalon Holdings Corporation common shareholders was $0.43 compared with basic net loss per share attributable to Avalon Holdings Corporation common shareholders of $0.32 in the first quarter of 2022.

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,



2023


2022







Net operating revenues:





Waste management services

$                     12,652


$                       9,339







Food, beverage and merchandise sales

1,974


1,665


Other golf and related operations

3,749


3,305


Total golf and related operations

5,723


4,970







Total net operating revenues

18,375


14,309







Costs and expenses:





Waste management services operating costs

10,380


7,578


Cost of food, beverage and merchandise

1,023


748


Golf and related operations operating costs

4,836


4,055


Depreciation and amortization expense

940


829


Selling, general and administrative expenses

2,530


2,265


Operating loss

(1,334)


(1,166)







Other income (expense):





Interest expense

(515)


(278)


Other income, net

81


64


Loss before income taxes

(1,768)


(1,380)







Provision for income taxes

31


20


Net loss

(1,799)


(1,400)







Less net loss attributable to non-controlling interest in subsidiaries

(122)


(138)


Net loss attributable to Avalon Holdings Corporation common shareholders

$                     (1,677)


$                     (1,262)







Loss per share attributable to Avalon Holdings Corporation common shareholders:





Basic net loss per share

$                       (0.43)


$                       (0.32)


Diluted net loss per share

$                       (0.43)


$                       (0.32)







Weighted average shares outstanding – basic 

3,899


3,899


Weighted average shares outstanding – diluted

3,899


3,899












 

AVALON HOLDINGS CORPORATION AND SUBSIDIARIES

Condensed Consolidated Balance Sheets (Unaudited)

(in thousands)










March 31,


December 31,


2023


2022

Assets




Current Assets:




Cash and cash equivalents

$               1,270


$               1,624

Accounts receivable, net

13,427


11,127

Unbilled membership dues receivable

747


599

Inventories

1,731


1,461

Prepaid expenses

1,456


1,172

Other current assets

39


105

Total current assets

18,670


16,088





Property and equipment, net

57,038


56,805

Property and equipment under finance leases, net

5,156


5,001

Operating lease right-of-use assets

1,406


1,386

Restricted cash

10,438


10,426

Noncurrent deferred tax asset

8


8

Other assets, net

35


36

Total assets

$              92,751


$              89,750





Liabilities and Equity




Current liabilities:




Current portion of long term debt

$                  511


$                  503

Current portion of obligations under finance leases

139


115

Current portion of obligations under operating leases

432


424

Accounts payable

13,202


10,995

Accrued payroll and other compensation

1,381


989

Accrued income taxes

96


103

Other accrued taxes

406


540

Deferred membership dues revenue

4,900


3,643

Other liabilities and accrued expenses

1,934


1,544

Total current liabilities

23,001


18,856





Long term debt, net of current portion

29,622


29,758

Line of credit

2,200


1,550

Obligations under finance leases, net of current portion

509


381

Obligations under operating leases, net of current portion

974


962

Asset retirement obligation

100


100





Equity:




Total Avalon Holdings Corporation Shareholders’ Equity

36,814


38,490

Non-controlling interest in subsidiaries

(469)


(347)

Total shareholders’ equity

36,345


38,143

Total liabilities and equity

$              92,751


$              89,750





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SOURCE Avalon Holdings Corporation

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