AVALON HOLDINGS CORPORATION ANNOUNCES THIRD QUARTER RESULTS

AVALON HOLDINGS CORPORATION AND SUBSIDIARIES

Condensed Consolidated Statements of Operations (Unaudited)

(in thousands, except for per share amounts)

Three Months Ended

Nine Months Ended 

September 30,

September 30,

2024

2023

2024

2023

Net operating revenues:

Waste management services

$          11,461

$          11,744

$          36,151

$          34,694

Food, beverage and merchandise sales

4,615

4,609

10,622

10,577

Other golf and related operations

8,159

7,576

19,377

17,907

Total golf and related operations

12,774

12,185

29,999

28,484

Total net operating revenues

24,235

23,929

66,150

63,178

Costs and expenses:

Waste management services operating costs

8,949

9,262

28,372

27,866

Cost of food, beverage and merchandise

2,010

1,984

4,717

4,818

Golf and related operations operating costs

7,308

7,519

18,925

19,342

Depreciation and amortization expense

975

963

2,957

2,858

Selling, general and administrative expenses

2,719

2,815

7,970

7,846

Operating income 

2,274

1,386

3,209

448

Other income (expense):

Interest expense, net

(502)

(519)

(1,531)

(1,530)

Other income, net

-

-

7

-

Income (loss) before income taxes

1,772

867

1,685

(1,082)

Provision for income taxes

42

39

126

93

Net income (loss)

1,730

828

1,559

(1,175)

Less net loss attributable to non-controlling interest in subsidiary

(110)

(57)

(256)

(231)

Net income (loss) attributable to Avalon Holdings Corporation common shareholders

$            1,840

$               885

$            1,815

$             (944)

Income (loss) per share attributable to Avalon Holdings Corporation common shareholders:

Basic and diluted net income (loss) per share

$              0.47

$              0.23

$              0.47

$            (0.24)

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)

September 30,

December 31,

2024

2023

Assets

Current Assets:

Cash and cash equivalents

$               3,946

$               1,187

Accounts receivable, net

10,003

9,499

Unbilled membership dues receivable

845

567

Inventories

1,713

1,662

Prepaid expenses

680

1,116

Other current assets

15

14

Total current assets

17,202

14,045

Property and equipment, net

55,792

56,630

Property and equipment under finance leases, net

5,523

5,711

Operating lease right-of-use assets

1,418

1,270

Restricted cash

9,141

10,265

Noncurrent deferred tax asset

8

8

Other assets, net

34

36

Total assets

$             89,118

$             87,965

Liabilities and Equity

Current liabilities:

Current portion of long term debt

$                  565

$                  538

Current portion of obligations under finance leases

189

198

Current portion of obligations under operating leases

340

432

Accounts payable

7,680

9,657

Accrued payroll and other compensation

1,750

1,277

Accrued taxes

560

539

Deferred membership dues revenue

4,671

3,443

Other liabilities and accrued expenses

1,899

1,825

Total current liabilities

17,654

17,909

Long term debt, net of current portion

28,793

29,220

Line of credit

3,200

3,200

Obligations under finance leases, net of current portion

634

598

Obligations under operating leases, net of current portion

1,078

838

Asset retirement obligation

100

100

Equity:

Total Avalon Holdings Corporation Shareholders' Equity

38,531

36,716

Non-controlling interest in subsidiary

(872)

(616)

Total shareholders' equity

37,659

36,100

Total liabilities and equity

$             89,118

$             87,965