AVALON HOLDINGS CORPORATION ANNOUNCES SECOND QUARTER RESULTS

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