AVALON HOLDINGS CORPORATION ANNOUNCES 2022 FULL YEAR AND FOURTH QUARTER RESULTS

Rhea-AI Summary

Avalon Holdings Corporation (NYSE Amex: AWX) reported its financial results for Q4 and FY 2022, revealing a rise in net operating revenues to $21.6 million, up from $17.6 million in Q4 2021. However, the company faced a net loss of $1.0 million compared to a loss of $0.5 million in the previous year. For FY 2022, total revenues reached $81.2 million, an increase from $70.4 million in 2021. Net loss attributable to shareholders was $0.6 million, significantly down from a net income of $2.0 million in 2021, marking a basic net loss per share of $0.15.

Positive

• Net operating revenues increased by $10.8 million, reaching $81.2 million for FY 2022.
• Q4 operating revenues grew by $4 million year-over-year.

Negative

• Net loss attributable to shareholders increased to $1.0 million in Q4 2022 from $0.5 million in Q4 2021.
• Total net loss for FY 2022 was $0.6 million compared to a net income of $2.0 million in FY 2021.

WARREN, Ohio, March 23, 2023 /PRNewswire/ -- Avalon Holdings Corporation (NYSE Amex:AWX) today announced financial results for the fourth quarter and fiscal year ended December 31, 2022.

Net operating revenues in the fourth quarter of 2022 were $21.6 million compared with $17.6 million in the fourth quarter of 2021. The Company recorded a net loss attributable to Avalon Holdings Corporation common shareholders of $1.0 million in the fourth quarter of 2022 compared with a net loss attributable to Avalon Holdings Corporation common shareholders of $0.5 million in the fourth quarter of 2021. For the fourth quarter of 2022, basic net loss per share attributable to Avalon Holdings Corporation common shareholders was $0.25 compared with basic net loss per share attributable to Avalon Holdings Corporation common shareholders of $0.12 in the fourth quarter of 2021.

For the year ended December 31, 2022, net operating revenues were $81.2 million compared with $70.4 million for the year ended December 31, 2021. The Company recorded a net loss attributable to Avalon Holdings Corporation common shareholders of $0.6 million for the year ended December 31, 2022 compared with net income attributable to Avalon Holdings Corporation common shareholders of $2.0 million for the year ended December 31, 2021. For the year ended December 31, 2022, basic net loss per share attributable to Avalon Holdings Corporation common shareholders was $0.15 compared with basic net income per share attributable to Avalon Holdings Corporation common shareholders of $0.51 for year ended December 31, 2021.

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				Year Ended
	December 31,				December 31,
	2022		2021		2022		2021
Net operating revenues:
Waste management services	$          14,671		$          11,431		$          49,763		$          42,710
Food, beverage and merchandise sales	2,832		2,437		12,137		11,045
Other golf and related operations	4,133		3,711		19,280		16,628
Total golf and related operations	6,965		6,148		31,417		27,673
Total net operating revenues	21,636		17,579		81,180		70,383
Costs and expenses:
Waste management services operating costs	12,137		9,204		40,380		34,259
Cost of food, beverage and merchandise	1,506		1,150		5,500		4,748
Golf and related operations operating costs	5,040		4,469		21,337		17,825
Depreciation and amortization expense	930		804		3,483		3,112
Selling, general and administrative expenses	2,615		2,319		10,133		9,878
Operating income (loss)	(592)		(367)		347		561
Other income (expense):
Interest expense	(504)		(280)		(1,464)		(1,158)
Gain on debt extinguishment	-		-		-		1,964
Other income, net	26		71		231		369
Income (loss) before income taxes	(1,070)		(576)		(886)		1,736
Income tax provision (benefit)	(14)		4		94		89
Net income (loss)	(1,056)		(580)		(980)		1,647
Less net loss attributable to non-controlling interest in subsidiaries	(83)		(110)		(397)		(324)
Net income (loss) attributable to Avalon Holdings Corporation common shareholders	$              (973)		$              (470)		$              (583)		$            1,971
Income (loss) per share attributable to Avalon Holdings Corporation common shareholders:
Basic net income (loss) per share	$             (0.25)		$             (0.12)		$             (0.15)		$              0.51
Diluted net income (loss) per share	$             (0.25)		$             (0.12)		$             (0.15)		$              0.50
Weighted average shares outstanding - basic	3,899		3,899		3,899		3,899
Weighted average shares outstanding - diluted	3,899		3,899		3,899		3,933

 

AVALON HOLDINGS CORPORATION AND SUBSIDIARIES
Condensed Consolidated Balance Sheets (Unaudited)
(in thousands)
	December 31,		December 31,
	2022		2021
Assets
Current Assets:
Cash and cash equivalents	$               1,624		$               3,254
Accounts receivable, net	11,127		9,933
Unbilled membership dues receivable	599		578
Inventories	1,461		1,105
Prepaid expenses	1,172		996
Other current assets	105		105
Total current assets	16,088		15,971
Property and equipment, net	56,805		53,338
Property and equipment under finance leases, net	5,001		5,390
Operating lease right-of-use assets	1,386		1,598
Restricted cash	10,426		1,696
Noncurrent deferred tax asset	8		8
Other assets, net	36		36
Total assets	$              89,750		$              78,037
Liabilities and Equity
Current liabilities:
Current portion of long term debt	$                  503		$               1,126
Current portion of obligations under finance leases	115		167
Current portion of obligations under operating leases	424		534
Accounts payable	10,995		10,164
Accrued payroll and other compensation	989		797
Accrued income taxes	103		67
Other accrued taxes	540		541
Deferred membership dues revenue	3,643		3,363
Other liabilities and accrued expenses	1,544		1,265
Total current liabilities	18,856		18,024
Long term debt, net of current portion	29,758		19,376
Line of credit	1,550		-
Obligations under finance leases, net of current portion	381		496
Obligations under operating leases, net of current portion	962		1,064
Asset retirement obligation	100		100
Equity:
Total Avalon Holdings Corporation Shareholders' Equity	38,490		39,069
Non-controlling interest in subsidiaries	(347)		(92)
Total shareholders' equity	38,143		38,977
Total liabilities and equity	$              89,750		$              78,037

 

 

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SOURCE Avalon Holdings Corporation

FAQ

What were Avalon Holdings' Q4 2022 financial results in terms of revenue?

Avalon Holdings reported net operating revenues of $21.6 million for Q4 2022.

How did Avalon Holdings' net loss change in Q4 2022 compared to Q4 2021?

The company reported a net loss of $1.0 million in Q4 2022, compared to $0.5 million in Q4 2021.

What is Avalon Holdings' basic net loss per share for FY 2022?

The basic net loss per share for Avalon Holdings in FY 2022 was $0.15.

How much did Avalon Holdings' revenues increase in FY 2022?

Avalon Holdings' total revenues for FY 2022 increased by $10.8 million compared to FY 2021.