AVALON HOLDINGS CORPORATION ANNOUNCES FIRST QUARTER RESULTS
Avalon Holdings reported its first-quarter financial results for 2024. Net operating revenues increased to $18.9 million from $18.4 million in 2023. The net loss attributable to common shareholders decreased to $1.0 million from $1.7 million in 2023. The basic net loss per share also improved to $0.25 from $0.43. Avalon Holdings provides waste management services and owns Avalon Resorts and Clubs Inc., with various operations.
Net operating revenues increased to $18.9 million compared to $18.4 million in 2023.
The net loss attributable to common shareholders decreased to $1.0 million from $1.7 million in 2023.
Basic net loss per share improved to $0.25 from $0.43 in 2023.
Avalon Holdings provides waste management services and owns Avalon Resorts and Clubs Inc., with various operations.
- None.
Insights
Net operating revenues in the first quarter of 2024 were
Avalon Holdings Corporation provides waste management services to industrial, commercial, municipal and governmental customers in selected northeastern and midwestern
AVALON HOLDINGS CORPORATION AND SUBSIDIARIES | |||
Condensed Consolidated Statements of Operations (Unaudited) | |||
(in thousands, except for per share amounts) | |||
Three Months Ended | |||
March 31, | |||
2024 | 2023 | ||
Net operating revenues: | |||
Waste management services | $ 12,470 | $ 12,652 | |
Food, beverage and merchandise sales | 2,011 | 1,974 | |
Other golf and related operations | 4,377 | 3,819 | |
Total golf and related operations | 6,388 | 5,793 | |
Total net operating revenues | 18,858 | 18,445 | |
Costs and expenses: | |||
Waste management services operating costs | 9,897 | 10,380 | |
Cost of food, beverage and merchandise | 1,025 | 1,023 | |
Golf and related operations operating costs | 4,873 | 4,836 | |
Depreciation and amortization expense | 980 | 940 | |
Selling, general and administrative expenses | 2,596 | 2,530 | |
Operating loss | (513) | (1,264) | |
Other income (expense): | |||
Interest expense, net | (508) | (504) | |
Other income, net | 7 | - | |
Loss before income taxes | (1,014) | (1,768) | |
Provision for income taxes | 40 | 31 | |
Net loss | (1,054) | (1,799) | |
Less net loss attributable to non-controlling interest in subsidiaries | (75) | (122) | |
Net loss attributable to Avalon Holdings Corporation common shareholders | $ (979) | $ (1,677) | |
Loss per share attributable to Avalon Holdings Corporation common shareholders: | |||
Basic net loss per share | $ (0.25) | $ (0.43) | |
Weighted average shares outstanding - basic | 3,899 | 3,899 |
AVALON HOLDINGS CORPORATION AND SUBSIDIARIES | |||
Condensed Consolidated Balance Sheets (Unaudited) | |||
(in thousands) | |||
March 31, | December 31, | ||
2024 | 2023 | ||
Assets | |||
Current Assets: | |||
Cash and cash equivalents | $ 1,163 | $ 1,187 | |
Accounts receivable, net | 12,265 | 9,499 | |
Unbilled membership dues receivable | 790 | 567 | |
Inventories | 1,861 | 1,662 | |
Prepaid expenses | 1,282 | 1,116 | |
Other current assets | 16 | 14 | |
Total current assets | 17,377 | 14,045 | |
Property and equipment, net | 56,158 | 56,630 | |
Property and equipment under finance leases, net | 5,580 | 5,711 | |
Operating lease right-of-use assets | 1,254 | 1,270 | |
Restricted cash | 10,192 | 10,265 | |
Noncurrent deferred tax asset | 8 | 8 | |
Other assets, net | 34 | 36 | |
Total assets | $ 90,603 | $ 87,965 | |
Liabilities and Equity | |||
Current liabilities: | |||
Current portion of long term debt | $ 547 | $ 538 | |
Current portion of obligations under finance leases | 197 | 198 | |
Current portion of obligations under operating leases | 417 | 432 | |
Accounts payable | 11,316 | 9,657 | |
Accrued payroll and other compensation | 1,753 | 1,277 | |
Accrued taxes | 504 | 539 | |
Deferred membership dues revenue | 5,158 | 3,443 | |
Other liabilities and accrued expenses | 1,863 | 1,825 | |
Total current liabilities | 21,755 | 17,909 | |
Long-term debt, net of current portion | 29,080 | 29,220 | |
Line of credit | 3,200 | 3,200 | |
Obligations under finance leases, net of current portion | 585 | 598 | |
Obligations under operating leases, net of current portion | 837 | 838 | |
Asset retirement obligation | 100 | 100 | |
Equity: | |||
Total Avalon Holdings Corporation Shareholders' Equity | 35,737 | 36,716 | |
Non-controlling interest in subsidiaries | (691) | (616) | |
Total shareholders' equity | 35,046 | 36,100 | |
Total liabilities and equity | $ 90,603 | $ 87,965 |
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SOURCE Avalon Holdings Corporation
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