AVALON HOLDINGS CORPORATION ANNOUNCES THIRD QUARTER RESULTS

Rhea-AI Summary

Avalon Holdings Corporation (AWX) reported third-quarter 2022 financial results, revealing net operating revenues of $25.7 million, up from $21.3 million in Q3 2021. The company recorded a net income of $1.2 million, compared to $1.0 million a year earlier, with basic net income per share increasing to $0.30 from $0.25. For the first nine months, net revenues reached $59.5 million versus $52.8 million in the prior year, but net income dropped to $0.4 million from $2.4 million in 2021, with per-share earnings declining to $0.10 from $0.63.

Positive

• Third quarter 2022 revenues increased by 20.6% year-over-year.
• Net income for Q3 2022 was $1.2 million, surpassing Q3 2021's $1.0 million.

Negative

• Net income for the first nine months of 2022 significantly declined to $0.4 million from $2.4 million in 2021.
• Basic net income per share for the first nine months fell to $0.10 from $0.63.

WARREN, Ohio, Nov. 10, 2022 /PRNewswire/ -- Avalon Holdings Corporation (NYSE Amex: AWX) today announced financial results for the third quarter of 2022.

Net operating revenues in the third quarter of 2022 were $25.7 million compared with $21.3 million in the third quarter of 2021. The Company recorded net income attributable to Avalon Holdings Corporation common shareholders of $1.2 million in the third quarter of 2022 compared with net income attributable to Avalon Holdings Corporation common shareholders of $1.0 million in the third quarter of 2021. For the third quarter of 2022, basic net income per share attributable to Avalon Holdings Corporation common shareholders was $0.30 compared with basic net income per share attributable to Avalon Holdings Corporation common shareholders of $0.25 in the third quarter of 2021.

For the first nine months of 2022, net operating revenues were $59.5 million compared with $52.8 million for the first nine months of 2021. The Company recorded net income attributable to Avalon Holdings Corporation common shareholders of $0.4 million in the first nine months of 2022 compared with net income attributable to Avalon Holdings Corporation common shareholders of $2.4 million in the first nine months of 2021. For the first nine months of 2022, basic net income per share attributable to Avalon Holdings Corporation common shareholders was $0.10 compared with basic net income per share attributable to Avalon Holdings Corporation common shareholders of $0.63 in the first nine months of 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				Nine Months Ended
	September 30,				September 30,
	2022		2021		2022		2021
Net operating revenues:
Waste management services	$          15,036		$          11,444		$          35,092		$          31,279
Food, beverage and merchandise sales	4,077		3,984		9,305		8,608
Other golf and related operations	6,600		5,873		15,147		12,917
Total golf and related operations	10,677		9,857		24,452		21,525
Total net operating revenues	25,713		21,301		59,544		52,804
Costs and expenses:
Waste management services operating costs	12,173		9,385		28,243		25,055
Cost of food, beverage and merchandise	1,721		1,657		3,994		3,598
Golf and related operations operating costs	6,511		5,692		16,297		13,356
Depreciation and amortization expense	882		777		2,553		2,308
Selling, general and administrative expenses	2,913		2,743		7,518		7,559
Operating income	1,513		1,047		939		928
Other income (expense):
Interest expense	(408)		(290)		(960)		(878)
Gain on debt extinguishment	-		-		-		1,964
Other income, net	22		85		205		298
Income before income taxes	1,127		842		184		2,312
Provision for income taxes	55		27		108		85
Net income	1,072		815		76		2,227
Less net loss attributable to non-controlling interest in subsidiary	(96)		(168)		(314)		(214)
Net income attributable to Avalon Holdings Corporation common shareholders	$            1,168		$               983		$               390		$            2,441
Income per share attributable to Avalon Holdings Corporation common shareholders:
Basic net income per share	$              0.30		$              0.25		$              0.10		$              0.63
Diluted net income per share	$              0.30		$              0.25		$              0.10		$              0.62
Weighted average shares outstanding - basic	3,899		3,899		3,899		3,899
Weighted average shares outstanding - diluted	3,919		3,931		3,922		3,935

 

AVALON HOLDINGS CORPORATION AND SUBSIDIARIES
Condensed Consolidated Balance Sheets (Unaudited)
(in thousands)
	September 30,		December 31,
	2022		2021
Assets
Current Assets:
Cash and cash equivalents	$              1,476		$              3,254
Accounts receivable, net	13,409		9,933
Unbilled membership dues receivable	878		578
Inventories	1,489		1,105
Prepaid expenses	1,058		996
Other current assets	90		105
Total current assets	18,400		15,971
Property and equipment, net	56,496		53,338
Property and equipment under finance leases, net	5,134		5,390
Operating lease right-of-use assets	1,191		1,598
Restricted cash	10,415		1,696
Noncurrent deferred tax asset	8		8
Other assets, net	36		36
Total assets	$             91,680		$             78,037
Liabilities and Equity
Current liabilities:
Current portion of long term debt	$                 494		$              1,126
Current portion of obligations under finance leases	130		167
Current portion of obligations under operating leases	478		534
Accounts payable	10,997		10,164
Accrued payroll and other compensation	1,504		797
Accrued income taxes	128		67
Other accrued taxes	423		541
Deferred membership dues revenue	4,649		3,363
Other liabilities and accrued expenses	1,628		1,265
Total current liabilities	20,431		18,024
Long term debt, net of current portion	29,887		19,376
Line of credit	950		-
Obligations under finance leases, net of current portion	401		496
Obligations under operating leases, net of current portion	713		1,064
Asset retirement obligation	100		100
Equity:
Total Avalon Holdings Corporation Shareholders' Equity	39,462		39,069
Non-controlling interest in subsidiary	(264)		(92)
Total shareholders' equity	39,198		38,977
Total liabilities and equity	$             91,680		$             78,037

 

View original content:https://www.prnewswire.com/news-releases/avalon-holdings-corporation-announces-third-quarter-results-301674563.html

SOURCE Avalon Holdings Corporation

FAQ

What were Avalon Holdings Corporation's revenues for Q3 2022?

Avalon Holdings Corporation reported revenues of $25.7 million for Q3 2022.

How much net income did Avalon Holdings Corporation earn in Q3 2022?

The company earned a net income of $1.2 million in Q3 2022.

What is the basic net income per share for Avalon Holdings Corporation in Q3 2022?

The basic net income per share for Q3 2022 was $0.30.

How did Avalon Holdings Corporation's nine-month revenue compare in 2022 versus 2021?

For the first nine months of 2022, revenues were $59.5 million compared to $52.8 million in 2021.

What was the net income for Avalon Holdings Corporation for the first nine months of 2022?

The net income for the first nine months of 2022 was $0.4 million.