WARREN, Ohio, May 8, 2024 /PRNewswire/ -- Avalon Holdings Corporation (AMEX:AWX) today announced financial results for the first quarter of 2024.

Net operating revenues in the first quarter of 2024 were $18.9 million compared with $18.4 million in the first quarter of 2023. The Company recorded a net loss attributable to Avalon Holdings Corporation common shareholders of $1.0 million in the first quarter of 2024 compared with net loss attributable to Avalon Holdings Corporation common shareholders of $1.7 million in the first quarter of 2023. For the first quarter of 2024, 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 $0.43 in the first quarter of 2023.

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
	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

AVALON HOLDINGS CORPORATION ANNOUNCES FIRST QUARTER RESULTS