WARREN, Ohio, May 7, 2025 /PRNewswire/ -- Avalon Holdings Corporation (AMEX:AWX) today announced financial results for the first quarter of 2025.

Net operating revenues in the first quarter of 2025 were $16.1 million compared with $18.9 million in the first quarter of 2024. The Company recorded a net loss attributable to Avalon Holdings Corporation common shareholders of $1.5 million in the first quarter of 2025 compared with net loss attributable to Avalon Holdings Corporation common shareholders of $1.0 million in the first quarter of 2024. For the first quarter of 2025, basic net loss per share attributable to Avalon Holdings Corporation common shareholders was $0.38 compared with basic net loss per share attributable to Avalon Holdings Corporation common shareholders of $0.25 in the first quarter of 2024.

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,
	2025	2024

Net operating revenues:
Waste management services	$ 9,677	$ 12,470

Food, beverage and merchandise sales	2,024	2,011
Other golf and related operations	4,367	4,377
Total golf and related operations	6,391	6,388

Total net operating revenues	16,068	18,858

Costs and expenses:
Waste management services operating costs	7,582	9,897
Cost of food, beverage and merchandise	1,012	1,025
Golf and related operations operating costs	5,097	4,873
Depreciation and amortization expense	970	980
Selling, general and administrative expenses	2,558	2,596
Operating loss	(1,151)	(513)

Other income (expense):
Interest expense, net	(510)	(508)
Other income, net	-	7
Loss before income taxes	(1,661)	(1,014)

Provision for income taxes	25	40
Net loss	(1,686)	(1,054)

Less net loss attributable to non-controlling interest in subsidiaries	(187)	(75)
Net loss attributable to Avalon Holdings Corporation common shareholders	$ (1,499)	$ (979)

Loss per share attributable to Avalon Holdings Corporation common shareholders:
Basic and diluted net loss per share	$ (0.38)	$ (0.25)

Weighted average shares outstanding - basic and diluted	3,899	3,899

AVALON HOLDINGS CORPORATION AND SUBSIDIARIES
Condensed Consolidated Balance Sheets (Unaudited)
(in thousands)


	March 31,	December 31,
	2025	2024
Assets
Current Assets:
Cash and cash equivalents	$ 1,269	$ 2,803
Accounts receivable, net	11,358	8,595
Unbilled membership dues receivable	733	582
Inventories	1,846	1,558
Prepaid expenses	1,107	1,003
Other current assets	15	15
Total current assets	16,328	14,556

Property and equipment, net	55,243	55,582
Property and equipment under finance leases, net	5,671	5,647
Operating lease right-of-use assets	1,391	1,383
Restricted cash	8,937	8,958
Noncurrent deferred tax asset	27	27
Other assets, net	34	33
Total assets	$ 87,631	$ 86,186

Liabilities and Equity
Current liabilities:
Current portion of long term debt	$ 584	$ 575
Current portion of obligations under finance leases	232	201
Current portion of obligations under operating leases	364	365
Accounts payable	8,419	7,116
Accrued payroll and other compensation	1,283	1,064
Accrued taxes	525	594
Deferred membership dues revenue	5,134	3,524
Other liabilities and accrued expenses	2,089	2,024
Total current liabilities	18,630	15,463

Long-term debt, net of current portion	28,496	28,646
Line of credit	3,200	3,200
Obligations under finance leases, net of current portion	812	707
Obligations under operating leases, net of current portion	1,027	1,018
Asset retirement obligation	100	100

Equity:
Total Avalon Holdings Corporation Shareholders' Equity	36,535	38,034
Non-controlling interest in subsidiaries	(1,169)	(982)
Total shareholders' equity	35,366	37,052
Total liabilities and equity	$ 87,631	$ 86,186

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SOURCE Avalon Holdings Corporation

AVALON HOLDINGS CORPORATION ANNOUNCES FIRST QUARTER RESULTS