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

Net operating revenues in the second quarter of 2024 were $23.1 million compared with $20.8 million in the second quarter of 2023. The Company recorded net income attributable to Avalon Holdings Corporation common shareholders of $1.0 million in the second quarter of 2024 compared with a net loss attributable to Avalon Holdings Corporation common shareholders of $0.2 million in the second quarter of 2023. For the second quarter of 2024, basic net income per share attributable to Avalon Holdings Corporation common shareholders was $0.24 compared with basic net loss per share attributable to Avalon Holdings Corporation common shareholders of $0.04 in the second quarter of 2023.

For the first six months of 2024, net operating revenues were $41.9 million compared with $39.3 million for the first six months of 2023. The Company recorded a net loss attributable to Avalon Holdings Corporation common shareholders of approximately $25,000 in the first six months of 2024 compared with net loss attributable to Avalon Holdings Corporation common shareholders of $1.8 million in the first six months of 2023. For the first six months of 2024, basic net loss per share attributable to Avalon Holdings Corporation common shareholders was $0.01 compared with basic net loss per share attributable to Avalon Holdings Corporation common shareholders of $0.47 in the first six months 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		Six Months Ended
	June 30,		June 30,
	2024	2023	2024	2023

Net operating revenues:
Waste management services	$ 12,220	$ 10,298	$ 24,690	$ 22,950

Food, beverage and merchandise sales	3,996	3,995	6,007	5,968
Other golf and related operations	6,841	6,533	11,218	10,363
Total golf and related operations	10,837	10,528	17,225	16,331

Total net operating revenues	23,057	20,826	41,915	39,281

Costs and expenses:
Waste management services operating costs	9,527	8,224	19,424	18,604
Cost of food, beverage and merchandise	1,682	1,811	2,707	2,834
Golf and related operations operating costs	6,744	6,987	11,617	11,823
Depreciation and amortization expense	1,002	955	1,982	1,895
Selling, general and administrative expenses	2,654	2,501	5,251	5,030
Operating income (loss)	1,448	348	934	(905)

Other income (expense):
Interest expense	(521)	(529)	(1,028)	(1,044)
Other income, net	-	-	7	-
Income (loss) before income taxes	927	(181)	(87)	(1,949)

Provision for income taxes	44	23	84	54
Net income (loss)	883	(204)	(171)	(2,003)

Less net loss attributable to non-controlling interest in subsidiary	(71)	(52)	(146)	(174)
Net income (loss) attributable to Avalon Holdings Corporation common shareholders	$ 954	$ (152)	$ (25)	$ (1,829)

Income (loss) per share attributable to Avalon Holdings Corporation common shareholders:
Basic and diluted net income (loss) per share	$ 0.24	$ (0.04)	$ (0.01)	$ (0.47)

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

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


	June 30,	December 31,
	2024	2023
Assets
Current Assets:
Cash and cash equivalents	$ 3,775	$ 1,187
Accounts receivable, net	11,525	9,499
Unbilled membership dues receivable	1,110	567
Inventories	1,875	1,662
Prepaid expenses	881	1,116
Other current assets	15	14
Total current assets	19,181	14,045

Property and equipment, net	55,701	56,630
Property and equipment under finance leases, net	5,487	5,711
Operating lease right-of-use assets	1,096	1,270
Restricted cash	10,216	10,265
Noncurrent deferred tax asset	8	8
Other assets, net	36	36
Total assets	$ 91,725	$ 87,965

Liabilities and Equity
Current liabilities:
Current portion of long term debt	$ 556	$ 538
Current portion of obligations under finance leases	216	198
Current portion of obligations under operating leases	387	432
Accounts payable	11,026	9,657
Accrued payroll and other compensation	1,768	1,277
Accrued taxes	418	539
Deferred membership dues revenue	5,863	3,443
Other liabilities and accrued expenses	2,005	1,825
Total current liabilities	22,239	17,909

Long term debt, net of current portion	28,938	29,220
Line of credit	3,200	3,200
Obligations under finance leases, net of current portion	610	598
Obligations under operating leases, net of current portion	709	838
Asset retirement obligation	100	100

Equity:
Total Avalon Holdings Corporation Shareholders' Equity	36,691	36,716
Non-controlling interest in subsidiary	(762)	(616)
Total shareholders' equity	35,929	36,100
Total liabilities and equity	$ 91,725	$ 87,965

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SOURCE Avalon Holdings Corporation

AVALON HOLDINGS CORPORATION ANNOUNCES SECOND QUARTER RESULTS