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

Net operating revenues in the third quarter of 2024 were $24.2 million compared with $24.0 million in the third quarter of 2023. The Company recorded net income attributable to Avalon Holdings Corporation common shareholders of $1.8 million in the third quarter of 2024 compared with net income attributable to Avalon Holdings Corporation common shareholders of $0.9 million in the third quarter of 2023. For the third quarter of 2024, basic net income per share attributable to Avalon Holdings Corporation common shareholders was $0.47 compared with basic net income per share attributable to Avalon Holdings Corporation common shareholders of $0.23 in the third quarter of 2023.

For the first nine months of 2024, net operating revenues were $66.2 million compared with $63.2 million for the first nine months of 2023. The Company recorded a net income attributable to Avalon Holdings Corporation common shareholders of approximately $1.8 million in the first nine months of 2024 compared with net loss attributable to Avalon Holdings Corporation common shareholders of $0.9 million in the first nine months of 2023. For the first nine months of 2024, basic net income per share attributable to Avalon Holdings Corporation common shareholders was $0.47 compared with basic net loss per share attributable to Avalon Holdings Corporation common shareholders of $0.24 in the first nine 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		Nine Months Ended
	September 30,		September 30,
	2024	2023	2024	2023

Net operating revenues:
Waste management services	$ 11,461	$ 11,744	$ 36,151	$ 34,694

Food, beverage and merchandise sales	4,615	4,609	10,622	10,577
Other golf and related operations	8,159	7,576	19,377	17,907
Total golf and related operations	12,774	12,185	29,999	28,484

Total net operating revenues	24,235	23,929	66,150	63,178

Costs and expenses:
Waste management services operating costs	8,949	9,262	28,372	27,866
Cost of food, beverage and merchandise	2,010	1,984	4,717	4,818
Golf and related operations operating costs	7,308	7,519	18,925	19,342
Depreciation and amortization expense	975	963	2,957	2,858
Selling, general and administrative expenses	2,719	2,815	7,970	7,846
Operating income	2,274	1,386	3,209	448

Other income (expense):
Interest expense, net	(502)	(519)	(1,531)	(1,530)
Other income, net	-	-	7	-
Income (loss) before income taxes	1,772	867	1,685	(1,082)

Provision for income taxes	42	39	126	93
Net income (loss)	1,730	828	1,559	(1,175)

Less net loss attributable to non-controlling interest in subsidiary	(110)	(57)	(256)	(231)
Net income (loss) attributable to Avalon Holdings Corporation common shareholders	$ 1,840	$ 885	$ 1,815	$ (944)

Income (loss) per share attributable to Avalon Holdings Corporation common shareholders:
Basic and diluted net income (loss) per share	$ 0.47	$ 0.23	$ 0.47	$ (0.24)

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)


	September 30,	December 31,
	2024	2023
Assets
Current Assets:
Cash and cash equivalents	$ 3,946	$ 1,187
Accounts receivable, net	10,003	9,499
Unbilled membership dues receivable	845	567
Inventories	1,713	1,662
Prepaid expenses	680	1,116
Other current assets	15	14
Total current assets	17,202	14,045

Property and equipment, net	55,792	56,630
Property and equipment under finance leases, net	5,523	5,711
Operating lease right-of-use assets	1,418	1,270
Restricted cash	9,141	10,265
Noncurrent deferred tax asset	8	8
Other assets, net	34	36
Total assets	$ 89,118	$ 87,965

Liabilities and Equity
Current liabilities:
Current portion of long term debt	$ 565	$ 538
Current portion of obligations under finance leases	189	198
Current portion of obligations under operating leases	340	432
Accounts payable	7,680	9,657
Accrued payroll and other compensation	1,750	1,277
Accrued taxes	560	539
Deferred membership dues revenue	4,671	3,443
Other liabilities and accrued expenses	1,899	1,825
Total current liabilities	17,654	17,909

Long term debt, net of current portion	28,793	29,220
Line of credit	3,200	3,200
Obligations under finance leases, net of current portion	634	598
Obligations under operating leases, net of current portion	1,078	838
Asset retirement obligation	100	100

Equity:
Total Avalon Holdings Corporation Shareholders' Equity	38,531	36,716
Non-controlling interest in subsidiary	(872)	(616)
Total shareholders' equity	37,659	36,100
Total liabilities and equity	$ 89,118	$ 87,965

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SOURCE Avalon Holdings Corporation

AVALON HOLDINGS CORPORATION ANNOUNCES THIRD QUARTER RESULTS