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AVALON HOLDINGS CORPORATION ANNOUNCES 2023 FULL YEAR AND FOURTH QUARTER RESULTS |
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5:05p ET March 21 '24 PR Newswire |
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Avalon Holdings Corporation (NYSE Amex:AWX) today announced financial results for the fourth quarter and fiscal year ended December 31, 2023.
Net operating revenues in the fourth quarter of 2023 were $17.6 million compared with $21.6 million in the fourth quarter of 2022. The Company recorded a net loss attributable to Avalon Holdings Corporation common shareholders of $0.8 million in the fourth quarter of 2023 compared with a net loss attributable to Avalon Holdings Corporation common shareholders of $1.0 million in the fourth quarter of 2022. For the fourth quarter of 2023, basic net loss per share attributable to Avalon Holdings Corporation common shareholders was $0.21 compared with basic net loss per share attributable to Avalon Holdings Corporation common shareholders of $0.25 in the fourth quarter of 2022.
For the year ended December 31, 2023, net operating revenues were $80.5 million compared with $81.2 million for the year ended December 31, 2022. The Company recorded a net loss attributable to Avalon Holdings Corporation common shareholders of $1.8 million for the year ended December 31, 2023 compared with net income attributable to Avalon Holdings Corporation common shareholders of $0.6 million for the year ended December 31, 2022. For the year ended December 31, 2023, basic net loss per share attributable to Avalon Holdings Corporation common shareholders was $0.46 compared with basic net income per share attributable to Avalon Holdings Corporation common shareholders of $0.15 for year ended December 31, 2022.
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 Year Ended
December 31, December 31,
2023 2022 2023 2022
Net operating revenues:
Waste management services $ 9,917 $ 14,671 $ 44,611 $ 49,763
Food, beverage and merchandise sales 2,914 2,832 13,491 12,137
Other golf and related operations 4,786 4,133 22,413 19,280
Total golf and related operations 7,700 6,965 35,904 31,417
Total net operating revenues 17,617 21,636 80,515 81,180
Costs and expenses:
Waste management services operating costs 7,776 12,137 35,642 40,380
Cost of food, beverage and merchandise 1,500 1,506 6,318 5,500
Golf and related operations operating costs 5,433 5,040 24,775 21,337
Depreciation and amortization expense 968 930 3,826 3,483
Selling, general and administrative expenses 2,381 2,615 10,227 10,133
Operating (loss) income (441) (592) (273) 347
Other income (expense):
Interest expense (525) (504) (2,098) (1,464)
Other income, net 61 26 384 231
Loss before income taxes (905) (1,070) (1,987) (886)
Provision for income taxes (36) (14) 57 94
Net loss (869) (1,056) (2,044) (980)
Less net loss attributable to non-controlling interest in subsidiaries (38) (83) (269) (397)
Net loss attributable to Avalon Holdings Corporation common shareholders $ (831) $ (973) $ (1,775) $ (583)
Loss per share attributable to Avalon Holdings Corporation common shareholders:
Basic net loss per share $ (0.21) $ (0.25) $ (0.46) $ (0.15)
Weighted average shares outstanding - basic 3,899 3,899 3,899 3,899
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| AVALON HOLDINGS CORPORATION AND SUBSIDIARIES
Condensed Consolidated Balance Sheets (Unaudited)
(in thousands)
December 31, December 31,
2023 2022
Assets
Current Assets:
Cash and cash equivalents $ 1,187 $ 1,624
Accounts receivable, net 9,499 11,127
Unbilled membership dues receivable 567 599
Inventories 1,662 1,461
Prepaid expenses 1,116 1,172
Other current assets 14 105
Total current assets 14,045 16,088
Property and equipment, net 56,630 56,805
Property and equipment under finance leases, net 5,711 5,001
Operating lease right-of-use assets 1,270 1,386
Restricted cash 10,265 10,426
Noncurrent deferred tax asset 8 8
Other assets, net 36 36
Total assets $ 87,965 $ 89,750
Liabilities and Equity
Current liabilities:
Current portion of long term debt $ 538 $ 503
Current portion of obligations under finance leases 198 115
Current portion of obligations under operating leases 432 424
Accounts payable 9,657 10,995
Accrued payroll and other compensation 1,277 989
Other taxes 539 643
Deferred membership dues revenue 3,443 3,643
Other liabilities and accrued expenses 1,825 1,544
Total current liabilities 17,909 18,856
Long term debt, net of current portion 29,220 29,758
Line of credit 3,200 1,550
Obligations under finance leases, net of current portion 598 381
Obligations under operating leases, net of current portion 838 962
Asset retirement obligation 100 100
Equity:
Total Avalon Holdings Corporation Shareholders' Equity 36,716 38,490
Non-controlling interest in subsidiaries (616) (347)
Total shareholders' equity 36,100 38,143
Total liabilities and equity $ 87,965 $ 89,750
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SOURCE Avalon Holdings Corporation
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COMTEX_449614513/1005/2024-03-21T17:05:27 |
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