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

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