12.08.2022 23:01

AVALON HOLDINGS CORPORATION ANNOUNCES SECOND QUARTER RESULTS

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WARREN, Ohio, Aug. 12, 2022 /PRNewswire/ -- Avalon Holdings Corporation (NYSE Amex: AWX) today announced financial results for the second quarter of 2022.

Net operating revenues in the second quarter of 2022 were $19.5 million compared with $16.4 million in the second quarter of 2021. The Company recorded net income attributable to Avalon Holdings Corporation common shareholders of $0.5 million in the second quarter of 2022 compared with net income attributable to Avalon Holdings Corporation common shareholders of $0.7 million in the second quarter of 2021. For the second quarter of 2022, basic net income per share attributable to Avalon Holdings Corporation common shareholders was $0.12 compared with basic net income per share attributable to Avalon Holdings Corporation common shareholders of $0.19 in the second quarter of 2021.

For the first six months of 2022, net operating revenues were $33.8 million compared with $31.5 million for the first six months of 2021. The Company recorded a net loss attributable to Avalon Holdings Corporation common shareholders of approximately $0.8 million in the first six months of 2022 compared with net income attributable to Avalon Holdings Corporation common shareholders of $1.5 million in the first six months of 2021. For the first six months of 2022, basic net loss per share attributable to Avalon Holdings Corporation common shareholders was $0.20 compared with basic net income per share attributable to Avalon Holdings Corporation common shareholders of $0.37 in the first six months of 2021.

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,


2022


2021


2022


2021









Net operating revenues:








Waste management services

$          10,717


$            8,685


$          20,056


$          19,835









Food, beverage and merchandise sales

3,563


3,283


5,228


4,624

Other golf and related operations

5,242


4,422


8,547


7,044

Total golf and related operations

8,805


7,705


13,775


11,668









Total net operating revenues

19,522


16,390


33,831


31,503









Costs and expenses:








Waste management services operating costs

8,492


6,969


16,070


15,670

Cost of food, beverage and merchandise

1,525


1,348


2,273


1,941

Golf and related operations operating costs

5,731


4,743


9,786


7,664

Depreciation and amortization expense

842


767


1,671


1,531

Selling, general and administrative expenses

2,340


2,536


4,605


4,816

Operating income (loss)

592


27


(574)


(119)









Other income (expense):








Interest expense

(274)


(291)


(552)


(588)

Gain on debt extinguishment

-


877


-


1,964

Other income, net

119


126


183


213

Income (loss) before income taxes

437


739


(943)


1,470









Provision for income taxes

33


15


53


58

Net income (loss)

404


724


(996)


1,412









Less net loss attributable to non-controlling interest in subsidiary

(80)


(18)


(218)


(46)

Net income (loss) attributable to Avalon Holdings Corporation common shareholders

$               484


$               742


$              (778)


$            1,458









Income (loss) per share attributable to Avalon Holdings Corporation common shareholders:








Basic net income (loss) per share

$              0.12


$              0.19


$             (0.20)


$              0.37

Diluted net income (loss) per share

$              0.12


$              0.19


$             (0.20)


$              0.37









Weighted average shares outstanding - basic 

3,899


3,899


3,899


3,899

Weighted average shares outstanding - diluted

3,922


3,929


3,899


3,927









 

AVALON HOLDINGS CORPORATION AND SUBSIDIARIES

Condensed Consolidated Balance Sheets (Unaudited)

(in thousands)










June 30,


December 31,


2022


2021

Assets




Current Assets:




Cash and cash equivalents

$               3,267


$               3,254

Accounts receivable, net

10,454


9,933

Unbilled membership dues receivable

1,145


578

Inventories

1,530


1,105

Prepaid expenses

939


996

Other current assets

94


105

Total current assets

17,429


15,971





Property and equipment, net

56,279


53,338

Property and equipment under finance leases, net

5,221


5,390

Operating lease right-of-use assets

1,419


1,598

Restricted cash

-


1,696

Noncurrent deferred tax asset

8


8

Other assets, net

36


36

Total assets

$              80,392


$              78,037





Liabilities and Equity




Current liabilities:




Current portion of long term debt

$               1,155


$               1,126

Current portion of obligations under finance leases

144


167

Current portion of obligations under operating leases

498


534

Accounts payable

10,954


10,164

Accrued payroll and other compensation

1,729


797

Accrued income taxes

95


67

Other accrued taxes

341


541

Deferred membership dues revenue

5,782


3,363

Other liabilities and accrued expenses

1,301


1,265

Total current liabilities

21,999


18,024





Long term debt, net of current portion

18,791


19,376

Obligations under finance leases, net of current portion

456


496

Obligations under operating leases, net of current portion

921


1,064

Asset retirement obligation

100


100





Equity:




Total Avalon Holdings Corporation Shareholders' Equity

38,293


39,069

Non-controlling interest in subsidiary

(168)


(92)

Total shareholders' equity

38,125


38,977

Total liabilities and equity

$              80,392


$              78,037









 

Cision View original content:https://www.prnewswire.com/news-releases/avalon-holdings-corporation-announces-second-quarter-results-301604988.html

SOURCE Avalon Holdings Corporation

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