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

Net operating revenues in the first quarter of 2022 were $14.3 million compared with $15.1 million in the first quarter of 2021.  The Company recorded a net loss attributable to Avalon Holdings Corporation common shareholders of $1.3 million in the first quarter of 2022 compared with net income attributable to Avalon Holdings Corporation common shareholders of $0.7 million in the first quarter of 2021. For the first quarter of 2022, basic net loss per share attributable to Avalon Holdings Corporation common shareholders was $0.32 compared with basic net income per share attributable to Avalon Holdings Corporation common shareholders of $0.18 in the first quarter 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



March 31,



2022


2021







Net operating revenues:





Waste management services

$                       9,339


$                     11,150







Food, beverage and merchandise sales

1,665


1,341


Other golf and related operations

3,305


2,622


Total golf and related operations

4,970


3,963







Total net operating revenues

14,309


15,113







Costs and expenses:





Waste management services operating costs

7,578


8,701


Cost of food, beverage and merchandise

748


593


Golf and related operations operating costs

4,055


2,921


Depreciation and amortization expense

829


764


Selling, general and administrative expenses

2,265


2,280


Operating loss

(1,166)


(146)







Other income (expense):





Interest expense

(278)


(297)


Gain on debt extinguishment

-


1,087


Other income, net

64


87


Income (loss) before income taxes

(1,380)


731







Provision for income taxes

20


43


Net income (loss)

(1,400)


688







Less net loss attributable to non-controlling interest in subsidiaries

(138)


(28)


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

$                     (1,262)


$                          716







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





Basic net income (loss) per share

$                       (0.32)


$                         0.18


Diluted net income (loss) per share

$                       (0.32)


$                         0.18







Weighted average shares outstanding - basic 

3,899


3,899


Weighted average shares outstanding - diluted

3,899


3,945







 

 

AVALON HOLDINGS CORPORATION AND SUBSIDIARIES

Condensed Consolidated Balance Sheets (Unaudited)

(in thousands)










March 31,


December 31,


2022


2021

Assets




Current Assets:




Cash and cash equivalents

$               2,430


$               3,254

Accounts receivable, net

10,737


9,933

Unbilled membership dues receivable

760


578

Inventories

1,358


1,105

Prepaid expenses

1,180


996

Other current assets

44


105

Total current assets

16,509


15,971





Property and equipment, net

54,496


53,338

Property and equipment under finance leases, net

5,301


5,390

Operating lease right-of-use assets

1,588


1,598

Restricted cash

676


1,696

Noncurrent deferred tax asset

8


8

Other assets, net

35


36

Total assets

$              78,613


$              78,037





Liabilities and Equity




Current liabilities:




Current portion of long term debt

$               1,140


$               1,126

Current portion of obligations under finance leases

157


167

Current portion of obligations under operating leases

519


534

Accounts payable

10,196


10,164

Accrued payroll and other compensation

1,261


797

Accrued income taxes

74


67

Other accrued taxes

474


541

Deferred membership dues revenue

4,943


3,363

Other liabilities and accrued expenses

1,381


1,265

Total current liabilities

20,145


18,024





Long term debt, net of current portion

19,086


19,376

Obligations under finance leases, net of current portion

493


496

Obligations under operating leases, net of current portion

1,069


1,064

Asset retirement obligation

100


100





Equity:




Total Avalon Holdings Corporation Shareholders' Equity

37,808


39,069

Non-controlling interest in subsidiaries

(88)


(92)

Total shareholders' equity

37,720


38,977

Total liabilities and equity

$              78,613


$              78,037









 

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SOURCE Avalon Holdings Corporation

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