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