Company Announcements

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,

2024

2023

2024

2023

Net operating revenues:

Waste management services

$             9,771

$             9,917

$           45,922

$           44,611

Food, beverage and merchandise sales

2,915

2,914

13,537

13,491

Other golf and related operations

4,959

4,890

24,336

22,797

Total golf and related operations

7,874

7,804

37,873

36,288

Total net operating revenues

17,645

17,721

83,795

80,899

Costs and expenses:

Waste management services operating costs

7,568

7,776

35,940

35,642

Cost of food, beverage and merchandise

1,388

1,500

6,105

6,318

Golf and related operations operating costs

5,596

5,433

24,521

24,775

Depreciation and amortization expense

949

968

3,906

3,826

Selling, general and administrative expenses

2,278

2,381

10,248

10,227

Operating (loss) income

(134)

(337)

3,075

111

Other income (expense):

Interest expense

(509)

(568)

(2,040)

(2,098)

Other income, net

-

-

7

-

Income (loss) before income taxes

(643)

(905)

1,042

(1,987)

Provision for income taxes

(36)

(36)

90

57

Net income (loss)

(607)

(869)

952

(2,044)

Less net loss attributable to non-controlling interest in subsidiaries

(110)

(38)

(366)

(269)

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

$              (497)

$              (831)

$             1,318

$            (1,775)

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

Basic and diluted net income (loss) per share

$             (0.13)

$             (0.21)

$               0.34

$             (0.46)

Weighted average shares outstanding - basic and diluted

3,899

3,899

3,899

3,899

AVALON HOLDINGS CORPORATION AND SUBSIDIARIES

Condensed Consolidated Balance Sheets (Unaudited)

(in thousands)

December 31,

December 31,

2024

2023

Assets

Current Assets:

Cash and cash equivalents

$              2,803

$              1,187

Accounts receivable, net

8,595

9,499

Unbilled membership dues receivable

582

567

Inventories

1,558

1,662

Prepaid expenses

1,003

1,116

Other current assets

15

14

Total current assets

14,556

14,045

Property and equipment, net

55,582

56,630

Property and equipment under finance leases, net

5,647

5,711

Operating lease right-of-use assets

1,383

1,270

Restricted cash

8,958

10,265

Noncurrent deferred tax asset, net

27

8

Other assets, net

33

36

Total assets

$             86,186

$             87,965

Liabilities and Equity

Current liabilities:

Current portion of long term debt

$                 575

$                 538

Current portion of obligations under finance leases

201

198

Current portion of obligations under operating leases

365

432

Accounts payable

7,116

9,657

Accrued payroll and other compensation

1,064

1,277

Accrued taxes

594

539

Deferred membership dues revenue

3,524

3,443

Other liabilities and accrued expenses

2,024

1,825

Total current liabilities

15,463

17,909

Long term debt, net of current portion

28,646

29,220

Line of credit

3,200

3,200

Obligations under finance leases, net of current portion

707

598

Obligations under operating leases, net of current portion

1,018

838

Asset retirement obligation

100

100

Equity:

Total Avalon Holdings Corporation Shareholders' Equity

38,034

36,716

Non-controlling interest in subsidiaries

(982)

(616)

Total shareholders' equity

37,052

36,100

Total liabilities and equity

$             86,186

$             87,965