AVALON HOLDINGS CORPORATION ANNOUNCES FIRST QUARTER RESULTS
Net operating revenues in the first quarter of 2024 were
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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2024 |
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2023 |
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Net operating revenues: |
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Waste management services |
$ 12,470 |
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$ 12,652 |
Food, beverage and merchandise sales |
2,011 |
|
1,974 |
Other golf and related operations |
4,377 |
|
3,819 |
Total golf and related operations |
6,388 |
|
5,793 |
Total net operating revenues |
18,858 |
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18,445 |
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Costs and expenses: |
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Waste management services operating costs |
9,897 |
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10,380 |
Cost of food, beverage and merchandise |
1,025 |
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1,023 |
Golf and related operations operating costs |
4,873 |
|
4,836 |
Depreciation and amortization expense |
980 |
|
940 |
Selling, general and administrative expenses |
2,596 |
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2,530 |
Operating loss |
(513) |
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(1,264) |
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Other income (expense): |
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Interest expense, net |
(508) |
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(504) |
Other income, net |
7 |
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- |
Loss before income taxes |
(1,014) |
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(1,768) |
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Provision for income taxes |
40 |
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31 |
Net loss |
(1,054) |
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(1,799) |
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Less net loss attributable to non-controlling interest in subsidiaries |
(75) |
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(122) |
Net loss attributable to |
$ (979) |
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$ (1,677) |
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Loss per share attributable to |
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Basic net loss per share |
$ (0.25) |
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$ (0.43) |
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Weighted average shares outstanding - basic |
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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2024 |
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2023 |
Assets |
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Current Assets: |
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Cash and cash equivalents |
$ 1,163 |
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$ 1,187 |
Accounts receivable, net |
12,265 |
|
9,499 |
Unbilled membership dues receivable |
790 |
|
567 |
Inventories |
1,861 |
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1,662 |
Prepaid expenses |
1,282 |
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1,116 |
Other current assets |
16 |
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14 |
Total current assets |
17,377 |
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14,045 |
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Property and equipment, net |
56,158 |
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56,630 |
Property and equipment under finance leases, net |
5,580 |
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5,711 |
Operating lease right-of-use assets |
1,254 |
|
1,270 |
Restricted cash |
10,192 |
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10,265 |
Noncurrent deferred tax asset |
8 |
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8 |
Other assets, net |
34 |
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36 |
Total assets |
$ 90,603 |
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$ 87,965 |
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Liabilities and Equity |
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Current liabilities: |
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Current portion of long term debt |
$ 547 |
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$ 538 |
Current portion of obligations under finance leases |
197 |
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198 |
Current portion of obligations under operating leases |
417 |
|
432 |
Accounts payable |
11,316 |
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9,657 |
Accrued payroll and other compensation |
1,753 |
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1,277 |
Accrued taxes |
504 |
|
539 |
Deferred membership dues revenue |
5,158 |
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3,443 |
Other liabilities and accrued expenses |
1,863 |
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1,825 |
Total current liabilities |
21,755 |
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17,909 |
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Long-term debt, net of current portion |
29,080 |
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29,220 |
Line of credit |
3,200 |
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3,200 |
Obligations under finance leases, net of current portion |
585 |
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598 |
Obligations under operating leases, net of current portion |
837 |
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838 |
Asset retirement obligation |
100 |
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100 |
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Equity: |
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Total Avalon Holdings Corporation Shareholders' Equity |
35,737 |
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36,716 |
Non-controlling interest in subsidiaries |
(691) |
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(616) |
Total shareholders' equity |
35,046 |
|
36,100 |
Total liabilities and equity |
$ 90,603 |
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$ 87,965 |
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