AVALON HOLDINGS CORPORATION ANNOUNCES FIRST QUARTER RESULTS
Net operating revenues in the first quarter of 2025 were
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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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2025 |
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2024 |
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Net operating revenues: |
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Waste management services |
$ 9,677 |
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$ 12,470 |
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Food, beverage and merchandise sales |
2,024 |
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2,011 |
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Other golf and related operations |
4,367 |
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4,377 |
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Total golf and related operations |
6,391 |
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6,388 |
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Total net operating revenues |
16,068 |
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18,858 |
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Costs and expenses: |
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Waste management services operating costs |
7,582 |
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9,897 |
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Cost of food, beverage and merchandise |
1,012 |
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1,025 |
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Golf and related operations operating costs |
5,097 |
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4,873 |
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Depreciation and amortization expense |
970 |
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980 |
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Selling, general and administrative expenses |
2,558 |
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2,596 |
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Operating loss |
(1,151) |
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(513) |
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Other income (expense): |
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Interest expense, net |
(510) |
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(508) |
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Other income, net |
- |
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7 |
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Loss before income taxes |
(1,661) |
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(1,014) |
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Provision for income taxes |
25 |
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40 |
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Net loss |
(1,686) |
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(1,054) |
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Less net loss attributable to non-controlling interest in subsidiaries |
(187) |
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(75) |
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Net loss attributable to |
$ (1,499) |
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$ (979) |
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Loss per share attributable to |
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Basic and diluted net loss per share |
$ (0.38) |
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$ (0.25) |
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Weighted average shares outstanding - basic and diluted |
3,899 |
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3,899 |
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AVALON HOLDINGS CORPORATION AND SUBSIDIARIES |
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Condensed Consolidated Balance Sheets (Unaudited) |
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(in thousands) |
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2025 |
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2024 |
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Assets |
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Current Assets: |
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Cash and cash equivalents |
$ 1,269 |
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$ 2,803 |
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Accounts receivable, net |
11,358 |
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8,595 |
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Unbilled membership dues receivable |
733 |
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582 |
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Inventories |
1,846 |
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1,558 |
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Prepaid expenses |
1,107 |
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1,003 |
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Other current assets |
15 |
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15 |
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Total current assets |
16,328 |
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14,556 |
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Property and equipment, net |
55,243 |
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55,582 |
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Property and equipment under finance leases, net |
5,671 |
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5,647 |
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Operating lease right-of-use assets |
1,391 |
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1,383 |
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Restricted cash |
8,937 |
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8,958 |
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Noncurrent deferred tax asset |
27 |
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27 |
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Other assets, net |
34 |
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33 |
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Total assets |
$ 87,631 |
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$ 86,186 |
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Liabilities and Equity |
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Current liabilities: |
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Current portion of long term debt |
$ 584 |
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$ 575 |
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Current portion of obligations under finance leases |
232 |
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201 |
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Current portion of obligations under operating leases |
364 |
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365 |
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Accounts payable |
8,419 |
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7,116 |
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Accrued payroll and other compensation |
1,283 |
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1,064 |
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Accrued taxes |
525 |
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594 |
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Deferred membership dues revenue |
5,134 |
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3,524 |
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Other liabilities and accrued expenses |
2,089 |
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2,024 |
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Total current liabilities |
18,630 |
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15,463 |
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Long-term debt, net of current portion |
28,496 |
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28,646 |
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Line of credit |
3,200 |
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3,200 |
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Obligations under finance leases, net of current portion |
812 |
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707 |
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Obligations under operating leases, net of current portion |
1,027 |
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1,018 |
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Asset retirement obligation |
100 |
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100 |
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Equity: |
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Total Avalon Holdings Corporation Shareholders' Equity |
36,535 |
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38,034 |
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Non-controlling interest in subsidiaries |
(1,169) |
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(982) |
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Total shareholders' equity |
35,366 |
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37,052 |
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Total liabilities and equity |
$ 87,631 |
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$ 86,186 |
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