AVALON HOLDINGS CORPORATION ANNOUNCES FIRST QUARTER RESULTS
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WARREN, Ohio, May 8, 2024 /PRNewswire/ -- Avalon Holdings Corporation (NYSE Amex:AWX) today announced financial results for the first quarter of 2024.
Net operating revenues in the first quarter of 2024 were $18.9 million compared with $18.4 million in the first quarter of 2023. The Company recorded a net loss attributable to Avalon Holdings Corporation common shareholders of $1.0 million in the first quarter of 2024 compared with net loss attributable to Avalon Holdings Corporation common shareholders of $1.7 million in the first quarter of 2023. For the first quarter of 2024, basic net loss per share attributable to Avalon Holdings Corporation common shareholders was $0.25 compared with basic net loss per share attributable to Avalon Holdings Corporation common shareholders of $0.43 in the first quarter of 2023.
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, | ||
| | 2024 | | 2023 |
| | | | |
| Net operating revenues: | | | |
| Waste management services | $ 12,470 | | $ 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 | | 18,445 |
| | | | |
| Costs and expenses: | | | |
| Waste management services operating costs | 9,897 | | 10,380 |
| Cost of food, beverage and merchandise | 1,025 | | 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 | | 2,530 |
| Operating loss | (513) | | (1,264) |
| | | | |
| Other income (expense): | | | |
| Interest expense, net | (508) | | (504) |
| Other income, net | 7 | | - |
| Loss before income taxes | (1,014) | | (1,768) |
| | | | |
| Provision for income taxes | 40 | | 31 |
| Net loss | (1,054) | | (1,799) |
| | | | |
| Less net loss attributable to non-controlling interest in subsidiaries | (75) | | (122) |
| Net loss attributable to Avalon Holdings Corporation common shareholders | $ (979) | | $ (1,677) |
| | | | |
| Loss per share attributable to Avalon Holdings Corporation common shareholders: | | | |
| Basic net loss per share | $ (0.25) | | $ (0.43) |
| | | | |
| Weighted average shares outstanding - basic | 3,899 | | 3,899 |