AVALON HOLDINGS CORPORATION ANNOUNCES 2023 FULL YEAR AND FOURTH QUARTER RESULTS - Avalon Holdings (AMEX:AWX)

Original Article:

Source: Link

Loading... Loading... WARREN, Ohio, March 21, 2024 /PRNewswire/ -- Avalon Holdings Corporation AWX today announced financial results for the fourth quarter and fiscal year ended December 31, 2023. Net operating revenues in the fourth quarter of 2023 were $17.6 million compared with $21.6 million in the fourth quarter of 2022. The Company recorded a net loss attributable to Avalon Holdings Corporation common shareholders of $0.8 million in the fourth quarter of 2023 compared with a net loss attributable to Avalon Holdings Corporation common shareholders of $1.0 million in the fourth quarter of 2022. For the fourth quarter of 2023, basic net loss per share attributable to Avalon Holdings Corporation common shareholders was $0.21 compared with basic net loss per share attributable to Avalon Holdings Corporation common shareholders of $0.25 in the fourth quarter of 2022. For the year ended December 31, 2023, net operating revenues were $80.5 million compared with $81.2 million for the year ended December 31, 2022. The Company recorded a net loss attributable to Avalon Holdings Corporation common shareholders of $1.8 million for the year ended December 31, 2023 compared with net income attributable to Avalon Holdings Corporation common shareholders of $0.6 million for the year ended December 31, 2022. For the year ended December 31, 2023, basic net loss per share attributable to Avalon Holdings Corporation common shareholders was $0.46 compared with basic net income per share attributable to Avalon Holdings Corporation common shareholders of $0.15 for year ended December 31, 2022. 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 Year Ended December 31, December 31, 2023 2022 2023 2022 Net operating revenues: Waste management services $ 9,917 $ 14,671 $ 44,611 $ 49,763 Food, beverage and merchandise sales 2,914 2,832 13,491 12,137 Other golf and related operations 4,786 4,133 22,413 19,280 Total golf and related operations 7,700 6,965 35,904 31,417 Total net operating revenues 17,617 21,636 80,515 81,180 Costs and expenses: Waste management services operating costs 7,776 12,137 35,642 40,380 Cost of food, beverage and merchandise 1,500 1,506 6,318 5,500 Golf and related operations operating costs 5,433 5,040 24,775 21,337 Depreciation and amortization expense 968 930 3,826 3,483 Selling, general and administrative expenses 2,381 2,615 10,227 10,133 Operating (loss) income (441) (592) (273) 347 Other income (expense): Interest expense (525) (504) (2,098) (1,464) Other income, net 61 26 384 231 Loss before income taxes (905) (1,070) (1,987) (886) Provision for income taxes (36) (14) 57 94 Net loss (869) (1,056) (2,044) (980) Less net loss attributable to non-controlling interest in subsidiaries (38) (83) (269) (397) Net loss attributable to Avalon Holdings Corporation common shareholders $ (831) $ (973) $ (1,775) $ (583) Loss per share attributable to Avalon Holdings Corporation common shareholders: Basic net loss per share $ (0.21) $ (0.25) $ (0.46) $ (0.15) Weighted average shares outstanding - basic 3,899 3,899 3,899 3,899 AVALON HOLDINGS CORPORATION AND SUBSIDIARIES Condensed Consolidated Balance Sheets (Unaudited) (in thousands) December 31, December 31, 2023 2022 Assets Current Assets: Cash and cash equivalents $ 1,187 $ 1,624 Accounts receivable, net 9,499 11,127 Unbilled membership dues receivable 567 599 Inventories 1,662 1,461 Prepaid expenses 1,116 1,172 Other current assets 14 105 Total current assets 14,045 16,088 Property and equipment, net 56,630 56,805 Property and equipment under finance leases, net 5,711 5,001 Operating lease right-of-use assets 1,270 1,386 Restricted cash 10,265 10,426 Noncurrent deferred tax asset 8 8 Other assets, net 36 36 Total assets $ 87,965 $ 89,750 Liabilities and Equity Current liabilities: Current portion of long term debt $ 538 $ 503 Current portion of obligations under finance leases 198 115 Current portion of obligations under operating leases 432 424 Accounts payable 9,657 10,995 Accrued payroll and other compensation 1,277 989 Other taxes 539 643 Deferred membership dues revenue 3,443 3,643 Other liabilities and accrued expenses 1,825 1,544 Total current liabilities 17,909 18,856 Long term debt, net of current portion 29,220 29,758 Line of credit 3,200 1,550 Obligations under finance leases, net of current portion 598 381 Obligations under operating leases, net of current portion 838 962 Asset retirement obligation 100 100 Equity: Total Avalon Holdings Corporation Shareholders' Equity 36,716 38,490 Non-controlling interest in subsidiaries (616) (347) Total shareholders' equity 36,100 38,143 Total liabilities and equity $ 87,965 $ 89,750 SOURCE Avalon Holdings Corporation