WARREN, Ohio, March 23, 2023 /PRNewswire/ — Avalon Holdings Corporation (NYSE Amex:AWX) today announced financial results for the fourth quarter and fiscal year ended December 31, 2022.
Net operating revenues in the fourth quarter of 2022 were $21.6 million compared with $17.6 million in the fourth quarter of 2021. The Company recorded a net loss attributable to Avalon Holdings Corporation common shareholders of $1.0 million in the fourth quarter of 2022 compared with a net loss attributable to Avalon Holdings Corporation common shareholders of $0.5 million in the fourth quarter of 2021. For the fourth quarter of 2022, 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 $0.12 in the fourth quarter of 2021.
For the year ended December 31, 2022, net operating revenues were $81.2 million compared with $70.4 million for the year ended December 31, 2021. The Company recorded a net loss attributable to Avalon Holdings Corporation common shareholders of $0.6 million for the year ended December 31, 2022 compared with net income attributable to Avalon Holdings Corporation common shareholders of $2.0 million for the year ended December 31, 2021. For the year ended December 31, 2022, basic net loss per share attributable to Avalon Holdings Corporation common shareholders was $0.15 compared with basic net income per share attributable to Avalon Holdings Corporation common shareholders of $0.51 for year ended December 31, 2021.
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.
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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 |
Year Ended |
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December 31, |
December 31, |
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2022 |
2021 |
2022 |
2021 |
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Net operating revenues: |
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Waste management services |
$ 14,671 |
$ 11,431 |
$ 49,763 |
$ 42,710 |
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Food, beverage and merchandise sales |
2,832 |
2,437 |
12,137 |
11,045 |
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Other golf and related operations |
4,133 |
3,711 |
19,280 |
16,628 |
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Total golf and related operations |
6,965 |
6,148 |
31,417 |
27,673 |
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Total net operating revenues |
21,636 |
17,579 |
81,180 |
70,383 |
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Costs and expenses: |
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Waste management services operating costs |
12,137 |
9,204 |
40,380 |
34,259 |
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Cost of food, beverage and merchandise |
1,506 |
1,150 |
5,500 |
4,748 |
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Golf and related operations operating costs |
5,040 |
4,469 |
21,337 |
17,825 |
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Depreciation and amortization expense |
930 |
804 |
3,483 |
3,112 |
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Selling, general and administrative expenses |
2,615 |
2,319 |
10,133 |
9,878 |
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Operating income (loss) |
(592) |
(367) |
347 |
561 |
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Other income (expense): |
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Interest expense |
(504) |
(280) |
(1,464) |
(1,158) |
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Gain on debt extinguishment |
– |
– |
– |
1,964 |
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Other income, net |
26 |
71 |
231 |
369 |
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Income (loss) before income taxes |
(1,070) |
(576) |
(886) |
1,736 |
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Income tax provision (benefit) |
(14) |
4 |
94 |
89 |
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Net income (loss) |
(1,056) |
(580) |
(980) |
1,647 |
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Less net loss attributable to non-controlling interest in subsidiaries |
(83) |
(110) |
(397) |
(324) |
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Net income (loss) attributable to Avalon Holdings Corporation common shareholders |
$ (973) |
$ (470) |
$ (583) |
$ 1,971 |
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Income (loss) per share attributable to Avalon Holdings Corporation common shareholders: |
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Basic net income (loss) per share |
$ (0.25) |
$ (0.12) |
$ (0.15) |
$ 0.51 |
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Diluted net income (loss) per share |
$ (0.25) |
$ (0.12) |
$ (0.15) |
$ 0.50 |
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Weighted average shares outstanding – basic |
3,899 |
3,899 |
3,899 |
3,899 |
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Weighted average shares outstanding – diluted |
3,899 |
3,899 |
3,899 |
3,933 |
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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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December 31, |
December 31, |
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2022 |
2021 |
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Assets |
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Current Assets: |
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Cash and cash equivalents |
$ 1,624 |
$ 3,254 |
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Accounts receivable, net |
11,127 |
9,933 |
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Unbilled membership dues receivable |
599 |
578 |
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Inventories |
1,461 |
1,105 |
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Prepaid expenses |
1,172 |
996 |
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Other current assets |
105 |
105 |
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Total current assets |
16,088 |
15,971 |
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Property and equipment, net |
56,805 |
53,338 |
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Property and equipment under finance leases, net |
5,001 |
5,390 |
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Operating lease right-of-use assets |
1,386 |
1,598 |
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Restricted cash |
10,426 |
1,696 |
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Noncurrent deferred tax asset |
8 |
8 |
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Other assets, net |
36 |
36 |
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Total assets |
$ 89,750 |
$ 78,037 |
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Liabilities and Equity |
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Current liabilities: |
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Current portion of long term debt |
$ 503 |
$ 1,126 |
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Current portion of obligations under finance leases |
115 |
167 |
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Current portion of obligations under operating leases |
424 |
534 |
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Accounts payable |
10,995 |
10,164 |
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Accrued payroll and other compensation |
989 |
797 |
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Accrued income taxes |
103 |
67 |
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Other accrued taxes |
540 |
541 |
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Deferred membership dues revenue |
3,643 |
3,363 |
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Other liabilities and accrued expenses |
1,544 |
1,265 |
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Total current liabilities |
18,856 |
18,024 |
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Long term debt, net of current portion |
29,758 |
19,376 |
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Line of credit |
1,550 |
– |
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Obligations under finance leases, net of current portion |
381 |
496 |
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Obligations under operating leases, net of current portion |
962 |
1,064 |
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Asset retirement obligation |
100 |
100 |
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Equity: |
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Total Avalon Holdings Corporation Shareholders’ Equity |
38,490 |
39,069 |
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Non-controlling interest in subsidiaries |
(347) |
(92) |
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Total shareholders’ equity |
38,143 |
38,977 |
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Total liabilities and equity |
$ 89,750 |
$ 78,037 |
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SOURCE Avalon Holdings Corporation
