AVALON HOLDINGS CORPORATION ANNOUNCES 2024 FULL YEAR AND FOURTH QUARTER RESULTS

Rhea-AI Summary

Avalon Holdings (NYSE Amex:AWX) has released its financial results for Q4 and full-year 2024. Q4 2024 showed net operating revenues of $17.6 million, slightly down from $17.7 million in Q4 2023, with a reduced net loss of $0.5 million ($0.13 per share) compared to $0.8 million ($0.21 per share) in Q4 2023.

For full-year 2024, the company reported improved performance with net operating revenues of $83.8 million, up from $80.9 million in 2023. Notably, AWX achieved a net income of $1.3 million ($0.34 per share) in 2024, marking a significant turnaround from a net loss of $1.8 million ($0.46 per share) in 2023.

Positive

• Achieved profitability with $1.3M net income in 2024 vs $1.8M loss in 2023
• Annual revenue increased 3.6% to $83.8M
• Q4 net loss reduced by 37.5% year-over-year
• EPS improved from -$0.46 to +$0.34 in 2024

Negative

• Q4 2024 revenue slightly decreased to $17.6M from $17.7M
• Q4 2024 still recorded a net loss of $0.5M

Insights

Financial Analyst

Avalon Holdings' 2024 results demonstrate a significant financial turnaround, with the company reporting full-year net income of $1.3 million compared to a $1.8 million loss in 2023. This $3.1 million year-over-year improvement in bottom-line performance is particularly noteworthy for a company with only a $12 million market capitalization.

Annual revenue increased by 3.6% to $83.8 million, indicating modest top-line growth. The earnings per share swing from a $0.46 loss to $0.34 profit represents a material improvement for shareholders.

While Q4 results still showed a loss of $0.5 million, this was a 37.5% improvement from the $0.8 million loss in Q4 2023, suggesting operational improvements are ongoing. Quarterly revenue remained essentially flat at $17.6 million.

For a small-cap company operating in the waste management industry with diversification into hospitality assets, achieving profitability marks a critical milestone. The company's ability to generate positive earnings while managing its diverse business segments demonstrates improved operational efficiency and potentially better cost controls compared to the previous year.

WARREN, Ohio, March 20, 2025 /PRNewswire/ -- Avalon Holdings Corporation (NYSE Amex:AWX) today announced financial results for the fourth quarter and fiscal year ended December 31, 2024.

Net operating revenues in the fourth quarter of 2024 were $17.6 million compared with $17.7 million in the fourth quarter of 2023. The Company recorded a net loss attributable to Avalon Holdings Corporation common shareholders of $0.5 million in the fourth quarter of 2024 compared with a net loss attributable to Avalon Holdings Corporation common shareholders of $0.8 million in the fourth quarter of 2023. For the fourth quarter of 2024, basic net loss per share attributable to Avalon Holdings Corporation common shareholders was $0.13 compared with basic net loss per share attributable to Avalon Holdings Corporation common shareholders of $0.21 in the fourth quarter of 2023.

For the year ended December 31, 2024, net operating revenues were $83.8 million compared with $80.9 million for the year ended December 31, 2023. The Company recorded a net income attributable to Avalon Holdings Corporation common shareholders of $1.3 million for the year ended December 31, 2024 compared with a net loss attributable to Avalon Holdings Corporation common shareholders of $1.8 million for the year ended December 31, 2023. For the year ended December 31, 2024, basic net income per share attributable to Avalon Holdings Corporation common shareholders was $0.34 compared with basic net loss per share attributable to Avalon Holdings Corporation common shareholders of $0.46 for year ended December 31, 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				Year Ended
	December 31,				December 31,
	2024		2023		2024		2023
Net operating revenues:
Waste management services	$             9,771		$             9,917		$           45,922		$           44,611
Food, beverage and merchandise sales	2,915		2,914		13,537		13,491
Other golf and related operations	4,959		4,890		24,336		22,797
Total golf and related operations	7,874		7,804		37,873		36,288
Total net operating revenues	17,645		17,721		83,795		80,899
Costs and expenses:
Waste management services operating costs	7,568		7,776		35,940		35,642
Cost of food, beverage and merchandise	1,388		1,500		6,105		6,318
Golf and related operations operating costs	5,596		5,433		24,521		24,775
Depreciation and amortization expense	949		968		3,906		3,826
Selling, general and administrative expenses	2,278		2,381		10,248		10,227
Operating (loss) income	(134)		(337)		3,075		111
Other income (expense):
Interest expense	(509)		(568)		(2,040)		(2,098)
Other income, net	-		-		7		-
Income (loss) before income taxes	(643)		(905)		1,042		(1,987)
Provision for income taxes	(36)		(36)		90		57
Net income (loss)	(607)		(869)		952		(2,044)
Less net loss attributable to non-controlling interest in subsidiaries	(110)		(38)		(366)		(269)
Net income (loss) attributable to Avalon Holdings Corporation common shareholders	$              (497)		$              (831)		$             1,318		$            (1,775)
Income (loss) per share attributable to Avalon Holdings Corporation common shareholders:
Basic and diluted net income (loss) per share	$             (0.13)		$             (0.21)		$               0.34		$             (0.46)
Weighted average shares outstanding - basic and diluted	3,899		3,899		3,899		3,899

 

AVALON HOLDINGS CORPORATION AND SUBSIDIARIES
Condensed Consolidated Balance Sheets (Unaudited)
(in thousands)
	December 31,		December 31,
	2024		2023
Assets
Current Assets:
Cash and cash equivalents	$              2,803		$              1,187
Accounts receivable, net	8,595		9,499
Unbilled membership dues receivable	582		567
Inventories	1,558		1,662
Prepaid expenses	1,003		1,116
Other current assets	15		14
Total current assets	14,556		14,045
Property and equipment, net	55,582		56,630
Property and equipment under finance leases, net	5,647		5,711
Operating lease right-of-use assets	1,383		1,270
Restricted cash	8,958		10,265
Noncurrent deferred tax asset, net	27		8
Other assets, net	33		36
Total assets	$             86,186		$             87,965
Liabilities and Equity
Current liabilities:
Current portion of long term debt	$                 575		$                 538
Current portion of obligations under finance leases	201		198
Current portion of obligations under operating leases	365		432
Accounts payable	7,116		9,657
Accrued payroll and other compensation	1,064		1,277
Accrued taxes	594		539
Deferred membership dues revenue	3,524		3,443
Other liabilities and accrued expenses	2,024		1,825
Total current liabilities	15,463		17,909
Long term debt, net of current portion	28,646		29,220
Line of credit	3,200		3,200
Obligations under finance leases, net of current portion	707		598
Obligations under operating leases, net of current portion	1,018		838
Asset retirement obligation	100		100
Equity:
Total Avalon Holdings Corporation Shareholders' Equity	38,034		36,716
Non-controlling interest in subsidiaries	(982)		(616)
Total shareholders' equity	37,052		36,100
Total liabilities and equity	$             86,186		$             87,965

 

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SOURCE Avalon Holdings Corporation

FAQ

What were Avalon Holdings' (AWX) Q4 2024 financial results?

In Q4 2024, AWX reported revenues of $17.6M with a net loss of $0.5M ($0.13 per share), improving from a $0.8M loss in Q4 2023.

How did Avalon Holdings (AWX) perform in full-year 2024 compared to 2023?

AWX showed significant improvement in 2024, with revenues of $83.8M and net income of $1.3M, compared to 2023's revenue of $80.9M and net loss of $1.8M.

What was AWX's earnings per share (EPS) for full-year 2024?

AWX reported basic net income per share of $0.34 for full-year 2024, compared to a loss of $0.46 per share in 2023.

How much did Avalon Holdings' revenue grow from 2023 to 2024?

AWX's revenue grew by $2.9M, from $80.9M in 2023 to $83.8M in 2024, representing a 3.6% increase.