AVALON HOLDINGS CORPORATION ANNOUNCES SECOND QUARTER RESULTS
08/12/2022 - 05:01 PM
WARREN, Ohio , Aug. 12, 2022 /PRNewswire/ -- Avalon Holdings Corporation (NYSE Amex: AWX) today announced financial results for the second quarter of 2022.
Net operating revenues in the second quarter of 2022 were $19.5 million compared with $16.4 million in the second quarter of 2021. The Company recorded net income attributable to Avalon Holdings Corporation common shareholders of $0.5 million in the second quarter of 2022 compared with net income attributable to Avalon Holdings Corporation common shareholders of $0.7 million in the second quarter of 2021. For the second quarter of 2022, basic net income per share attributable to Avalon Holdings Corporation common shareholders was $0.12 compared with basic net income per share attributable to Avalon Holdings Corporation common shareholders of $0.19 in the second quarter of 2021.
For the first six months of 2022, net operating revenues were $33.8 million compared with $31.5 million for the first six months of 2021. The Company recorded a net loss attributable to Avalon Holdings Corporation common shareholders of approximately $0.8 million in the first six months of 2022 compared with net income attributable to Avalon Holdings Corporation common shareholders of $1.5 million in the first six months of 2021. For the first six months of 2022, basic net loss per share attributable to Avalon Holdings Corporation common shareholders was $0.20 compared with basic net income per share attributable to Avalon Holdings Corporation common shareholders of $0.37 in the first six months of 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.
AVALON HOLDINGS CORPORATION AND SUBSIDIARIES
Condensed Consolidated Statements of Operations (Unaudited)
(in thousands, except for per share amounts)
Three Months Ended
Six Months Ended
June 30,
June 30,
2022
2021
2022
2021
Net operating revenues:
Waste management services
$ 10,717
$ 8,685
$ 20,056
$ 19,835
Food, beverage and merchandise sales
3,563
3,283
5,228
4,624
Other golf and related operations
5,242
4,422
8,547
7,044
Total golf and related operations
8,805
7,705
13,775
11,668
Total net operating revenues
19,522
16,390
33,831
31,503
Costs and expenses:
Waste management services operating costs
8,492
6,969
16,070
15,670
Cost of food, beverage and merchandise
1,525
1,348
2,273
1,941
Golf and related operations operating costs
5,731
4,743
9,786
7,664
Depreciation and amortization expense
842
767
1,671
1,531
Selling, general and administrative expenses
2,340
2,536
4,605
4,816
Operating income (loss)
592
27
(574)
(119)
Other income (expense):
Interest expense
(274)
(291)
(552)
(588)
Gain on debt extinguishment
-
877
-
1,964
Other income, net
119
126
183
213
Income (loss) before income taxes
437
739
(943)
1,470
Provision for income taxes
33
15
53
58
Net income (loss)
404
724
(996)
1,412
Less net loss attributable to non-controlling interest in subsidiary
(80)
(18)
(218)
(46)
Net income (loss) attributable to Avalon Holdings Corporation common shareholders
$ 484
$ 742
$ (778)
$ 1,458
Income (loss) per share attributable to Avalon Holdings Corporation common shareholders:
Basic net income (loss) per share
$ 0.12
$ 0.19
$ (0.20)
$ 0.37
Diluted net income (loss) per share
$ 0.12
$ 0.19
$ (0.20)
$ 0.37
Weighted average shares outstanding - basic
3,899
3,899
3,899
3,899
Weighted average shares outstanding - diluted
3,922
3,929
3,899
3,927
AVALON HOLDINGS CORPORATION AND SUBSIDIARIES
Condensed Consolidated Balance Sheets (Unaudited)
(in thousands)
June 30,
December 31,
2022
2021
Assets
Current Assets:
Cash and cash equivalents
$ 3,267
$ 3,254
Accounts receivable, net
10,454
9,933
Unbilled membership dues receivable
1,145
578
Inventories
1,530
1,105
Prepaid expenses
939
996
Other current assets
94
105
Total current assets
17,429
15,971
Property and equipment, net
56,279
53,338
Property and equipment under finance leases, net
5,221
5,390
Operating lease right-of-use assets
1,419
1,598
Restricted cash
-
1,696
Noncurrent deferred tax asset
8
8
Other assets, net
36
36
Total assets
$ 80,392
$ 78,037
Liabilities and Equity
Current liabilities:
Current portion of long term debt
$ 1,155
$ 1,126
Current portion of obligations under finance leases
144
167
Current portion of obligations under operating leases
498
534
Accounts payable
10,954
10,164
Accrued payroll and other compensation
1,729
797
Accrued income taxes
95
67
Other accrued taxes
341
541
Deferred membership dues revenue
5,782
3,363
Other liabilities and accrued expenses
1,301
1,265
Total current liabilities
21,999
18,024
Long term debt, net of current portion
18,791
19,376
Obligations under finance leases, net of current portion
456
496
Obligations under operating leases, net of current portion
921
1,064
Asset retirement obligation
100
100
Equity:
Total Avalon Holdings Corporation Shareholders' Equity
38,293
39,069
Non-controlling interest in subsidiary
(168)
(92)
Total shareholders' equity
38,125
38,977
Total liabilities and equity
$ 80,392
$ 78,037
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SOURCE Avalon Holdings Corporation
AWX Rankings
N/A Ranked by Stock Gains
AWX Stock Data
Industry
Hazardous Waste Treatment and Disposal
Sector
Administrative and Support and Waste Management and Remediation Services
Tags
Environmental Services, Industrial Services, Administrative and Support and Waste Management and Remediation Services, Hazardous Waste Treatment and Disposal
About AWX
avalon holdings corporation provides waste management services to industrial, commercial, municipal, and governmental customers in the united states. it operates through waste management services, and golf and related operations segments. the waste management services segment offers hazardous and nonhazardous waste disposal brokerage and management services; and captive landfill management services, as well as engages in salt water injection well operations. this segment also provides turnkey services, including daily operations, facilities management, and management reporting; and sells construction mats. the golf and related operations segment operates and manages three golf courses and related clubhouses, a hotel, and a travel agency. its golf and country club facilities provide swimming pools, fitness centers, tennis courts, dining, and banquet and conference facilities, as well as spa services. the company also owns and operates hotel under the brand of the grand resort, which pro