AVALON HOLDINGS CORPORATION AND SUBSIDIARIES
Condensed Consolidated Statements of Operations (Unaudited)
(in thousands, except for per share amounts)
Three Months Ended
Nine Months Ended
September 30,
September 30,
2022
2021
2022
2021
Net operating revenues:
Waste management services
$ 15,036
$ 11,444
$ 35,092
$ 31,279
Food, beverage and merchandise sales
4,077
3,984
9,305
8,608
Other golf and related operations
6,600
5,873
15,147
12,917
Total golf and related operations
10,677
9,857
24,452
21,525
Total net operating revenues
25,713
21,301
59,544
52,804
Costs and expenses:
Waste management services operating costs
12,173
9,385
28,243
25,055
Cost of food, beverage and merchandise
1,721
1,657
3,994
3,598
Golf and related operations operating costs
6,511
5,692
16,297
13,356
Depreciation and amortization expense
882
777
2,553
2,308
Selling, general and administrative expenses
2,913
2,743
7,518
7,559
Operating income
1,513
1,047
939
928
Other income (expense):
Interest expense
(408)
(290)
(960)
(878)
Gain on debt extinguishment
–
–
–
1,964
Other income, net
22
85
205
298
Income before income taxes
1,127
842
184
2,312
Provision for income taxes
55
27
108
85
Net income
1,072
815
76
2,227
Less net loss attributable to non-controlling interest in subsidiary
(96)
(168)
(314)
(214)
Net income attributable to Avalon Holdings Corporation common shareholders
$ 1,168
$ 983
$ 390
$ 2,441
Income per share attributable to Avalon Holdings Corporation common shareholders:
Basic net income per share
$ 0.30
$ 0.25
$ 0.10
$ 0.63
Diluted net income per share
$ 0.30
$ 0.25
$ 0.10
$ 0.62
Weighted average shares outstanding – basic
3,899
3,899
3,899
3,899
Weighted average shares outstanding – diluted
3,919
3,931
3,922
3,935