AVALON HOLDINGS CORPORATION ANNOUNCES 2022 FULL YEAR AND FOURTH QUARTER RESULTS

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,

2022

2021

2022

2021

Net operating revenues:

Waste management services

$          14,671

$          11,431

$          49,763

$          42,710

Food, beverage and merchandise sales

2,832

2,437

12,137

11,045

Other golf and related operations

4,133

3,711

19,280

16,628

Total golf and related operations

6,965

6,148

31,417

27,673

Total net operating revenues

21,636

17,579

81,180

70,383

Costs and expenses:

Waste management services operating costs

12,137

9,204

40,380

34,259

Cost of food, beverage and merchandise

1,506

1,150

5,500

4,748

Golf and related operations operating costs

5,040

4,469

21,337

17,825

Depreciation and amortization expense

930

804

3,483

3,112

Selling, general and administrative expenses

2,615

2,319

10,133

9,878

Operating income (loss)

(592)

(367)

347

561

Other income (expense):

Interest expense

(504)

(280)

(1,464)

(1,158)

Gain on debt extinguishment

1,964

Other income, net

26

71

231

369

Income (loss) before income taxes

(1,070)

(576)

(886)

1,736

Income tax provision (benefit)

(14)

4

94

89

Net income (loss)

(1,056)

(580)

(980)

1,647

Less net loss attributable to non-controlling interest in subsidiaries

(83)

(110)

(397)

(324)

Net income (loss) attributable to Avalon Holdings Corporation common shareholders

$              (973)

$              (470)

$              (583)

$            1,971

Income (loss) per share attributable to Avalon Holdings Corporation common shareholders:

Basic net income (loss) per share

$             (0.25)

$             (0.12)

$             (0.15)

$              0.51

Diluted net income (loss) per share

$             (0.25)

$             (0.12)

$             (0.15)

$              0.50

Weighted average shares outstanding – basic

3,899

3,899

3,899

3,899

Weighted average shares outstanding – diluted

3,899

3,899

3,899

3,933

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