AVALON HOLDINGS CORPORATION ANNOUNCES THIRD QUARTER RESULTS

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,


2023


2022


2023


2022









Net operating revenues:








Waste management services

$          11,744


$          15,036


$          34,694


$          35,092









Food, beverage and merchandise sales

4,609


4,077


10,577


9,305

Other golf and related operations

7,550


6,600


17,627


15,147

Total golf and related operations

12,159


10,677


28,204


24,452









Total net operating revenues

23,903


25,713


62,898


59,544









Costs and expenses:








Waste management services operating costs

9,262


12,173


27,866


28,243

Cost of food, beverage and merchandise

1,984


1,721


4,818


3,994

Golf and related operations operating costs

7,519


6,511


19,342


16,297

Depreciation and amortization expense

963


882


2,858


2,553

Selling, general and administrative expenses

2,815


2,913


7,846


7,518

Operating income

1,360


1,513


168


939









Other income (expense):








Interest expense

(530)


(408)


(1,573)


(960)

Other income, net

37


22


323


205

Income (loss) before income taxes

867


1,127


(1,082)


184









Provision for income taxes

39


55


93


108

Net income (loss)

828


1,072


(1,175)


76









Less net loss attributable to non-controlling interest in subsidiary

(57)


(96)


(231)


(314)

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

$               885


$            1,168


$             (944)


$               390









Income per share attributable to Avalon Holdings Corporation common shareholders:








Basic net income (loss) per share

$              0.23


$              0.30


$            (0.24)


$              0.10

Diluted net income (loss) per share

$              0.23


$              0.30


$            (0.24)


$              0.10









Weighted average shares outstanding – basic

3,899


3,899


3,899


3,899

Weighted average shares outstanding – diluted

3,899


3,919


3,899


3,922









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