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