AVALON HOLDINGS CORPORATION ANNOUNCES FIRST QUARTER RESULTS
WARREN, Ohio, May 7, 2025 Avalon Holdings Corporation (NYSE Amex:) today announced financial results for the first quarter of 2025.
Net operating revenues in the first quarter of 2025 were $16.1 million compared with $18.9 million in the first quarter of 2024. The Company recorded a net loss attributable to Avalon Holdings Corporation common shareholders of $1.5 million in the first quarter of 2025 compared with net loss attributable to Avalon Holdings Corporation common shareholders of $1.0 million in the first quarter of 2024. For the first quarter of 2025, basic net loss per share attributable to Avalon Holdings Corporation common shareholders was $0.38 compared with basic net loss per share attributable to Avalon Holdings Corporation common shareholders of $0.25 in the first quarter of 2024.
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
March 31,
2025
2024
Net operating revenues:
Waste management services
$ 9,677
$ 12,470
Food, beverage and merchandise sales
2,024
2,011
Other golf and related operations
4,367
4,377
Total golf and related operations
6,391
6,388
Total net operating revenues
16,068
18,858
Costs and expenses:
Waste management services operating costs
7,582
9,897
Cost of food, beverage and merchandise
1,012
1,025
Golf and related operations operating costs
5,097
4,873
Depreciation and amortization expense
970
980
Selling, general and administrative expenses
2,558
2,596
Operating loss
(1,151)
(513)
Other income (expense):
Interest expense, net
(510)
(508)
Other income, net
-
7
Loss before income taxes
(1,661)
(1,014)
Provision for income taxes
25
40
Net loss
(1,686)
(1,054)
Less net loss attributable to non-controlling interest in subsidiaries
(187)
(75)
Net loss attributable to Avalon Holdings Corporation common shareholders
$ (1,499)
$ (979)
Loss per share attributable to Avalon Holdings Corporation common shareholders:
Basic and diluted net loss per share
$ (0.38)
$ (0.25)
Weighted average shares outstanding - basic and diluted
3,899
3,899
AVALON HOLDINGS CORPORATION AND SUBSIDIARIES
Condensed Consolidated Balance Sheets (Unaudited)
(in thousands)
March 31,
December 31,
2025
2024
Assets
Current Assets:
Cash and cash equivalents
$ 1,269
$ 2,803
Accounts receivable, net
11,358
8,595
Unbilled membership dues receivable
733
582
Inventories
1,846
1,558
Prepaid expenses
1,107
1,003
Other current assets
15
15
Total current assets
16,328
14,556
Property and equipment, net
55,243
55,582
Property and equipment under finance leases, net
5,671
5,647
Operating lease right-of-use assets
1,391
1,383
Restricted cash
8,937
8,958
Noncurrent deferred tax asset
27
27
Other assets, net
34
33
Total assets
$ 87,631
$ 86,186
Liabilities and Equity
Current liabilities:
Current portion of long term debt
$ 584
$ 575
Current portion of obligations under finance leases
232
201
Current portion of obligations under operating leases
364
365
Accounts payable
8,419
7,116
Accrued payroll and other compensation
1,283
1,064
Accrued taxes
525
594
Deferred membership dues revenue
5,134
3,524
Other liabilities and accrued expenses
2,089
2,024
Total current liabilities
18,630
15,463
Long-term debt, net of current portion
28,496
28,646
Line of credit
3,200
3,200
Obligations under finance leases, net of current portion
812
707
Obligations under operating leases, net of current portion
1,027
1,018
Asset retirement obligation
100
100
Equity:
Total Avalon Holdings Corporation Shareholders' Equity
36,535
38,034
Non-controlling interest in subsidiaries
(1,169)
(982)
Total shareholders' equity
35,366
37,052
Total liabilities and equity
$ 87,631
$ 86,186
SOURCE Avalon Holdings Corporation