AVALON HOLDINGS CORPORATION ANNOUNCES THIRD QUARTER RESULTS

WARREN, Ohio, Nov. 8, 2024 /PRNewswire/ -- Avalon Holdings Corporation (AMEX:AWX) today announced financial results for the third quarter of 2024.

Net operating revenues in the third quarter of 2024 were $24.2 million compared with $24.0 million in the third quarter of 2023. The Company recorded net income attributable to Avalon Holdings Corporation common shareholders of $1.8 million in the third quarter of 2024 compared with net income attributable to Avalon Holdings Corporation common shareholders of $0.9 million in the third quarter of 2023. For the third quarter of 2024, basic net income per share attributable to Avalon Holdings Corporation common shareholders was $0.47 compared with basic net income per share attributable to Avalon Holdings Corporation common shareholders of $0.23 in the third quarter of 2023.

For the first nine months of 2024, net operating revenues were $66.2 million compared with $63.2 million for the first nine months of 2023. The Company recorded a net income attributable to Avalon Holdings Corporation common shareholders of approximately $1.8 million in the first nine months of 2024 compared with net loss attributable to Avalon Holdings Corporation common shareholders of $0.9 million in the first nine months of 2023. For the first nine months of 2024, basic net income per share attributable to Avalon Holdings Corporation common shareholders was $0.47 compared with basic net loss per share attributable to Avalon Holdings Corporation common shareholders of $0.24 in the first nine months of 2023.

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

Nine Months Ended 

September 30,

September 30,

2024

2023

2024

2023

Net operating revenues:

Waste management services

$          11,461

$          11,744

$          36,151

$          34,694

Food, beverage and merchandise sales

4,615

4,609

10,622

10,577

Other golf and related operations

8,159

7,576

19,377

17,907

Total golf and related operations

12,774

12,185

29,999

28,484

Total net operating revenues

24,235

23,929

66,150

63,178