Market Overview

Avalon Holdings Corporation Announces Third Quarter Results

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WARREN, Ohio, Nov. 13, 2019 /PRNewswire/ -- Avalon Holdings Corporation (AMEX:AWX) today announced financial results for the third quarter of 2019.

Net operating revenues in the third quarter of 2019 were $18.0 million compared with $18.1 million in the third quarter of 2018.  The Company recorded net income attributable to Avalon Holdings Corporation common shareholders of $0.1 million in the third quarter of 2019 compared with net income attributable to Avalon Holdings Corporation common shareholders of $0.8 million in the third quarter of 2018.  For the third quarter of 2019, basic net income per share attributable to Avalon Holdings Corporation common shareholders was $0.04 compared with basic net income per share attributable to Avalon Holdings Corporation common shareholders of $0.22 in the third quarter of 2018.

For the first nine months of 2019, net operating revenues were $51.0 million compared with $46.4 million for the first nine months of 2018.  The Company recorded a net loss attributable to Avalon Holdings Corporation common shareholders of less than $0.1 million in the first nine months of 2019 compared with net income attributable to Avalon Holdings Corporation common shareholders of $0.7 million in the first nine months of 2018.  For the first nine months of 2019, basic net loss per share attributable to Avalon Holdings Corporation common shareholders was $0.00 compared with basic net income per share attributable to Avalon Holdings Corporation common shareholders of $0.18 in the first nine months of 2018.

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,


2019


2018


2019


2018









Net operating revenues:








Waste management services

$          11,572


$          12,557


$          35,908


$          32,525









Food, beverage and merchandise sales

2,587


2,285


6,027


5,531

Other golf and related operations

3,859


3,306


9,116


8,313

Total golf and related operations

6,446


5,591


15,143


13,844









Total net operating revenues

18,018


18,148


51,051


46,369









Costs and expenses:








Waste management services operating costs

9,229


9,863


28,773


25,615

Cost of food, beverage and merchandise

1,169


992


2,683


2,391

Golf and related operations operating costs

4,266


3,337


10,361


8,700

Depreciation and amortization expense

630


732


1,848


2,187

Selling, general and administrative expenses

2,379


2,297


6,990


6,737

Operating income 

345


927


396


739









Other income (expense):



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