Avalon Holdings Corporation (NYSE Amex: AWX) today announced financial results for the second quarter of 2025.
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Net operating revenues in the second quarter of 2025 were $20.3 million compared with $23.1 million in the second quarter of 2024. The Company recorded net income attributable to Avalon Holdings Corporation common shareholders of $0.3 million in the second quarter of 2025 compared with net income attributable to Avalon Holdings Corporation common shareholders of $1.0 million in the second quarter of 2024. For the second quarter of 2025, basic net income per share attributable to Avalon Holdings Corporation common shareholders was $0.07 compared with basic net income per share attributable to Avalon Holdings Corporation common shareholders of $0.24 in the second quarter of 2024.
For the first six months of 2025, net operating revenues were $36.3 million compared with $41.9 million for the first six months of 2024. The Company recorded a net loss attributable to Avalon Holdings Corporation common shareholders of approximately $1.2 million in the first six months of 2025 compared with net loss attributable to Avalon Holdings Corporation common shareholders of $25,000 in the first six months of 2024. For the first six months of 2025, basic net loss per share attributable to Avalon Holdings Corporation common shareholders was $0.31 compared with basic net loss per share attributable to Avalon Holdings Corporation common shareholders of $0.01 in the first six months 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 SUBSIDIARIESCondensed Consolidated Statements of Operations (Unaudited)(in thousands, except for per share amounts) Three Months Ended Six Months Ended June 30, June 30, 2025 2024 2025 2024Net operating revenues:Waste management services $ 9,742 $ 12,220 $ 19,419 $ 24,690Food, beverage and merchandise sales 3,760 3,996 5,784 6,007Other golf and related operations 6,750 6,841 11,117 11,218Total golf and related operations 10,510 10,837 16,901 17,225Total net operating revenues 20,252 23,057 36,320 41,915Costs and expenses:Waste management services operating costs 7,489 9,527 15,071 19,424Cost of food, beverage and merchandise 1,717 1,682 2,730 2,707Golf and related operations operating costs 6,878 6,744 11,975 11,617Depreciation and amortization expense 965 1,002 1,935 1,982Selling, general and administrative expenses 2,453 2,654 5,010 5,251Operating income (loss) 750 1,448 (401) 934Other income (expense):Interest expense (510) (521) (1,020) (1,028)Other income, net – – – 7Income (loss) before income taxes 240 927 (1,421) (87)Provision for income taxes 29 44 54 84Net income (loss) 211 883 (1,475) (171)Less net loss attributable to non-controlling interest in subsidiary (63) (71) (250) (146)Net income (loss) attributable to Avalon Holdings Corporation common shareholders $ 274 $ 954 $ (1,225) $ (25)Income (loss) per share attributable to Avalon Holdings Corporation common shareholders:Basic and diluted net income (loss) per share $ 0.07 $ 0.24 $ (0.31) $ (0.01)Weighted average shares outstanding – basic and diluted 3,899 3,899 3,899 3,899
AVALON HOLDINGS CORPORATION AND SUBSIDIARIESCondensed Consolidated Balance Sheets (Unaudited)(in thousands) June 30, December 31, 2025 2024AssetsCurrent Assets:Cash and cash equivalents $ 3,714 $ 2,803Accounts receivable, net 9,907 8,595Unbilled membership dues receivable 1,037 582Inventories 1,807 1,558Prepaid expenses 775 1,003Other current assets 15 15Total current assets 17,255 14,556Property and equipment, net 54,583 55,582Property and equipment under finance leases, net 5,924 5,647Operating lease right-of-use assets 1,269 1,383Restricted cash 8,971 8,958Noncurrent deferred tax asset 27 27Other assets, net 26 33Total assets $ 88,055 $ 86,186Liabilities and EquityCurrent liabilities:Current portion of long term debt $ 594 $ 575Current portion of obligations under finance leases 278 201Current portion of obligations under operating leases 364 365Accounts payable 7,652 7,116Accrued payroll and other compensation 1,528 1,064Accrued taxes 451 594Deferred membership dues revenue 5,734 3,524Other liabilities and accrued expenses 2,306 2,024Total current liabilities 18,907 15,463Long term debt, net of current portion 28,344 28,646Line of credit 3,200 3,200Obligations under finance leases, net of current portion 1,022 707Obligations under operating leases, net of current portion 905 1,018Asset retirement obligation 100 100Equity:Total Avalon Holdings Corporation Shareholders' Equity 36,809 38,034Non-controlling interest in subsidiary (1,232) (982)Total shareholders' equity 35,577 37,052Total liabilities and equity $ 88,055 $ 86,186
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SOURCE Avalon Holdings Corporation
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