Avalon Holdings Corporation (NYSE Amex: AWX) today announced financial results for the third quarter of 2025.
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Net operating revenues in the third quarter of 2025 were $25.7 million compared with $24.2 million in the third quarter of 2024. The Company recorded net income attributable to Avalon Holdings Corporation common shareholders of $1.9 million in the third quarter of 2025 compared with net income attributable to Avalon Holdings Corporation common shareholders of $1.8 million in the third quarter of 2024. For the third quarter of 2025, basic net income per share attributable to Avalon Holdings Corporation common shareholders was $0.49 compared with basic net income per share attributable to Avalon Holdings Corporation common shareholders of $0.47 in the third quarter of 2024.
For the first nine months of 2025, net operating revenues were $62.1 million compared with $66.2 million for the first nine months of 2024. The Company recorded a net income attributable to Avalon Holdings Corporation common shareholders of approximately $0.7 million in the first nine months of 2025 compared with net income attributable to Avalon Holdings Corporation common shareholders of $1.8 million in the first nine months of 2024. For the first nine months of 2025, basic net income per share attributable to Avalon Holdings Corporation common shareholders was $0.17compared with basic net income per share attributable to Avalon Holdings Corporation common shareholders of $0.47 in the first nine 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 Nine Months Ended September 30, September 30, 2025 2024 2025 2024Net operating revenues:Waste management services $ 12,918 $ 11,461 $ 32,338 $ 36,151Food, beverage and merchandise sales 4,553 4,615 10,337 10,622Other golf and related operations 8,275 8,159 19,392 19,377Total golf and related operations 12,828 12,774 29,729 29,999Total net operating revenues 25,746 24,235 62,067 66,150Costs and expenses:Waste management services operating costs 10,259 8,949 25,330 28,372Cost of food, beverage and merchandise 1,958 2,010 4,688 4,717Golf and related operations operating costs 7,425 7,308 19,401 18,925Depreciation and amortization expense 932 975 2,867 2,957Selling, general and administrative expenses 2,826 2,719 7,835 7,970Operating income 2,346 2,274 1,946 3,209Other income (expense):Interest expense, net (512) (502) (1,532) (1,531)Other income, net – – – 7Income before income taxes 1,834 1,772 414 1,685Provision for income taxes 45 42 100 126Net income 1,789 1,730 314 1,559Less net loss attributable to non-controlling interest in subsidiary (113) (110) (363) (256)Net income attributable to Avalon Holdings Corporation common shareholders $ 1,902 $ 1,840 $ 677 $ 1,815Income per share attributable to Avalon Holdings Corporation common shareholders:Basic net income per share $ 0.49 $ 0.47 $ 0.17 $ 0.47Weighted average shares outstanding – basic 3,899 3,899 3,899 3,899
AVALON HOLDINGS CORPORATION AND SUBSIDIARIESCondensed Consolidated Balance Sheets (Unaudited)(in thousands) September 30, December 31, 2025 2024AssetsCurrent Assets:Cash and cash equivalents $ 4,551 $ 2,803Accounts receivable, net 12,498 8,595Unbilled membership dues receivable 814 582Inventories 1,686 1,558Prepaid expenses 606 1,003Other current assets 15 15Total current assets 20,170 14,556Property and equipment, net 54,454 55,582Property and equipment under finance leases, net 6,230 5,647Operating lease right-of-use assets 1,078 1,383Restricted cash 8,699 8,958Noncurrent deferred tax asset 27 27Other assets, net 28 33Total assets $ 90,686 $ 86,186Liabilities and EquityCurrent liabilities:Current portion of long term debt $ 604 $ 575Current portion of obligations under finance leases 362 201Current portion of obligations under operating leases 363 365Accounts payable 9,605 7,116Accrued payroll and other compensation 1,731 1,064Accrued taxes 638 594Deferred membership dues revenue 4,587 3,524Other liabilities and accrued expenses 2,005 2,024Total current liabilities 19,895 15,463Long term debt, net of current portion 28,190 28,646Line of credit 3,200 3,200Obligations under finance leases, net of current portion 1,220 707Obligations under operating leases, net of current portion 715 1,018Asset retirement obligation 100 100Equity:Total Avalon Holdings Corporation Shareholders' Equity 38,711 38,034Non-controlling interest in subsidiary (1,345) (982)Total shareholders' equity 37,366 37,052Total liabilities and equity $ 90,686 $ 86,186
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SOURCE Avalon Holdings Corporation
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