WARREN, Ohio, May 8, 2024 /PRNewswire/ -- Avalon Holdings Corporation (AMEX:AWX) today announced financial results for the first quarter of 2024.
Net operating revenues in the first quarter of 2024 were $18.9 million compared with $18.4 million in the first quarter of 2023. The Company recorded a net loss attributable to Avalon Holdings Corporation common shareholders of $1.0 million in the first quarter of 2024 compared with net loss attributable to Avalon Holdings Corporation common shareholders of $1.7 million in the first quarter of 2023. For the first quarter of 2024, basic net loss per share attributable to Avalon Holdings Corporation common shareholders was $0.25 compared with basic net loss per share attributable to Avalon Holdings Corporation common shareholders of $0.43 in the first quarter 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
March 31,
2024
2023
Net operating revenues:
Waste management services
$ 12,470
$ 12,652
Food, beverage and merchandise sales
2,011
1,974
Other golf and related operations
4,377
3,819
Total golf and related operations
6,388
5,793
Total net operating revenues
18,858
18,445
Costs and expenses:
Waste management services operating costs
9,897
10,380
Cost of food, beverage and merchandise
1,025
1,023
Golf and related operations operating costs
4,873
4,836
Depreciation and amortization expense
980
940
Selling, general and administrative expenses
2,596
2,530
Operating loss
(513)
(1,264)
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