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