AVALON HOLDINGS CORPORATION AND SUBSIDIARIES
Condensed Consolidated Statements of Operations (Unaudited)
(in thousands, except for per share amounts)
Three Months Ended
Year Ended
December 31,
December 31,
2022
2021
2022
2021
Net operating revenues:
Waste management services
$ 14,671
$ 11,431
$ 49,763
$ 42,710
Food, beverage and merchandise sales
2,832
2,437
12,137
11,045
Other golf and related operations
4,133
3,711
19,280
16,628
Total golf and related operations
6,965
6,148
31,417
27,673
Total net operating revenues
21,636
17,579
81,180
70,383
Costs and expenses:
Waste management services operating costs
12,137
9,204
40,380
34,259
Cost of food, beverage and merchandise
1,506
1,150
5,500
4,748
Golf and related operations operating costs
5,040
4,469
21,337
17,825
Depreciation and amortization expense
930
804
3,483
3,112
Selling, general and administrative expenses
2,615
2,319
10,133
9,878
Operating income (loss)
(592)
(367)
347
561
Other income (expense):
Interest expense
(504)
(280)
(1,464)
(1,158)
Gain on debt extinguishment
–
–
–
1,964
Other income, net
26
71
231
369
Income (loss) before income taxes
(1,070)
(576)
(886)
1,736
Income tax provision (benefit)
(14)
4
94
89
Net income (loss)
(1,056)
(580)
(980)
1,647
Less net loss attributable to non-controlling interest in subsidiaries
(83)
(110)
(397)
(324)
Net income (loss) attributable to Avalon Holdings Corporation common shareholders
$ (973)
$ (470)
$ (583)
$ 1,971
Income (loss) per share attributable to Avalon Holdings Corporation common shareholders:
Basic net income (loss) per share
$ (0.25)
$ (0.12)
$ (0.15)
$ 0.51
Diluted net income (loss) per share
$ (0.25)
$ (0.12)
$ (0.15)
$ 0.50
Weighted average shares outstanding – basic
3,899
3,899
3,899
3,899
Weighted average shares outstanding – diluted
3,899
3,899
3,899
3,933
