PR Newswire
WARREN, Ohio, Nov. 12, 2020
WARREN, Ohio, Nov. 12, 2020 /PRNewswire/ -- Avalon Holdings Corporation (NYSE Amex: AWX) today announced financial results for the third quarter of 2020.
Net operating revenues in the third quarter of 2020 were $16.6 million compared with $18.0 million in the third quarter of 2019. The Company recorded net income attributable to Avalon Holdings Corporation common shareholders of $0.8 million in the third quarter of 2020 compared with net income attributable to Avalon Holdings Corporation common shareholders of $0.1 million in the third quarter of 2019. For the third quarter of 2020, basic net income per share attributable to Avalon Holdings Corporation common shareholders was $0.20 compared with basic net income per share attributable to Avalon Holdings Corporation common shareholders of $0.04 in the third quarter of 2019.
For the first nine months of 2020, net operating revenues were $44.1 million compared with $51.1 million for the first nine months of 2019. The Company incurred a net loss attributable to Avalon Holdings Corporation common shareholders of approximately $0.5 million in the first nine months of 2020 compared with a net loss attributable to Avalon Holdings Corporation common shareholders of less than $0.1 million in the first nine months of 2019. For the first nine months of 2020, basic net loss per share attributable to Avalon Holdings Corporation common shareholders was $0.12 compared with basic net loss per share attributable to Avalon Holdings Corporation common shareholders of $0.00 in the first nine months of 2019.
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) | |||||||
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| Three Months Ended | | Nine Months Ended | ||||
| September 30, | | September 30, | ||||
| 2020 | | 2019 | | 2020 | | 2019 |
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Net operating revenues: | | | | | | | |
Waste management services | $ 9,326 | | $ 11,572 | | $ 29,547 | | $ 35,908 |
| | | | | | | |
Food, beverage and merchandise sales | 2,851 | | 2,587 | | 5,247 | | 6,027 |
Other golf and related operations | 4,448 | | 3,859 | | 9,301 | | 9,116 |
Total golf and related operations | 7,299 | | 6,446 | | 14,548 | | 15,143 |
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Total net operating revenues | 16,625 | | 18,018 | | 44,095 | | 51,051 |
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Costs and expenses: | | | | | | | |
Waste management services operating costs | 7,393 | | 9,229 | | 23,473 | | 28,773 |
Cost of food, beverage and merchandise | 1,092 | | 1,169 | | 2,184 | | 2,683 |
Golf and related operations operating costs | 4,270 | | 4,266 | | 9,777 | | 10,361 |
Depreciation and amortization expense | 741 | | 630 | | 2,152 | | 1,848 |
Selling, general and administrative expenses | 2,110 | | 2,379 | | 6,269 | | 6,990 |
Operating income | 1,019 | | 345 | | 240 | | 396 |
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Other income (expense): | | | | | | | |
Interest expense | (302) | | (222) | | (913) | | (600) |
Other income, net | 83 | | 41 | | 264 | | 257 |
Income (loss) before income taxes | 800 | | 164 | | (409) | | 53 |
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Provision for income taxes | 27 | | 38 | | 95 | | 135 |
Net income (loss) | 773 | | 126 | | (504) Werbung Mehr Nachrichten zur Avalon Holdings Aktie kostenlos abonnieren
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