Net operating revenues in the first quarter of 2026 were
AVALON HOLDINGS CORPORATION AND SUBSIDIARIES | ||||
Condensed Consolidated Statements of Operations (Unaudited) | ||||
(in thousands, except for per share amounts) | ||||
Three Months Ended | ||||
2026 | 2025 | |||
Net operating revenues: | ||||
Waste management services | $ 11,508 | $ 9,677 | ||
Food, beverage and merchandise sales | 2,013 | 2,024 | ||
Other golf and related operations | 4,137 | 4,367 | ||
Total golf and related operations | 6,150 | 6,391 | ||
Total net operating revenues | 17,658 | 16,068 | ||
Costs and expenses: | ||||
Waste management services operating costs | 8,882 | 7,582 | ||
Cost of food, beverage and merchandise | 993 | 1,012 | ||
Golf and related operations operating costs | 4,905 | 5,097 | ||
Depreciation and amortization expense | 929 | 970 | ||
Selling, general and administrative expenses | 2,685 | 2,558 | ||
Operating loss | (736) | (1,151) | ||
Other income (expense): | ||||
Interest expense, net | (504) | (510) | ||
Loss before income taxes | (1,240) | (1,661) | ||
Provision for income taxes | 41 | 25 | ||
Net loss | (1,281) | (1,686) | ||
Less net loss attributable to non-controlling interest in subsidiaries | (46) | (187) | ||
Net loss attributable to | $ (1,235) | $ (1,499) | ||
Loss per share attributable to | ||||
Basic net loss per share | $ (0.32) | $ (0.38) | ||
Weighted average shares outstanding - basic | 3,899 | 3,899 | ||
AVALON HOLDINGS CORPORATION AND SUBSIDIARIES | |||
Condensed Consolidated Balance Sheets (Unaudited) | |||
(in thousands) | |||
2026 | 2025 | ||
Assets | |||
Current Assets: | |||
Cash and cash equivalents | $ 2,378 | $ 4,114 | |
Accounts receivable, net | 11,843 | 9,819 | |
Unbilled membership dues receivable | 707 | 541 | |
Inventories | 1,774 | 1,555 | |
Prepaid expenses | 989 | 919 | |
Other current assets | 15 | 15 | |
Total current assets | 17,706 | 16,963 | |
Property and equipment, net | 53,541 | 53,982 | |
Property and equipment under finance leases, net | 6,352 | 6,267 | |
Operating lease right-of-use assets | 1,390 | 1,379 | |
Restricted cash | 8,501 | 8,730 | |
Noncurrent deferred tax asset | 32 | 32 | |
Other assets, net | 27 | 28 | |
Total assets | $ 87,549 | $ 87,381 | |
Liabilities and Equity | |||
Current liabilities: | |||
Current portion of long term debt | $ 624 | $ 614 | |
Current portion of obligations under finance leases | 384 | 384 | |
Current portion of obligations under operating leases | 367 | 362 | |
Accounts payable | 7,736 | 7,984 | |
Accrued payroll and other compensation | 1,496 | 1,244 | |
Accrued taxes | 644 | 660 | |
Deferred membership dues revenue | 5,126 | 3,529 | |
Other liabilities and accrued expenses | 2,074 | 2,054 | |
Total current liabilities | 18,451 | 16,831 | |
Long-term debt, net of current portion | 27,872 | 28,032 | |
Line of credit | 3,200 | 3,200 | |
Obligations under finance leases, net of current portion | 1,231 | 1,248 | |
Obligations under operating leases, net of current portion | 1,023 | 1,017 | |
Asset retirement obligation | 100 | 100 | |
Equity: | |||
Total Avalon Holdings Corporation Shareholders' Equity | 37,120 | 38,355 | |
Non-controlling interest in subsidiaries | (1,448) | (1,402) | |
Total shareholders' equity | 35,672 | 36,953 | |
Total liabilities and equity | $ 87,549 | $ 87,381 | |
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