AVALON HOLDINGS CORPORATION ANNOUNCES 2023 FULL YEAR AND FOURTH QUARTER RESULTS

Core Insights - Avalon Holdings Corporation reported a decrease in net operating revenues for both the fourth quarter and the fiscal year ended December 31, 2023, compared to the same periods in 2022 [1][2] Financial Performance - For the fourth quarter of 2023, net operating revenues were $17.6 million, down from $21.6 million in Q4 2022, while the net loss attributable to common shareholders improved to $0.8 million from $1.0 million in the same quarter of the previous year [1] - The basic net loss per share for Q4 2023 was $0.21, an improvement from $0.25 in Q4 2022 [1] - For the full year 2023, net operating revenues totaled $80.5 million, slightly down from $81.2 million in 2022, with a net loss of $1.8 million compared to a net income of $0.6 million in 2022 [2] - The basic net loss per share for the year ended December 31, 2023, was $0.46, compared to a basic net income per share of $0.15 in 2022 [2] Business Operations - Avalon Holdings Corporation provides waste management services to various sectors, including industrial, commercial, municipal, and governmental customers, along with landfill management and saltwater injection well operations [3] - The company also operates Avalon Resorts and Clubs Inc., which includes a hotel, golf courses, and a multipurpose recreation center [3] Revenue Breakdown - In Q4 2023, waste management services generated $9.9 million in revenue, down from $14.7 million in Q4 2022 [4] - Food, beverage, and merchandise sales were $2.9 million in Q4 2023, slightly up from $2.8 million in Q4 2022 [4] - Total golf and related operations revenue was $4.8 million in Q4 2023, compared to $4.1 million in Q4 2022 [4] - For the full year, waste management services revenue was $44.6 million, down from $49.8 million in 2022 [4] Cost Structure - Operating costs for waste management services decreased to $7.8 million in Q4 2023 from $12.1 million in Q4 2022 [4] - Total operating expenses for the year were $35.6 million, down from $40.4 million in 2022 [4] Balance Sheet Highlights - As of December 31, 2023, total assets were $87.965 million, a decrease from $89.750 million in 2022 [5] - Current liabilities were $17.909 million, down from $18.856 million in 2022 [5] - Total shareholders' equity decreased to $36.100 million from $38.143 million in 2022 [5]