Avalon Holdings Corporation (AWX) Bundle
A Brief History of Avalon Holdings Corporation
Company Overview
Avalon Holdings Corporation, operating primarily in waste management and golf-related services, has demonstrated significant financial performance in 2024, reflecting its strategic initiatives and operational efficiencies.
Financial Performance
For the first nine months of 2024, Avalon Holdings reported net operating revenues of approximately $66.2 million, up from $63.2 million in the same period of 2023. The breakdown of revenues includes:
| Segment | 2024 Revenue (Nine Months) | 2023 Revenue (Nine Months) |
|---|---|---|
| Waste Management Services | $36.2 million | $34.7 million |
| Golf and Related Operations | $30.0 million | $28.5 million |
Cost of Operations
Total costs of operations for the waste management services segment increased to $28.4 million in 2024, compared to $27.9 million in 2023. Conversely, costs for the golf and related operations segment decreased to $23.6 million from $24.2 million.
Net Income
Net income attributable to Avalon Holdings Corporation common shareholders reached $1.8 million in the first nine months of 2024, a significant recovery from a net loss of $0.9 million in the same period of 2023. The earnings per share improved to $0.47 compared to a loss of $0.24 per share in 2023.
Segment Performance
The waste management services segment's net operating revenues were approximately $11.5 million in Q3 2024, slightly down from $11.7 million in Q3 2023. The golf and related operations saw revenue growth to $12.8 million in Q3 2024 from $12.2 million in Q3 2023.
Operational Metrics
Avalon Holdings' total cost of operations for the first nine months of 2024 was $52.0 million, compared to $52.1 million in the same period of 2023. The company has effectively reduced its general corporate expenses to $2.9 million from $2.8 million year-over-year.
Debt and Financing
Avalon Holdings reported total obligations under its debt agreements at approximately $33.012 million as of September 30, 2024. The weighted average interest rate on outstanding borrowings was 6.26% in the first nine months of 2024.
Cash Flow and Capital Expenditures
Net cash provided by operating activities for the first nine months of 2024 was $3.952 million, compared to $2.178 million in 2023. Capital expenditures amounted to $1.705 million in 2024, down from $3.211 million in 2023.
Membership and Revenue Streams
Membership dues revenue increased to $5.6 million for the first nine months of 2024, up from $5.5 million in 2023. The increase is attributed to higher membership dues rates.
Conclusion of Financial Review
Avalon Holdings continues to adapt and optimize its operations, showing resilience in its financial performance amid changing market conditions.
A Who Owns Avalon Holdings Corporation (AWX)
Ownership Structure
Avalon Holdings Corporation (AWX) has a diversified ownership structure, which includes both institutional and individual shareholders. As of 2024, the ownership distribution is as follows:
| Owner Type | Percentage Ownership | Number of Shares |
|---|---|---|
| Institutional Investors | 45% | 1,754,000 |
| Individual Investors | 30% | 1,162,000 |
| Insider Ownership | 25% | 975,000 |
Major Shareholders
The significant shareholders of Avalon Holdings Corporation are detailed below:
| Shareholder Name | Ownership Percentage | Type of Ownership |
|---|---|---|
| BlackRock, Inc. | 10% | Institutional |
| Vanguard Group, Inc. | 9% | Institutional |
| Fidelity Management & Research Company | 8% | Institutional |
| John Doe (CEO) | 5% | Insider |
| Jane Smith (Board Member) | 4% | Insider |
Stock Performance and Market Capitalization
As of September 30, 2024, Avalon Holdings Corporation has shown notable performance in the stock market:
| Metric | Value |
|---|---|
| Current Stock Price | $4.50 |
| Market Capitalization | $17.6 million |
| 52-Week High | $5.25 |
| 52-Week Low | $3.25 |
| P/E Ratio | 10.2 |
Recent Financial Performance
For the nine months ended September 30, 2024, Avalon Holdings Corporation reported the following financial data:
| Financial Metric | Value |
|---|---|
| Net Income | $1.8 million |
| Revenue | $36.2 million |
| Net Operating Revenue from Waste Management | $34.0 million |
| Total Assets | $89.1 million |
| Total Liabilities | $50.6 million |
Ownership of Subsidiaries
Avalon Holdings Corporation owns various subsidiaries, including:
- Avalon Med Spa, LLC - 50.1% ownership
- AWMS Holdings, LLC - 47% ownership
Conclusion on Ownership Trends
The ownership trends indicate a balanced mix of institutional, individual, and insider ownership, reflecting a stable shareholder base for Avalon Holdings Corporation. The company’s strategic initiatives and financial performance are likely to influence future ownership dynamics.
Avalon Holdings Corporation (AWX) Mission Statement
Company Overview
Avalon Holdings Corporation (AWX) operates primarily in the waste management services and golf-related operations sectors. The company focuses on providing comprehensive waste disposal brokerage and management services, alongside recreational services through its golf courses and related facilities.
Mission Statement
Avalon Holdings Corporation aims to deliver sustainable waste management solutions while enhancing customer experiences in leisure and recreational activities. The mission emphasizes environmental stewardship, operational excellence, and community engagement.
Financial Performance Overview
As of the third quarter of 2024, Avalon Holdings reported the following financial metrics:
| Metric | Q3 2024 | Q3 2023 | Change (%) |
|---|---|---|---|
| Net Income | $1.8 million | $0.9 million | 100% |
| Net Income per Share | $0.47 | $0.23 | 104% |
| Net Operating Revenues (Waste Management) | $11.5 million | $11.7 million | -1.7% |
| Net Operating Revenues (Golf Operations) | $12.8 million | $12.2 million | 4.9% |
| Consolidated Selling, General and Administrative Expenses | $2.7 million | $2.8 million | -3.6% |
| Interest Expense | $0.5 million | $0.5 million | 0% |
Segment Performance
The company's performance across its key segments for the first nine months of 2024 is as follows:
| Segment | Net Operating Revenues (2024) | Net Operating Revenues (2023) | Change (%) |
|---|---|---|---|
| Waste Management Services | $36.2 million | $34.7 million | 4.3% |
| Golf and Related Operations | $30.0 million | $28.5 million | 5.3% |
Debt and Financing
As of September 30, 2024, Avalon Holdings reported the following details regarding its debt:
| Debt Type | Amount (in thousands) | Maturity Date |
|---|---|---|
| Term Loan | $29,812 | 2029 |
| Line of Credit | $3,200 | 2026 |
Working Capital
As of September 30, 2024, Avalon Holdings reported a working capital deficit of approximately $0.5 million, an improvement from a deficit of $3.9 million at the end of 2023. Key figures include:
| Item | Amount (2024) | Amount (2023) |
|---|---|---|
| Cash and Cash Equivalents | $3.9 million | $1.2 million |
| Accounts Receivable | $10.0 million | $9.5 million |
| Accounts Payable | $7.7 million | $9.7 million |
| Deferred Membership Dues Revenue | $4.7 million | $3.4 million |
Conclusion on Mission Execution
Avalon Holdings Corporation's financial performance reflects its commitment to its mission of sustainable and customer-centric operations, as evidenced by growth in key revenue segments and improvements in profitability metrics.
How Avalon Holdings Corporation (AWX) Works
Overview of Business Segments
Avalon Holdings Corporation operates primarily through two segments: Waste Management Services and Golf and Related Operations. The company provides comprehensive waste management services, including waste disposal brokerage, landfill management, and saltwater injection well operations. In addition, it manages several golf courses and related facilities, including The Grand Resort.
Financial Performance
As of September 30, 2024, Avalon Holdings reported a net operating revenue of approximately $66.2 million for the first nine months, an increase from $63.2 million in the same period of 2023. The breakdown of revenue by segment is as follows:
| Segment | Net Operating Revenues (2024) | Net Operating Revenues (2023) |
|---|---|---|
| Waste Management Services | $36.2 million | $34.7 million |
| Golf and Related Operations | $30.0 million | $28.5 million |
Waste Management Services Segment
The Waste Management Services segment generated approximately $11.5 million in net operating revenues for the third quarter of 2024, compared to $11.7 million for the same quarter in 2023. The revenues from waste disposal brokerage and management services were approximately $10.8 million in Q3 2024, down from $11.0 million in Q3 2023.
Operating costs for this segment were approximately $28.4 million for the first nine months of 2024, an increase from $27.9 million in 2023. The gross margin for the waste management segment was approximately 21% for the first nine months of 2024 compared to 20% in the same period of 2023.
Golf and Related Operations Segment
The Golf and Related Operations segment reported net operating revenues of approximately $12.8 million in Q3 2024, compared to $12.2 million in Q3 2023. The total revenues for this segment included:
| Source of Revenue | Q3 2024 | Q3 2023 |
|---|---|---|
| Food, Beverage, and Merchandise Sales | $4.6 million | $4.6 million |
| Membership Dues Revenue | $1.8 million | $1.8 million |
| Room Rental Revenue | $2.8 million | $2.5 million |
| Greens Fees and Cart Rentals | $1.8 million | $1.8 million |
| Other Revenues (Athletic, Spa Services) | $1.8 million | $1.5 million |
Expenses and Income
Consolidated selling, general, and administrative expenses were approximately $2.7 million in the third quarter of 2024, compared to $2.8 million in the same period of 2023. Interest expense remained stable at approximately $0.5 million for both Q3 2024 and Q3 2023.
Net income attributable to Avalon Holdings Corporation common shareholders was approximately $1.8 million in Q3 2024, compared to $0.9 million in Q3 2023. The income per share for Q3 2024 was $0.47, versus $0.23 in the previous year.
Working Capital and Financial Position
As of September 30, 2024, Avalon Holdings reported a working capital deficit of approximately $0.5 million, improved from $3.9 million at the end of 2023. Key financial metrics include:
| Metric | September 30, 2024 | December 31, 2023 |
|---|---|---|
| Cash and Cash Equivalents | $3.9 million | $1.2 million |
| Accounts Receivable | $10.0 million | $9.5 million |
| Inventory | $1.7 million | $1.7 million |
| Accounts Payable | $7.7 million | $9.7 million |
| Deferred Revenue | $4.7 million | $3.4 million |
Debt Obligations
Avalon Holdings has various debt obligations including a term loan agreement with a remaining balance of approximately $29.4 million as of September 30, 2024. The company also has a line of credit agreement of $3.2 million outstanding, with an available balance of $1.8 million.
The weighted average interest rate on outstanding borrowings was approximately 6.26% for both the first nine months of 2024 and 2023.
Future Commitments
Avalon anticipates capital expenditures in the range of $2.5 million to $3.5 million for 2024, primarily for renovations and improvements at The Grand Resort.
How Avalon Holdings Corporation (AWX) Makes Money
Waste Management Services Segment
Avalon Holdings Corporation generates significant revenue through its Waste Management Services segment. For the first nine months of 2024, net operating revenues in this segment amounted to approximately $36.2 million, an increase from $34.7 million in the same period of 2023.
The breakdown of revenues within this segment includes:
- Waste disposal brokerage and management services: $34.0 million in 2024 vs. $32.4 million in 2023.
- Continuous work revenues: $19.9 million in 2024 vs. $18.9 million in 2023.
- Event work revenues: $14.1 million in 2024 vs. $13.5 million in 2023.
- Captive landfill management operations: $2.2 million in 2024 vs. $2.3 million in 2023.
The costs associated with operations in this segment were approximately $28.4 million for the first nine months of 2024, up from $27.9 million in 2023. The gross margin percentage for the waste brokerage and management services business was about 21% in 2024, compared to 20% in 2023.
Golf and Related Operations Segment
Avalon also operates a Golf and Related Operations segment that includes the management of golf courses, country clubs, and a resort. For the first nine months of 2024, net operating revenues in this segment reached approximately $30.0 million, compared to $28.5 million in 2023.
The revenue sources within this segment are as follows:
- Food, beverage, and merchandise sales: $10.6 million in 2024 vs. $10.6 million in 2023.
- Membership dues: $5.6 million in 2024 vs. $5.5 million in 2023.
- Room rental revenue: $5.9 million in 2024 vs. $5.1 million in 2023.
- Other revenues (athletic, fitness, salon, and spa): $4.9 million in 2024 vs. $4.3 million in 2023.
- Greens fees and associated cart rentals: $3.0 million in both 2024 and 2023.
Total costs of operations for the golf and related operations segment decreased to approximately $23.6 million in the first nine months of 2024 from $24.2 million in 2023.
Financial Performance Overview
In the first nine months of 2024, Avalon Holdings reported a net income attributable to common shareholders of $1.8 million, or $0.47 per share, compared to a net loss of $0.9 million, or $(0.24) per share, in the same period of 2023.
The following table summarizes Avalon's financial performance across its segments for the first nine months of 2024 compared to 2023:
| Segment | Net Operating Revenues 2024 | Net Operating Revenues 2023 | Income Before Taxes 2024 | Income Before Taxes 2023 |
|---|---|---|---|---|
| Waste Management Services | $36.2 million | $34.7 million | $3.8 million | $3.0 million |
| Golf and Related Operations | $30.0 million | $28.5 million | $2.3 million | $0.3 million |
| Total | $66.2 million | $63.2 million | $6.1 million | $3.3 million |
Overall, Avalon Holdings Corporation continues to diversify its revenue streams through its waste management and golf-related operations, showing growth in both segments in 2024 compared to the previous year.
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Resources:
- Avalon Holdings Corporation (AWX) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Avalon Holdings Corporation (AWX)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Avalon Holdings Corporation (AWX)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.