AVALON HOLDINGS CORPORATION ANNOUNCES 2021 FULL YEAR AND FOURTH QUARTER RESULTS

WARREN, Ohio, March 10, 2022

Net operating revenues in the fourth quarter of 2021 were $17.6 million compared with $14.6 million in the fourth quarter of 2020.  The Company recorded a net loss attributable to Avalon Holdings Corporation common shareholders of $0.5 million in the fourth quarter of 2021 compared with net income attributable to Avalon Holdings Corporation common shareholders of $0.5 million in the fourth quarter of 2020. For the fourth quarter of 2021, basic net loss per share attributable to Avalon Holdings Corporation common shareholders was $0.12 compared with basic net income per share attributable to Avalon Holdings Corporation common shareholders of $0.12 in the fourth quarter of 2020.

For the year ended December 31, 2021, net operating revenues were $70.4 million compared with $58.7 million for the year ended December 31, 2020. The Company recorded net income attributable to Avalon Holdings Corporation common shareholders of $2.0 million for the year ended December 31, 2021 compared with net income attributable to Avalon Holdings Corporation common shareholders of less than $0.1 million for the year ended December 31, 2020. For the year ended December 31, 2021, basic net income per share attributable to Avalon Holdings Corporation common shareholders was $0.51 compared with basic net income per share attributable to Avalon Holdings Corporation common shareholders of $0.00 for year ended December 31, 2020.

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.