AVALON HOLDINGS CORPORATION ANNOUNCES THIRD QUARTER RESULTS

WARREN, Ohio, Nov. 9, 2023

Net operating revenues in the third quarter of 2023 were $23.9 million compared with $25.7 million in the third quarter of 2022. The Company recorded net income attributable to Avalon Holdings Corporation common shareholders of $0.9 million in the third quarter of 2023 compared with net income attributable to Avalon Holdings Corporation common shareholders of $1.2 million in the third quarter of 2022. For the third quarter of 2023, basic net income per share attributable to Avalon Holdings Corporation common shareholders was $0.23 compared with basic net income per share attributable to Avalon Holdings Corporation common shareholders of $0.30 in the third quarter of 2022.

For the first nine months of 2023, net operating revenues were $62.9 million compared with $59.5 million for the first nine months of 2022. The Company recorded a net loss attributable to Avalon Holdings Corporation common shareholders of $0.9 million in the first nine months of 2023 compared with net income attributable to Avalon Holdings Corporation common shareholders of $0.4 million in the first nine months of 2022. For the first nine months of 2023, basic net loss per share attributable to Avalon Holdings Corporation common shareholders was $0.24 compared with basic net income per share attributable to Avalon Holdings Corporation common shareholders of $0.10 in the first nine months of 2022.

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.