Avalon Holdings Corporation Announces Third Quarter Results

WARREN, Ohio, Nov. 12, 2020

Net operating revenues in the third quarter of 2020 were $16.6 million compared with $18.0 million in the third quarter of 2019.  The Company recorded net income attributable to Avalon Holdings Corporation common shareholders of $0.8 million in the third quarter of 2020 compared with net income attributable to Avalon Holdings Corporation common shareholders of $0.1 million in the third quarter of 2019.  For the third quarter of 2020, basic net income per share attributable to Avalon Holdings Corporation common shareholders was $0.20 compared with basic net income per share attributable to Avalon Holdings Corporation common shareholders of $0.04 in the third quarter of 2019.

For the first nine months of 2020, net operating revenues were $44.1 million compared with $51.1 million for the first nine months of 2019.  The Company incurred a net loss attributable to Avalon Holdings Corporation common shareholders of approximately $0.5 million in the first nine months of 2020 compared with a net loss attributable to Avalon Holdings Corporation common shareholders of less than $0.1 million in the first nine months of 2019.  For the first nine months of 2020, basic net loss per share attributable to Avalon Holdings Corporation common shareholders was $0.12 compared with basic net loss per share attributable to Avalon Holdings Corporation common shareholders of $0.00 in the first nine months of 2019.

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.