Avalon Holdings Posts Net Revenue of $25.7M in Q3
WARREN, Ohio — Avalon Holdings Corp. posted net operating revenues of $25.7 million during the third quarter of 2022, compared to $21.3 million during the same period the previous year.
The company recorded net income attributable to Avalon Holdings common shareholders of $1.2 million in the third quarter of 2022 compared with net income $1.0 million in the third quarter of 2021.
For the third quarter of 2022, basic net income per share attributable to Avalon common shareholders was $0.30 compared with basic net income per share attributable to common shareholders of $0.25 during the same period last year.
For the first nine months of 2022, net operating revenues stood at $59.5 million compared with $52.8 million for the first nine months of 2021, the company reported.
The company recorded net income attributable to common shareholders of $0.4 million during the first nine months of 2022 compared with net income of $2.4 million in the first nine months of 2021.
For the first nine months of 2022, basic net income per share was $0.10 compared with basic net income per share of $0.63 in the first nine months of 2021.
Avalon Holdings Corp. 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.
The company’s salt-water injection wells in Weathersfield Township remain idle after operations were suspended in 2014 by order of the chief of Ohio’s Division of Oil and Gas Resources Management. The order was issued after a 2.1 magnitude seismic event was recorded near the wells.
In 2016, the Franklin County Common Pleas Court ruled in favor of Avalon and vacated the commission’s decision. Both parties submitted plans to reopen the wells, and in 2017, the court issued final orders setting the parameters to reopen the wells. However, the oil and gas division appealed and was granted a stay in the matter.
After years of legal wrangling between Avalon subsidiary, American Water Management Services, and the state, the Ohio Supreme Court reversed the lower court decision and allowed the wells to reopen.
The company wants to reopen its injection well, but it objects to the strict parameters the state has placed on the operation, AWMS has said in filings. The rules would require the company to shut down the well in case of another 2.1 earthquake.
Avalon Holdings also owns Avalon Resorts and Clubs Inc. These operations include a hotel and its associated resort amenities, four golf courses and related country clubs and a multipurpose recreation center.
Copyright 2022 The Business Journal, Youngstown, Ohio.