Profit and revenue move in opposite directions
Avalon Holdings reported third-quarter net income attributable to common shareholders of $2.685 million, compared with $1.902 million a year earlier, in its November 6 results release. Basic earnings per share rose to $0.69 from $0.49.
Total net operating revenue fell to $24.296 million from $25.746 million. Operating income nevertheless increased to $3.165 million from $2.346 million.
Waste services weaken while leisure revenue grows
Waste-management services revenue declined to $11.098 million from $12.918 million. Golf and related operations revenue increased to $13.198 million from $12.828 million, including food, beverage and merchandise sales.
The table also shows lower waste-services operating costs and lower golf operating costs. The two business lines therefore should not be treated as sharing the same sales trend. Avalon serves selected northeastern and midwestern US waste markets and also operates resort, golf and recreation businesses.
Nine-month earnings also improve
For the first nine months, revenue rose to $62.852 million from $62.067 million. Net income attributable to common shareholders increased to $2.334 million from $677,000.
The shareholder earnings figures differ from consolidated net income because the accounts also include non-controlling interests. Avalon labels the statements unaudited; the linked release contains the segment figures and balance sheet.
