adamski
16 years ago
Casella Waste Systems, Inc. Announces That Massachusetts Superior Court Rejects July 2008 Citizens Appeal Against Southbridge Landfill Conversion and Expansion
Casella Waste Systems, Inc. (NASDAQ:CWST - News), a regional solid waste, recycling and resource management company, announced that on December 8, 2009, a Massachusetts superior court judge rejected an appeal by several citizen groups challenging the June 2008 Southbridge Board of Health (the "Board") decision which granted a minor modification to the site assignment for the Southbridge Sanitary Landfill (the "Landfill").
Following this favorable decision, the company's subsidiary, Southbridge Recycling and Disposal Park, Inc. ("SRD") will seek the remaining approvals to implement the changes in waste mix and rate of waste deposit that were approved by the Board. The 2008 Site Assignment decision allows SRD to accept into the Landfill up to 405,000 tons of municipal solid waste (MSW) per year. The Landfill is currently permitted to receive only 180,960 tons per year of construction and demolition (C&D) residuals and limited MSW from the Town of Southbridge.
"For the past three years we have worked closely with the Town of Southbridge to develop this important long-term project that will create substantial value for the community and for our stakeholders," said John W. Casella, chairman and chief executive officer of Casella Waste Systems, Inc. "With this favorable decision we can move forward together on this exciting project, creating the foundation for sustainable environmental economic development in Southbridge."
About Casella Waste Systems, Inc.
Casella Waste Systems is an integrated solid waste and resource management company headquartered in Rutland, Vermont. For further information, investors should contact Ned Coletta, director of finance and investor relations at (802) 772-2239; media should contact Joseph Fusco, vice president at (802) 772-2247; or visit the company's website at http://www.casella.com.
Safe Harbor Statement
Certain matters discussed in this press release are "forward-looking statements" intended to qualify for the safe harbors from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements can generally be identified as such by the context of the statements, including words such as the Company "believes," "expects," "anticipates," "plans," "may," "will," "would," "intends," "estimates" and other similar expressions, whether in the negative or affirmative. These forward-looking statements are based on current expectations, estimates, forecasts and projections about the industry and markets in which we operate and management's beliefs and assumptions. We cannot guarantee that we actually will achieve the plans, intentions or expectations disclosed in the forward-looking statements made. Such forward-looking statements, and all phases of our operations, involve a number of risks and uncertainties, including failure to obtain necessary permits at the Southbridge Sanitary Landfill and an appeal of the court order described above, any one or more of which could cause actual results to differ materially from those described in our forward-looking statements. There are a number of other important risks and uncertainties that could cause our actual results to differ materially from those indicated by such forward-looking statements. These additional risks and uncertainties include, without limitation, those detailed in Item 1A, "Risk Factors" in our Annual Report on Form 10-K/A for the year ended April 30, 2009. We undertake no obligation to update publicly any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.
Contact:
Contact:Ned ColettaDirector of Finance and Investor Relations(802) 772-2239Joseph FuscoVice President(802) 772-2247
makesumgravy
16 years ago
Hi greg, sorry to have duplicated the post. I believe I was trying to post this and got mixed up. Thanks and hope your doing good as well. I've been pretty busy lately trying to take care of "unfinished" business, things I put off way long, I can almost see the light now :))
The company does have a going concern, but which ones don't?.
The company fulfills a necessary necessity, and the Ceo's comp seems to be within normal limits, and this can be appreciated. The company has various issues but sounds like mgmt is trying to resolve them. Its attempting to raise cash thru a 506 and if this is done properly the stock is restricted for 2 years.............
I still like the company.
Casella Waste Systems, Inc. Announces Fourth Quarter and Fiscal Year 2009 Results; Provides Fiscal Year 2010 Guidance
RUTLAND, VT -- (Marketwire) -- 06/15/09 -- Casella Waste Systems, Inc. (NASDAQ: CWST), a regional solid waste, recycling and resource management services company, today reported financial results for the fourth quarter and its 2009 fiscal year, and gave guidance on its 2010 fiscal year.
Highlights of the quarter include:
Free cash flow for the fiscal year was $8.8 million, within the original guidance range;
Adjusted EBITDA* for the fiscal year was $115.6 million; and
Solid waste operations continue to perform well through the economic slowdown; the Recycling group rebounds after volatile commodity pricing.
"In spite of the collapse of the global recycling commodity markets mid-way through our 2009 fiscal year and an extended economic contraction, our team executed well against the factors within our control to meet our original free cash flow goals," John W. Casella, chairman and CEO of Casella Waste Systems, said.
"During the third and fourth quarters we experienced significant declines in commodity pricing and lower solid waste volumes in more economically sensitive markets," Casella said. "To meet our free cash flow target, we acted swiftly and thoughtfully to improve all aspects of our operating structure and daily business practices, and we successfully implemented programs that reduced costs and improved asset utilization.
"In addition, we offset downward revenue pressure by increasing pricing where supported by the market, flexing operations to volumes, and reducing capital spending," Casella said. "I'm confident that we are well positioned as an operationally efficient, cash flow focused company not only for this economic downturn, but also for an anticipated economic recovery and growth environment."
Fourth Quarter Results
For the quarter ended April 30, 2009, the company reported revenues of $117.6 million, down $22.0 million or 15.7 percent over the same quarter last year. Approximately fifty three percent of the decline was due to a drop in recycling revenues, down $11.6 million over the same quarter last year primarily as the result of lower commodity prices.
Solid waste revenues including the company's major accounts programs were down approximately 11.0 percent from the same quarter last year. Excluding fuel, oil and environmental recovery fees, pricing was up 3.4 percent, and volumes were down 5.9 percent (excluding revenue losses due to the planned end-of-life decline of landfill volumes at the Pine Tree landfill in Hampden, Maine; the planned closure of the Colebrook, NH landfill in early August 2008; and the idling of a C&D processing facility in October 2008).
The company's net loss applicable to common shareholders was ($68.5) million, or ($2.67) per common share, compared to a net loss of ($7.8) million, or ($0.31) per share for the same quarter last year.
Reported results for the 2009 quarter include a non-cash goodwill impairment charge of $55.3 million, an environmental remediation charge of $1.5 million, development project charges of $0.4 million, severance and reorganization charges of $1.3 million, and a charge of $24.1 million for the increase of the non-cash deferred tax valuation allowance. Reported results for the comparable 2008 period include an impairment and closing charge of $1.4 million for the closure of the Hardwick landfill, development project charge of $0.5 million, a charge of $0.4 million for the increase of the non-cash deferred tax valuation allowance, and a $2.0 million after-tax loss from discontinued operations and the loss on disposal of discontinued operations.
Excluding the charges outlined above, the net loss from continuing operations for the quarter amounted to ($0.8) million or ($0.03) per common share, as compared to a net loss of ($4.3) million or ($0.17) per common share for the same quarter last year.
Net cash provided by operating activities in the quarter was $26.9 million, compared to $19.8 million for the same quarter last year. Net cash provided by operating activities was favorably impacted by a $13.9 million increase due to the dissolution of the company's captive insurance company during the quarter.
The company's earnings before interest, taxes, depreciation and amortization (EBITDA*), adjusted for goodwill impairment, environmental remediation charge, severance and reorganization charges, and development project charge (Adjusted EBITDA* which included adjustments to EBITDA for $57.2 million) was $23.3 million for the quarter, down $2.9 million from the same quarter last year. The company's free cash flow* in the quarter was $4.2 million, compared to $6.0 million in the same quarter last year.
Fiscal 2009 Results
For the fiscal year ended April 30, 2009, the company reported revenues of $554.2 million, down $25.3 million or 4.4 percent over fiscal year 2008.
The company's net loss applicable to common shareholders was ($68.0) million, or ($2.66) per common share, for fiscal year 2009, compared to a net loss of ($7.8) million, or ($0.31) per share, for the same period last year.
Reported results for fiscal year 2009 include a non-cash goodwill impairment charge of $55.3 million, an environmental remediation charge of $4.4 million, development project charges of $0.4 million, severance and reorganization charges of $1.4 million, and a charge of $24.1 million for the increase of the non-cash deferred tax valuation allowance. Reported results for the comparable 2008 period include an impairment and closing charge of $1.4 million for the closure of the Hardwick landfill, development project charge of $0.5 million, severance and reorganization charges of $1.2 million, a charge of $0.4 million for the increase of the non-cash deferred tax valuation allowance, and a $3.8 million after-tax loss from discontinued operations and the loss on disposal of discontinued operations.
Excluding the charges outlined above, the fiscal year 2009 net income from continuing operations amounted to $1.3 million or $0.05 per common share, as compared to a net loss of ($1.7) million or ($0.07) per common share for fiscal year 2008.
Net cash provided by operating activities for fiscal year 2009 was $77.5 million, compared to $71.2 million for fiscal year 2008. Net cash provided by operating activities was favorably impacted by a $13.9 million increase due to the dissolution of the company's captive insurance company during the fiscal year.
The company's earnings before interest, taxes, depreciation, amortization (EBITDA*), adjusted for goodwill impairment, environmental remediation, severance and reorganization charges, and development project charge (Adjusted EBITDA*) was $115.6 million for fiscal year 2009, compared to $123.5 million in fiscal year 2008.
The company's free cash flow* for fiscal year 2009 was $8.8 million versus $5.3 million for fiscal year 2008. As of April 30, 2009, the company had cash on hand of $2.3 million, and had an outstanding total debt level of $562.5 million. More detailed financial results are contained in the tables accompanying this release.
During the fourth quarter of fiscal year 2009, the company recorded an additional environmental remediation charge of $1.5 million related to a scrap yard and transfer station owned by the company, in recognition of the declared bankruptcy of General Motors Corporation, one of the other responsible parties to this obligation.
In the fourth quarter of fiscal year 2009, the company recorded a severance and reorganization charge of $1.4 million which consisted of employee severance and benefit costs, and operating lease costs, as a result of the market area consolidation of several operating units, the elimination of one region office, and other workforce reductions.
Fiscal 2010 Outlook
"In fiscal year 2010, our emphasis is on further improving cash flows through increased pricing, cost controls and operational efficiencies, and focused capital deployment," Casella said. "Our plan for the fiscal year assumes that commodity prices rebound slightly and economic activity remains soft, essentially mirroring the conditions that our business experienced during the last six months of our fiscal year 2009."
The company provided guidance for its fiscal year 2010, which began May 1, 2009, by estimating results in the following ranges:
Revenues between $510.0 million and $530.0 million;
EBITDA* between $111.0 million and $117.0 million;
Capital Expenditures between $48.0 million and $54.0 million; and
Free Cash Flow (redefined for fiscal year 2010) between $0.0 million and $6.0 million. Please note that we have changed our definition of "Free Cash Flow" for fiscal year 2010 to net cash provided by operating activities; less capital expenditures; less payments on landfill operating leases; less assets acquired through financing leases. We plan to report free cash flow on this basis in the future.
The company said the following assumptions are built into its fiscal year 2010 outlook:
Zero-growth in the regional economy from the fourth quarter fiscal year 2009;
In the solid waste business, overall revenue declines between negative 3.0 percent and negative 6.0 percent, with price projected to outpace CPI; volumes down; fuel and oil recovery fees down; and the roll-over impacts noted below included;
In the recycling business, overall revenue declines between negative 16.0 percent and negative 20.0 percent, with price down and volumes flat;
In the major accounts business, overall revenue growth of between 5.0 percent and 10.0 percent, principally through volume growth;
The roll-over impacts of fiscal year 2009 growth projects are included in the above growth targets. For the solid waste business this includes the two new landfill gas-to-energy plants that came online in the third quarter; for FCR this includes a new contract that began in the third quarter and the two Zero-Sort Recycling(TM) conversions that were completed in the fourth quarter; and
No acquisitions.
Free cash flow of $0.0 million to $6.0 million is based on net cash provided by operating activities of $61.0 million to $67.0 million, less estimated capital expenditures of $48.0 million to $54.0 million, and payments on landfill operating leases of approximately $10.0 million.
*Non-GAAP Financial Measures
In addition to disclosing financial results prepared in accordance with Generally Accepted Accounting Principles (GAAP), we also disclose earnings before interest, taxes, depreciation and amortization (EBITDA), adjusted for severance and reorganization charges, goodwill impairment charge, environmental remediation charge as well as development project charges (Adjusted EBITDA) and free cash flow, which are non-GAAP measures. In addition we disclose Adjusted net income (loss) from continuing operations which reflects adjustments to Net income (loss) per common share for the tax effected impact of severance and reorganization charges, goodwill impairment charge, environmental remediation charge, development project charges and tax valuation allowance. In the future we may modify items considered in defining free cash flow and adjusted EBITDA if we believe it will help the understanding of our financial performance.
These measures are provided because we understand that certain investors use this information when analyzing the financial position of companies in the solid waste industry, including us. Historically, these measures have been key in comparing operating efficiency of publicly traded companies in the solid waste industry, and assist investors in measuring our ability to meet capital expenditures, payments on landfill operating lease contracts, and working capital requirements. For these reasons we utilize these non-GAAP metrics to measure our performance at all levels. Free cash flow, EBITDA and Adjusted EBITDA are not intended to replace "Net Cash Provided by Operating Activities," which is the most comparable GAAP financial measure. Moreover, these measures do not necessarily indicate whether cash flow will be sufficient for such items as capital expenditures, payments on landfill operating lease contracts, or working capital, or to react to changes in our industry or to the economy generally. Because these measures are not calculated by all companies in the same fashion, they may not be comparable to similarly titled measures reported by other companies.
Casella Waste Systems, Inc., headquartered in Rutland, Vermont, provides solid waste management services consisting of collection, transfer, disposal, and recycling services primarily in the eastern United States.
For further information, contact Ned Coletta, director of investor relations at (802) 772-2239, or visit the Company's website at http://www.casella.com.
makesumgravy
16 years ago
Casella Waste Systems, Inc. Completes Refinancing of Senior Secured Credit Facility
RUTLAND, VT -- (Marketwire) -- 07/09/09 -- Casella Waste Systems, Inc. (NASDAQ: CWST), a regional solid waste, recycling and resource management services company, announced today that it has successfully completed the refinancing of its existing senior secured debt facilities with a senior secured first lien credit facility (the "Senior Secured Credit Facility"), consisting of a $177.5 million revolving credit facility (the "Revolver Facility") and a $130.0 million aggregate principal term loan (the "Term Loan B"). In connection with the Senior Secured Credit Facility, the company simultaneously completed the previously announced offering of $180.0 million aggregate principal amount of 11% senior second lien notes due 2014 (the "Notes").
"Because of our stable cash flow generation and our valuable solid waste and resource optimization assets we were able to complete a successful refinancing of our senior secured debt maturities despite the continued weakness in the financial system," John W. Casella, chairman and CEO of Casella Waste Systems, said. "We received strong market demand for both the Notes offering and the Term Loan B. Since the Notes offering was oversubscribed, we were able to obtain a favorable interest rate and favorable original issue discount."
"With the strong demand for the Term Loan B, we were able to downsize the Notes offering by $25.0 million and upsize the Term Loan B by $30.0 million," Casella said. "This is a favorable outcome because the effective yield of the Term Loan B is approximately 3.60% lower than the Notes, and the Term Loan B is also pre-payable."
"Our next debt maturity is in December 2012, before which our team will execute against our mid-term strategy to reduce debt leverage by increasing cash flows and selling non-core assets," Casella said. "In addition, under the Senior Secured Credit Facility, the financial covenants were reset to provide us with more flexibility compared to the refinanced facilities.
With the completion of the refinancing, the company is in full compliance with the covenants as amended under the new facility."
The net proceeds from the Senior Secured Credit Facility and from the Notes offering were used to refinance the borrowings under the company's $525.0 million senior secured credit facility due April 2010. After the transaction, the company expects to have $87.3 million of unused capacity on the Revolver Facility, after taking into account $51.7 million of letters of credit.
For the first two quarters after the closing date, the interest rate for borrowings under the $177.5 million Revolver Facility will be LIBOR plus a margin of 4.50% per annum, and thereafter the applicable margin will be determined in accordance with the pricing grid as set forth in the Second Amended and Restated Revolving Credit and Term Loan Agreement dated July 9, 2009. The interest rate for the $130.0 million aggregate principal Term Loan B will be LIBOR plus a margin of 5.00% per annum, provided that LIBOR shall not be less than 2.00% per annum. The Term Loan B was issued at an original issue price of 94.500% of the principal amount of the loan.
The Senior Secured Credit Facility is subject to customary affirmative, negative, and financial covenants, generally consistent with the company's existing credit agreement. The company has the right to increase the amount of the Senior Secured Credit Facility by an aggregate amount of $42.5 million, in its discretion, subject to certain conditions.
The company has engaged its independent registered accounting firm to re-audit its financial statements for the 2009 fiscal year following this refinancing and the closing of the offering of the Notes. The company expects that the opinion on these re-audited financial statements will eliminate the explanatory paragraph about its ability to continue as a going concern.
The Notes have not been registered under the Securities Act of 1933, as amended (the "Securities Act"), and unless so registered, may not be offered or sold in the United States absent registration or an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and other applicable securities laws.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy these Notes, nor shall there be any sale of these Notes in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction. This notice is being issued pursuant to and in accordance with Rule 135c under the Securities Act.
About Casella Waste Systems, Inc.
makesumgravy
16 years ago
Casella Waste Systems, Inc. Announces Fourth Quarter and Fiscal Year 2009 Results; Provides Fiscal Year 2010 Guidance
Date : 06/15/2009 @ 8:18PM
Source : MarketWire
Stock : Casella Waste Systems, Inc. (CWST)
Quote : 2.0 -0.05 (-2.44%) @ 7:58PM
Casella Waste Systems, Inc. Announces Fourth Quarter and Fiscal Year 2009 Results; Provides Fiscal Year 2010 Guidance
RUTLAND, VT -- (Marketwire) -- 06/15/09 -- Casella Waste Systems, Inc. (NASDAQ: CWST), a regional solid waste, recycling and resource management services company, today reported financial results for the fourth quarter and its 2009 fiscal year, and gave guidance on its 2010 fiscal year.
Highlights of the quarter include:
Free cash flow for the fiscal year was $8.8 million, within the original guidance range;
Adjusted EBITDA* for the fiscal year was $115.6 million; and
Solid waste operations continue to perform well through the economic slowdown; the Recycling group rebounds after volatile commodity pricing.
"In spite of the collapse of the global recycling commodity markets mid-way through our 2009 fiscal year and an extended economic contraction, our team executed well against the factors within our control to meet our original free cash flow goals," John W. Casella, chairman and CEO of Casella Waste Systems, said.
"During the third and fourth quarters we experienced significant declines in commodity pricing and lower solid waste volumes in more economically sensitive markets," Casella said. "To meet our free cash flow target, we acted swiftly and thoughtfully to improve all aspects of our operating structure and daily business practices, and we successfully implemented programs that reduced costs and improved asset utilization.
"In addition, we offset downward revenue pressure by increasing pricing where supported by the market, flexing operations to volumes, and reducing capital spending," Casella said. "I'm confident that we are well positioned as an operationally efficient, cash flow focused company not only for this economic downturn, but also for an anticipated economic recovery and growth environment."
Fourth Quarter Results
For the quarter ended April 30, 2009, the company reported revenues of $117.6 million, down $22.0 million or 15.7 percent over the same quarter last year. Approximately fifty three percent of the decline was due to a drop in recycling revenues, down $11.6 million over the same quarter last year primarily as the result of lower commodity prices.
Solid waste revenues including the company's major accounts programs were down approximately 11.0 percent from the same quarter last year. Excluding fuel, oil and environmental recovery fees, pricing was up 3.4 percent, and volumes were down 5.9 percent (excluding revenue losses due to the planned end-of-life decline of landfill volumes at the Pine Tree landfill in Hampden, Maine; the planned closure of the Colebrook, NH landfill in early August 2008; and the idling of a C&D processing facility in October 2008).
The company's net loss applicable to common shareholders was ($68.5) million, or ($2.67) per common share, compared to a net loss of ($7.8) million, or ($0.31) per share for the same quarter last year.
Reported results for the 2009 quarter include a non-cash goodwill impairment charge of $55.3 million, an environmental remediation charge of $1.5 million, development project charges of $0.4 million, severance and reorganization charges of $1.3 million, and a charge of $24.1 million for the increase of the non-cash deferred tax valuation allowance. Reported results for the comparable 2008 period include an impairment and closing charge of $1.4 million for the closure of the Hardwick landfill, development project charge of $0.5 million, a charge of $0.4 million for the increase of the non-cash deferred tax valuation allowance, and a $2.0 million after-tax loss from discontinued operations and the loss on disposal of discontinued operations.
Excluding the charges outlined above, the net loss from continuing operations for the quarter amounted to ($0.8) million or ($0.03) per common share, as compared to a net loss of ($4.3) million or ($0.17) per common share for the same quarter last year.
Net cash provided by operating activities in the quarter was $26.9 million, compared to $19.8 million for the same quarter last year. Net cash provided by operating activities was favorably impacted by a $13.9 million increase due to the dissolution of the company's captive insurance company during the quarter.
The company's earnings before interest, taxes, depreciation and amortization (EBITDA*), adjusted for goodwill impairment, environmental remediation charge, severance and reorganization charges, and development project charge (Adjusted EBITDA* which included adjustments to EBITDA for $57.2 million) was $23.3 million for the quarter, down $2.9 million from the same quarter last year. The company's free cash flow* in the quarter was $4.2 million, compared to $6.0 million in the same quarter last year.
Fiscal 2009 Results
For the fiscal year ended April 30, 2009, the company reported revenues of $554.2 million, down $25.3 million or 4.4 percent over fiscal year 2008.
The company's net loss applicable to common shareholders was ($68.0) million, or ($2.66) per common share, for fiscal year 2009, compared to a net loss of ($7.8) million, or ($0.31) per share, for the same period last year.
Reported results for fiscal year 2009 include a non-cash goodwill impairment charge of $55.3 million, an environmental remediation charge of $4.4 million, development project charges of $0.4 million, severance and reorganization charges of $1.4 million, and a charge of $24.1 million for the increase of the non-cash deferred tax valuation allowance. Reported results for the comparable 2008 period include an impairment and closing charge of $1.4 million for the closure of the Hardwick landfill, development project charge of $0.5 million, severance and reorganization charges of $1.2 million, a charge of $0.4 million for the increase of the non-cash deferred tax valuation allowance, and a $3.8 million after-tax loss from discontinued operations and the loss on disposal of discontinued operations.
Excluding the charges outlined above, the fiscal year 2009 net income from continuing operations amounted to $1.3 million or $0.05 per common share, as compared to a net loss of ($1.7) million or ($0.07) per common share for fiscal year 2008.
Net cash provided by operating activities for fiscal year 2009 was $77.5 million, compared to $71.2 million for fiscal year 2008. Net cash provided by operating activities was favorably impacted by a $13.9 million increase due to the dissolution of the company's captive insurance company during the fiscal year.
The company's earnings before interest, taxes, depreciation, amortization (EBITDA*), adjusted for goodwill impairment, environmental remediation, severance and reorganization charges, and development project charge (Adjusted EBITDA*) was $115.6 million for fiscal year 2009, compared to $123.5 million in fiscal year 2008.
The company's free cash flow* for fiscal year 2009 was $8.8 million versus $5.3 million for fiscal year 2008. As of April 30, 2009, the company had cash on hand of $2.3 million, and had an outstanding total debt level of $562.5 million. More detailed financial results are contained in the tables accompanying this release.
During the fourth quarter of fiscal year 2009, the company recorded an additional environmental remediation charge of $1.5 million related to a scrap yard and transfer station owned by the company, in recognition of the declared bankruptcy of General Motors Corporation, one of the other responsible parties to this obligation.
In the fourth quarter of fiscal year 2009, the company recorded a severance and reorganization charge of $1.4 million which consisted of employee severance and benefit costs, and operating lease costs, as a result of the market area consolidation of several operating units, the elimination of one region office, and other workforce reductions.
Fiscal 2010 Outlook
"In fiscal year 2010, our emphasis is on further improving cash flows through increased pricing, cost controls and operational efficiencies, and focused capital deployment," Casella said. "Our plan for the fiscal year assumes that commodity prices rebound slightly and economic activity remains soft, essentially mirroring the conditions that our business experienced during the last six months of our fiscal year 2009."
The company provided guidance for its fiscal year 2010, which began May 1, 2009, by estimating results in the following ranges:
Revenues between $510.0 million and $530.0 million;
EBITDA* between $111.0 million and $117.0 million;
Capital Expenditures between $48.0 million and $54.0 million; and
Free Cash Flow (redefined for fiscal year 2010) between $0.0 million and $6.0 million. Please note that we have changed our definition of "Free Cash Flow" for fiscal year 2010 to net cash provided by operating activities; less capital expenditures; less payments on landfill operating leases; less assets acquired through financing leases. We plan to report free cash flow on this basis in the future.
The company said the following assumptions are built into its fiscal year 2010 outlook:
Zero-growth in the regional economy from the fourth quarter fiscal year 2009;
In the solid waste business, overall revenue declines between negative 3.0 percent and negative 6.0 percent, with price projected to outpace CPI; volumes down; fuel and oil recovery fees down; and the roll-over impacts noted below included;
In the recycling business, overall revenue declines between negative 16.0 percent and negative 20.0 percent, with price down and volumes flat;
In the major accounts business, overall revenue growth of between 5.0 percent and 10.0 percent, principally through volume growth;
The roll-over impacts of fiscal year 2009 growth projects are included in the above growth targets. For the solid waste business this includes the two new landfill gas-to-energy plants that came online in the third quarter; for FCR this includes a new contract that began in the third quarter and the two Zero-Sort Recycling(TM) conversions that were completed in the fourth quarter; and
No acquisitions.
Free cash flow of $0.0 million to $6.0 million is based on net cash provided by operating activities of $61.0 million to $67.0 million, less estimated capital expenditures of $48.0 million to $54.0 million, and payments on landfill operating leases of approximately $10.0 million.
*Non-GAAP Financial Measures
In addition to disclosing financial results prepared in accordance with Generally Accepted Accounting Principles (GAAP), we also disclose earnings before interest, taxes, depreciation and amortization (EBITDA), adjusted for severance and reorganization charges, goodwill impairment charge, environmental remediation charge as well as development project charges (Adjusted EBITDA) and free cash flow, which are non-GAAP measures. In addition we disclose Adjusted net income (loss) from continuing operations which reflects adjustments to Net income (loss) per common share for the tax effected impact of severance and reorganization charges, goodwill impairment charge, environmental remediation charge, development project charges and tax valuation allowance. In the future we may modify items considered in defining free cash flow and adjusted EBITDA if we believe it will help the understanding of our financial performance.
These measures are provided because we understand that certain investors use this information when analyzing the financial position of companies in the solid waste industry, including us. Historically, these measures have been key in comparing operating efficiency of publicly traded companies in the solid waste industry, and assist investors in measuring our ability to meet capital expenditures, payments on landfill operating lease contracts, and working capital requirements. For these reasons we utilize these non-GAAP metrics to measure our performance at all levels. Free cash flow, EBITDA and Adjusted EBITDA are not intended to replace "Net Cash Provided by Operating Activities," which is the most comparable GAAP financial measure. Moreover, these measures do not necessarily indicate whether cash flow will be sufficient for such items as capital expenditures, payments on landfill operating lease contracts, or working capital, or to react to changes in our industry or to the economy generally. Because these measures are not calculated by all companies in the same fashion, they may not be comparable to similarly titled measures reported by other companies.
Casella Waste Systems, Inc., headquartered in Rutland, Vermont, provides solid waste management services consisting of collection, transfer, disposal, and recycling services primarily in the eastern United States.
For further information, contact Ned Coletta, director of investor relations at (802) 772-2239, or visit the Company's website at http://www.casella.com.
makesumgravy
16 years ago
Major Holders Get Major Holders for:
BREAKDOWN
% of Shares Held by All Insider and 5% Owners: 19%
% of Shares Held by Institutional & Mutual Fund Owners: 80%
% of Float Held by Institutional & Mutual Fund Owners: 100%
Number of Institutions Holding Shares: 85
TOP INSTITUTIONAL HOLDERS
Holder Shares % Out Value* Reported
FRANKLIN RESOURCES, INC 2,322,652 9.07 $9,476,420 31-Dec-08
FMR LLC 2,280,222 8.90 $9,303,305 31-Dec-08
Barclays Global Investors UK Holdings Ltd 1,753,800 6.85 $7,155,504 31-Dec-08
Winslow Management Company 1,674,414 6.54 $6,831,609 31-Dec-08
JUPITER ASSET MANAGEMENT LIMITED 1,135,654 4.43 $4,633,468 31-Dec-08
Bank of New York Mellon Corporation 1,047,240 4.09 $4,272,739 31-Dec-08
DIMENSIONAL FUND ADVISORS INC 849,970 3.32 $3,467,877 31-Dec-08
PRICE (T.ROWE) ASSOCIATES INC 841,875 3.29 $3,434,850 31-Dec-08
Portolan Capital Management, LLC 582,150 2.27 $2,375,172 31-Dec-08
BUCKHEAD CAPITAL MANAGEMENT LLC 2,961,373 11.56 $12,082,401 31-Dec-08
makesumgravy
16 years ago
Casella Waste Systems, Inc. Announces Third Quarter Fiscal Year 2009 Results
Wednesday March 4, 2009, 4:15 pm EST
Buzz up! Print Related:Casella Waste Systems Inc.
RUTLAND, VT--(MARKET WIRE)--Mar 4, 2009 -- Casella Waste Systems, Inc. (NasdaqGS:CWST - News), a regional solid waste, recycling and resource management services company, today reported financial results for the third quarter of its 2009 fiscal year.
Third Quarter Financial Results
For the quarter ended January 31, 2009, the company reported revenues of $121.2 million, down $19.7 million, or 14.0 percent below the same quarter last year. Accounting for 73.6 percent of the decline of overall revenues, recycling revenues were down $14.5 million over the same quarter last year, primarily as the result of lower commodity prices.
Solid waste revenues were down 7.7 percent from the same quarter last year; core pricing was up 2.5 percent (excluding revenue losses from fuel, oil, and environmental fees), and core volumes were down 3.6 percent (excluding revenues losses due to the ramp-down of landfill volumes at the Pine Tree landfill in Hampden, Maine as it approaches the end of life, the planned closure of the Colebrook, NH landfill in early August 2008, and the idling of a C&D processing facility in October 2008).
The company's net loss applicable to common shareholders was ($3.8) million, or ($0.15) per common share, compared to a net loss of ($4.6) million, or ($0.18) per share for the same quarter last year. Reported results for the 2009 quarter include a pre-tax environmental remediation charge of $2.8 million ($0.07 per share after taxes), and reported results for the 2008 quarter include pre-tax management reorganization charges of $1.2 million ($0.03 per share after taxes).
Operating income for the quarter was $1.9 million, down $5.5 million from the same quarter last year. Net cash provided by operating activities in the quarter was $11.4 million, compared to $16.1 million for the same quarter last year. The company's earnings before interest, taxes, depreciation and amortization, environmental remediation charge, and development project charge (EBITDA*) were $21.7 million, down $4.7 million from the same quarter last year. The company's free cash flow* in the quarter was $0.2 million, compared to $0.5 million in the same quarter last year.
Lower year-over-year operating performance was mainly driven by significantly lower commodity pricing, lower shipped commodity volumes, and one-time costs incurred in the recycling business associated with the global commodity market collapse and the commissioning of two new Zero-Sort Recycling(TM) facilities. Other negative factors during the quarter that impacted operating performance include lower hauling and transfer volumes, the ramp-down of landfill volumes at the Pine Tree landfill, and a negative variance from the planned closure of the Colebrook landfill. These factors were partially offset by higher hauling and landfill pricing, the ramp-up of the new landfill gas-to-energy facilities at the Hyland and Clinton landfills, and cost cutting initiatives.
During the third quarter, the recycling operations incurred approximately $4.0 million of one-time costs associated with impacts from the global commodity collapse in November 2008, including temporary commodity warehousing and inventory costs and higher than market revenue shares to municipal partners due to contractual obligations that calculate revenue shares based on lagging average commodity prices; and the upgrade of the Philadelphia and Boston materials recycling facilities to Zero-Sort Recycling(TM).
During the quarter ended January 31, 2009, the company recorded an environmental remediation charge of $2.8 million related to a scrap yard and transfer station owned by the company. The company expects the majority of these funds to be spent in fiscal 2011.
Nine Month Financial Results
For the nine months ended January 31, 2009, the company reported revenues of $436.6 million, down $3.3 million, or 0.8 percent below the same period last year. The company's net income per common share for the nine month period was $0.02, compared to $0.00 per common share for the same period last year. Reported results for the nine months ended January 31, 2009, include a pre-tax environmental remediation charge of $2.8 million ($0.07 per share after taxes), and reported results for the same period last year include pre-tax management reorganization charges of $1.2 million ($0.03 per share after taxes).
Operating income for the nine month period was $33.5 million, down $3.6 million from the same period last year. Net cash provided by operating activities for the nine month period was $50.6 million, down $0.8 million compared to the same period last year. EBITDA was $92.3 million for the nine month period, down $3.9 million from the same period last year. The company's free cash flow for nine months period was $4.6 million, up $5.2 million over the same period last year.
Business Update
"Our team rose to the challenges presented by the rapid collapse of the commodities markets and the decline in the regional economy during an extremely challenging third quarter," John W. Casella, chairman and CEO of Casella Waste Systems, said.
"The global financial collapse combined with a widening worldwide recession caused a significant downturn in commodity pricing from October 2008 through the end of the quarter," Casella said. "And, while the majority of our residential and commercial solid waste business is recession resistant, we saw lower solid waste volumes in more economically sensitive markets."
"We are making intelligent choices during this downturn that I believe will significantly strengthen the company now and in the future," Casella said. "We are 18 months into a comprehensive effort to improve all aspects of our operating structure and daily business practices, and we are successfully implementing programs that reduce cos
makesumgravy
16 years ago
Casella Waste Systems Names John Quinn Chief Financial Officer
Monday December 22, 8:30 am ET
RUTLAND, VT--(MARKET WIRE)--Dec 22, 2008 -- Casella Waste Systems, Inc. (NasdaqGS:CWST - News), a regional solid waste, recycling, and resource management company, announced today that John Quinn, a seasoned industry finance executive, will join the company as senior vice president, chief financial officer, and treasurer.
"John has an outstanding record of accomplishment, spanning over twenty-one years as a finance leader in the solid waste industry," John W. Casella, chairman and chief executive officer, said.
"John's broad experience in capital markets, strategic planning, and all facets of solid waste financial management will be a strong addition to our team," Casella said. "Beyond this expertise, he is also an excellent leader who has demonstrated a great deal of integrity throughout his career."
John Quinn will be responsible for leading all financial operations and functions within the company. Quinn will join the company on January 5, 2009. Richard Norris, the company's recently retired chief financial officer, will continue in a consulting role through January to ensure a successful transition.
Quinn is joining the company from Allied Waste Industries (now Republic Services), where he most recently served as senior vice president of finance. In his eight years with Allied Waste Industries, he served in a number of key finance capacities, including chief accounting officer, assistant controller, and vice president of financial analysis and planning.
As the senior vice president of finance, Quinn led the financial planning and information systems departments. In these roles, Quinn was deeply involved in Allied Waste's pricing, return on capital, and merger and acquisitions programs, including the recent merger between Allied Waste and Republic Services.
Quinn received his bachelor of commerce, accounting and economics degree from the University of Toronto, and he received his MBA from York University. He is also a chartered management accountant. Following graduation, he spent four years with a subsidiary of Ford Motor Company in various finance and treasury roles. For the next fifteen years, before joining Allied Waste Industries, Quinn worked for Waste Management in a number of finance and operational roles with increasing responsibility, most recently as the European finance director for Waste Management Services International.
Casella Waste Systems, Inc., headquartered in Rutland, Vermont, provides solid waste management services consisting of collection, transfer, disposal, and recycling services primarily in the eastern United States.
Contact:
For further information, contact:
John Casella
Chief Executive Officer
(802) 775-0325
or
Ned Coletta
Director of Investor Relations
(802) 772-2239
http://www.casella.com
makesumgravy
16 years ago
Quarter Fiscal Year 2009 Results
Wednesday December 3, 4:05 pm ET
RUTLAND, VT--(MARKET WIRE)--Dec 3, 2008 -- Casella Waste Systems, Inc. (NasdaqGS:CWST - News), a regional solid waste, recycling and resource management services company, today reported financial results for the second quarter of its 2009 fiscal year.
Highlights of the quarter include:
Free cash flow* for the quarter was up $8.2 million over the same period last year;
Operating income for the quarter was up 1.3 percent over same period last year; and
Solid waste operations continue to perform well through the economic slowdown, while the recycling group faces pressures from volatile commodity pricing.
"Since the northeastern U.S. economy first began to slow in July 2006, we have taken steps to better position our business to perform well in this uncertain economic environment," John W. Casella, chairman and CEO of Casella Waste Systems, said. "We continue to execute well against factors that we can control by combining our successful cost reduction initiatives from the past 18 months with operating programs that enhance productivity and asset utilization."
"These efforts are currently offsetting economic pressures in our solid waste group, with performance in the quarter driven by increases in landfill volumes, improved operating performance of the hauling operations, and roll over impacts from the successful divestiture program of under-performing assets," Casella said.
"While it is difficult to fully assess the potential economic impacts from the financial market turmoil, the recession-resistant qualities of our integrated solid waste group will help our business maintain stability," Casella said.
"The global slowdown is negatively impacting recycling commodity pricing," Casella said. "However, our commodity risk mitigation programs are dampening pricing exposure through the use of hedging agreements, floor price contracts, and long-term supply contracts with customers."
Second Quarter Financial Results
For the quarter ended October 31, 2008, the company reported revenues of $157.5 million, up $7.0 million, or 4.7 percent over the same quarter last year. The company's net income available to common shareholders was $2.1 million or $0.08 per common share compared with net income of $2.8 million or $0.11 per common share in the same quarter last year.
Operating income for the quarter was $16.0 million, up $0.2 million or 1.3 percent over the same quarter last year. Net cash provided by operating activities in the quarter was $19.4 million, compared to $15.1 million in the same quarter last year. The company's earnings before interest, taxes, depreciation and amortization (EBITDA*) were $35.5 million, down $0.5 million or 1.4 percent over the same quarter last year. The company's free cash flow for the quarter was $6.2 million, up $8.2 million over the same period last year.
In early August 2008, the company ceased accepting waste at the Colebrook, NH landfill closure project, creating a negative $1.1 million EBITDA variance for the second quarter of fiscal year 2009 over the same period last year. Excluding the negative year-over-year impact of closing Colebrook, EBITDA for the quarter was up $0.6 million or 1.7 percent over the same quarter last year.
Six Months Financial Results
For the six months ended October 31, 2008, the company reported revenues of $315.4 million, up 5.5 percent over the same period last year. The company's net income per common share for the six month period was $0.17, compared to a net income per common share of $0.18 in the same period last year.
Operating income for the six month period was $31.6 million, up $1.9 million or 6.4 percent over the same period last year. Net cash provided by operating activities for the six month period was $39.2 million, up $3.9 million compared to the same period last year. EBITDA was $70.5 million for the six month period, up $0.8 million or 1.1% from the same period last year. The company's free cash flow for six months period was $4.4 million, up $5.5 million over the same period last year.
Fiscal 2009 Outlook
The company said that its solid waste group continues to maintain a stable level of performance, while the recycling group faces pressures from softer commodity pricing. As expected in late October, commodity pricing continued to weaken during November and the company forecasts average commodity pricing to be down approximately 55 percent from our first quarter of fiscal year 2009 through the remainder of our fiscal year. The updated fiscal year 2009 guidance reflects continued weakness in commodity pricing and softening of economic conditions through the remainder of the fiscal year.
The company has updated its guidance for fiscal year 2009 to the following ranges:
Revenues between $580.0 million and $600.0 million;
Free cash flow remaining constant at the original range of $8.0 million to $14.0 million;
EBITDA between $120.0 million and $124.0 million; and
Capital expenditures between $65.0 million and $69.0 million.
*Non-GAAP Financial Measures
In addition to disclosing financial results prepared in accordance with Generally Accepted Accounting Principles (GAAP), we also disclose free cash flow and earnings before interest, taxes, depreciation and amortization (EBITDA), which are non-GAAP measures.
These measures are provided because we understand that certain investors use this information when analyzing the financial position of companies in the solid waste industry, including us. Historically, these measures have been key in comparing operating efficiency of publicly traded companies in the solid waste industry, and assist investors in measuring our ability to meet capital expenditures, payments on landfill operating lease contracts, and working capital requirements. For these reasons we utilize these non-GAAP metrics to measure our performance at all levels. Free cash flow and EBITDA are not intended to replace "Net Cash Provided by Operating Activities," which is the most comparable GAAP financial measure. Moreover, these measures do not necessarily indicate whether cash flow will be sufficient for such items as capital expenditures, payments on landfill operating lease contracts, or working capital, or to react to changes in our industry or to the economy generally. Because these measures are not calculated by all companies in the same fashion, they may not be comparable to similarly titled measures reported by other companies.
Casella Waste Systems, Inc., headquartered in Rutland, Vermont, provides solid waste management services consisting of collection, transfer, disposal, and recycling services primarily in the eastern United States.
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