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FOR IMMEDIATE RELEASE
CASELLA WASTE SYSTEMS, INC. ANNOUNCES FOURTH QUARTER AND FISCAL YEAR 2009 RESULTS; PROVIDES FISCAL YEAR 2010 GUIDANCE
Casella achieves original fiscal year 2009 free cash flow*.
RUTLAND, VERMONT (June 15, 2009) 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. Im 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 companys 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 revenues 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 following information was filed by Casella Waste Systems Inc (CWST) on Tuesday, June 16, 2009 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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