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FOR IMMEDIATE RELEASE
CASELLA WASTE SYSTEMS, INC. ANNOUNCES FOURTH QUARTER AND FISCAL YEAR 2010 RESULTS; PROVIDES FISCAL YEAR 2011 GUIDANCE
Casella achieves fiscal year 2010 guidance ranges for revenues, Adjusted EBITDA*, and free cash flow*.
RUTLAND, VERMONT (June 7, 2010) Casella Waste Systems, Inc. (NASDAQ: CWST), a regional solid waste, recycling and resource management services company, today reported financial results for its fourth quarter and 2010 fiscal year, and gave guidance on its 2011 fiscal year.
· Revenues were up 11.5 percent from the same quarter last year, with 6.7 percent growth in the Solid Waste group, the first quarter of Solid Waste volume growth in eight quarters and the eighth consecutive quarter of pricing growth.
· Solid Waste volume growth in the quarter driven by higher landfill volumes and sequentially improving collection volumes; Recycling commodity prices strengthened sequentially for the fifth straight quarter.
· Adjusted EBITDA* for the quarter was $29.1 million, up $3.8 million from the same quarter last year.
· Adjusted EBITDA margin for the quarter was 22.3 percent, up 80 basis points from the same quarter last year.
· Fiscal year 2010 guidance ranges achieved with revenues of $522.3 million, Adjusted EBITDA of $123.6 million, and free cash flow of $0.8 million.
During this past fiscal year we made solid progress against our key strategic initiatives to improve free cash flow and begin the process of delevering our balance sheet, said John W. Casella, chairman and CEO of Casella Waste Systems. Our valuation continues to be significantly depressed; however we believe that our strategy to repay debt and reduce leverage over the next two years is the right plan to drive long-term shareholder value.
Our team is focused on improving the performance of our base operations and increasing free cash flow through profitable revenue growth, operating efficiency programs, completing landfill development initiatives, and select divestitures, Casella said.
The success of our pricing, revenue growth, and operating efficiency programs are clear in our operating results for the fiscal year, Casella said. In particular, our Adjusted EBITDA margins for fiscal year 2010 were up by 120 basis points over the same period last year, with the gains driven by further improvement in collection pricing, increased landfill volumes, higher commodity pricing, and the successful operating efficiency initiatives. This margin expansion is reflective of the operating leverage we gained during the downturn through the implementation of permanent cost controls and operating
The following information was filed by Casella Waste Systems Inc (CWST) on Tuesday, June 8, 2010 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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