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FOR IMMEDIATE RELEASE
CASELLA WASTE SYSTEMS, INC. ANNOUNCES FOURTH QUARTER AND FISCAL YEAR 2011 RESULTS; PROVIDES FISCAL YEAR 2012 GUIDANCE
RUTLAND, VERMONT (June 15, 2011) 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 2011 fiscal year, and gave guidance for its 2012 fiscal year.
For the quarter ended April 30, 2011, revenues were $109.5 million, down $3.2 million or 2.8 percent from the same quarter last year, driven mainly by lower volumes and divestitures. Operating loss was $(2.6) million for the quarter, down $10.3 million from the same quarter last year. The current quarter includes a $3.7 million asset impairment charge, a $0.5 million environmental remediation charge, a $3.5 million one-time discretionary bonus payable in connection with the completion of the divestiture of the non-integrated recycling assets and debt refinancings, and a $3.0 million bargain purchase gain on the McKean landfill.
The companys net income available to common shareholders was $48.8 million, or $1.85 per common share for the quarter, compared to a net loss of ($5.2) million, or ($0.20) per share for the same quarter last year. With the divestiture of the non-integrated recycling assets and the refinancing of various components of the companys debt during the quarter, net income for the quarter includes a loss on debt refinancing of $7.3 million before taxes, a loss from discontinued operations net of income taxes of ($1.1) million, and a gain on the disposal of discontinued operations net of income taxes of $45.6 million. Adjusted EBITDA* for the quarter was $18.3 million, down $6.9 million from same quarter last year.
Over the past year we have made significant progress on important strategic initiatives, including the sale of our non-integrated recycling assets for an accretive multiple and the refinancing of our then existing senior subordinated notes and senior secured credit facilities, said John W. Casella, chairman and CEO of Casella Waste Systems. While our team executed extremely well on these long-term initiatives, we experienced significant operational challenges over the last six months of our fiscal year, with both internal and external factors contributing to our underperformance.
We had extremely challenging weather across the Northeast during the last 6 months of our fiscal year, with record snowfalls followed by record rainfalls across our operating footprint, Casella said. The extreme weather impacted operational performance, with lower than projected productivity throughout the solid waste business, higher operating costs, most notably leachate at the landfills, and a delayed seasonal uptick for solid waste volumes. In late May, we began to see the expected seasonal volume increase, although two months later than usual, with volumes boosted by the improving weather and clean-up activities from the devastating floods and storms.
Fiscal Year 2011 Financial Results
For the fiscal year ended April 30, 2011, revenues were $466.1 million, up $8.5 million or 1.9 percent over the same period last year. Operating income was $28.6 million for fiscal year 2011, down $4.2 million from the same period last year. The current fiscal year includes a $3.7 million asset impairment charge, a $0.5 million environmental remediation charge, the $3.5 million one-time discretionary bonus described above, a $3.0 million bargain purchase gain on the McKean landfill, and a $3.5 million gain on the sale of assets.
The companys net income available to common shareholders was $38.4 million, or $1.47 per common share for fiscal year 2011, compared to a net loss of ($13.9) million, or ($0.54) per share for the same period last year. With the divestiture of the non-integrated recycling assets and other assets during fiscal year 2011 and the refinancing of various components of the companys debt during the quarter, net income for the period includes a loss on debt refinancing of $7.4 million before taxes, a loss from
The following information was filed by Casella Waste Systems Inc (CWST) on Thursday, June 16, 2011 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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