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FOR IMMEDIATE RELEASE
CASELLA WASTE SYSTEMS, INC. ANNOUNCES FOURTH QUARTER AND FISCAL YEAR 2012 RESULTS; PROVIDES FISCAL YEAR 2013 GUIDANCE
RUTLAND, VERMONT (June 27, 2012) 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 2012 fiscal year, and gave guidance for its 2013 fiscal year.
Highlights for the quarter included:
· Solid waste pricing growth of 1.3 percent was primarily driven by strong collection line-of-business pricing growth of 2.3 percent.
· Positive growth of 0.8 percent in solid waste volumes.
· Adjusted EBITDA* was $19.9 million for the quarter, up $1.6 million from same quarter last year.
For the quarter ended April 30, 2012, revenues were $109.2 million, down $0.3 million or 0.3 percent from the same quarter last year, with strong collection pricing offset by lower collection volumes and lower recycling commodity prices.
The current quarter includes a $40.7 million non-cash asset impairment charge for our Eastern Region assets related to the potential sale of the Maine Energy Recovery Company, a waste-to-energy facility, and a $0.3 million loss on debt modification. The quarter ended April 30, 2011 also included various unusual and one-time items, including a $45.6 million gain on the disposal of discontinued operations, net of income taxes.
Including the non-cash asset impairment charge and the loss on debt modification charge, the companys net loss attributable to common shareholders was ($49.1) million, or ($1.83) per common share for the quarter, compared to net income of $48.8 million, or $1.85 per share for the same quarter last year.
Operating loss was ($37.8) million for the quarter, down $35.2 million from the same quarter last year. Excluding the unusual and one-time gains and charges from each period, Adjusted Operating Income* in the current quarter was $2.9 million, up $0.8 million from the same quarter last year.
We made significant progress in fiscal year 2012 on several important operational and strategic fronts, including the introduction of a successful collection pricing program, the consolidation of back-office functions into a shared services center, and the issuance of permits and resolution of long-standing legal challenges at three of our landfills, said John W. Casella, chairman and CEO of Casella Waste Systems. We are particularly pleased with our ability to yield price in a difficult economic environment. Our new yield management tools and philosophy have positioned the company as a market price leader, particularly in secondary and tertiary markets.
We have implemented a number of strategies to improve financial performance and reduce our exposure to risk in the future, Casella said. We continue to see weakness in the economy during the first two months of our fiscal year, with lower special waste volumes to the landfills and lower energy prices. As a result of that uncertainty, we are providing a fairly muted outlook for fiscal year 2013. Our focus for fiscal year 2013 includes: selling our waste-to-energy facility, capturing more of our landfill volumes at the curb, continuing to improve our operating efficiencies, effectively managing pricing yield, and improving free cash generation.
Fiscal Year 2012 Financial Results
Highlights for the fiscal year included:
· Solid waste pricing growth of 1.3 percent was primarily driven by strong collection line-of-business pricing growth of 2.6 percent.
The following information was filed by Casella Waste Systems Inc (CWST) on Wednesday, June 27, 2012 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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