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FOR IMMEDIATE RELEASE
CASELLA WASTE SYSTEMS, INC. ANNOUNCES FOURTH QUARTER AND FISCAL YEAR 2014 RESULTS; AND PROVIDES GUIDANCE
Company also says it will change its fiscal year-end from April 30th to December 31st to better align its business cycle to its fiscal year.
RUTLAND, VERMONT (June 25, 2013) Casella Waste Systems, Inc. (NASDAQ: CWST), a regional solid waste, recycling and resource management services company, today reported financial results for the quarter and fiscal year ended April 30, 2014. The company also announced its plan to change to a December 31st fiscal year-end, and shared guidance for the 8-month transition period ending December 31, 2014, and its 12-month fiscal year ending December 31, 2015.
Fourth Quarter and Fiscal Year 2014 Financial Highlights
|||Revenue growth for the current quarter was $10.2 million, or 9.4 percent, from the same quarter last year. For fiscal year 2014, revenue growth was $42.3 million, or 9.3 percent, from the same period last year.|
|||Overall solid waste pricing growth for the fourth quarter was 0.5 percent, primarily driven by positive collection pricing growth of 1.5 percent as a percentage of collection revenues.|
|||Adjusted EBITDA* was $19.0 million for the current quarter, down $0.4 million from the same quarter last year. For fiscal year 2014, Adjusted EBITDA was $95.1 million, up $7.3 million from the same period last year.|
|||Free Cash Flow* for fiscal year 2014, was $1.3 million, up $13.5 million from the same period last year.|
We made excellent progress against our long-term goals during the fiscal year, said John W. Casella, chairman and CEO of Casella Waste Systems, said. We delivered on each of our major strategic priorities getting additional volumes into our landfills, improving collection route profitability, furthering our long-term Eastern region strategy to improve our business positioning and margins, and driving high-return revenue growth through our customer solutions offerings. As a result, Adjusted EBITDA and Free Cash flow were both up significantly year-over-year.
While were happy with our progress, we still have quite a bit of work to do as a team over the next few years to drive higher cash flows and returns for our investors, Casella said.
For the current quarter, revenues were $118.9 million, up $10.2 million, or 9.4 percent, from the same quarter last year, with revenue growth mainly driven by higher solid waste volumes, higher solid waste collection pricing, customer solutions growth, and acquisition activity. Overall solid waste pricing growth of 0.5 percent was primarily driven by residential and commercial pricing growth of 2.2 percent as a percentage of segment revenues.
Operating loss was ($6.0) million for the current quarter, compared to operating income of $2.1 million from the same quarter last year. The current quarter includes a $7.5 million non-cash asset impairment charge related to the shutdown of the C.A.R.E.S water treatment facility in early May 2014, $0.4 million of severance and reorganization costs, and a $1.1 million non-cash gain on the settlement of contingent consideration related to the acquisition of an industrial services company in September 2013.
By comparison, the quarter ended April 30, 2013, included $0.2 million of severance and reorganization costs related to the sale of the Maine Energy Recovery Company, LP facility and other realignment activities, $0.4 million of expenses related to the divestiture of Maine Energy and the acquisition of Bestway Disposal Services and Blow Brothers Inc, $0.7 million of legal expenses related to the settlement of the New York State income tax matter, and a $0.4 million reversal of a previously estimated loss on the divestiture of Maine Energy.
The following information was filed by Casella Waste Systems Inc (CWST) on Wednesday, June 25, 2014 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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