![](/cdn/assets/images/search/clock.png)
We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Casella Waste Systems Inc | NASDAQ:CWST | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.79 | 0.75% | 106.05 | 105.92 | 106.18 | 107.19 | 105.705 | 105.98 | 63,764 | 15:43:38 |
Highlights for the quarter included:
For the quarter ended January 31, 2012, revenues were $114.6 million, up $3.0 million or 2.6 percent from the same quarter last year. Operating income was $4.4 million for the quarter, down $1.9 million from the same quarter last year. The company's net loss attributable to common shareholders was ($24.6) million, or ($0.92) per common share for the quarter, compared to a net loss of ($6.4) million, or ($0.24) per share for the same quarter last year.
US GreenFiber LLC incurred a ($10.2) million non-cash goodwill impairment charge during the quarter. The company's 50 percent share of this charge was recorded as a ($5.1) million pre-tax charge to loss from equity method investments. The company also recognized a ($10.7) million non-cash impairment of equity method investment charge during the quarter to write down the book value of its investment in US GreenFiber.
"Most of the core fundamentals of the business were positive in the quarter, with higher collection pricing, improving landfill volumes, and continued customer adoption of Zero-Sort® Recycling services driving higher recycling volumes," said John W. Casella, chairman and CEO of Casella Waste Systems. "However, lower energy prices and weaker recycling commodity prices were a significant offset to our fundamental strengths."
"As a result of the sharp drop in natural gas prices in the late fall, energy prices fell over $30 per megawatt hour at our waste-to-energy facility, leading to a $1.4 million decline in operating income year-over-year," Casella said. "Recycling commodity prices also declined last quarter, with commodity prices down 13 percent year-over-year and down 25 percent from our second quarter to third quarter. While our hedging strategies worked as expected and absorbed much of the pricing pressure, the lower prices negatively impacted operating income by $0.7 million year-over-year. Commodity prices have rebounded from the December lows, but we still expect pricing comparisons to remain negative for the next 2 to 3 quarters."
"Over the past couple of months we have completed important long-term strategic initiatives," Casella said. "These accomplishments include:
Fiscal 2012 Outlook Due to the negative impact of drastically lower energy prices and protracted weakness in special waste landfill volumes, the company adjusted its fiscal year guidance in the following categories:
*Non-GAAP Financial Measures In addition to disclosing financial results prepared in accordance with Generally Accepted Accounting Principles in the United States (GAAP), the company also discloses earnings before interest, taxes, depreciation and amortization, adjusted for accretion, depletion of landfill operating lease obligations, gain on sale of assets, development project charge write-off, as well as legal settlement charge (Adjusted EBITDA) which is a non-GAAP measure. The company also discloses Free Cash Flow, which is defined as net cash provided by operating activities, less capital expenditures attributable to growth and maintenance, less payments on landfill operating leases, less assets acquired through financing leases, plus proceeds from the sales of assets and property and equipment, plus contributions from non-controlling interest holder, which is a non-GAAP measure. Adjusted EBITDA is reconciled to net income (loss), while Free Cash Flow is reconciled to net cash provided by operating activities.
The company presents Adjusted EBITDA and Free Cash Flow because it considers them important supplemental measures of its performance and believes they are frequently used by securities analysts, investors and other interested parties in the evaluation of the company's results. Management uses these non-GAAP measures to further understand the company's "core operating performance." The company believes its "core operating performance" represents its on-going performance in the ordinary course of operations. The company believes that providing Adjusted EBITDA and Free Cash Flow to investors, in addition to corresponding income statement and cash flow statement measures, affords investors the benefit of viewing its performance using the same financial metrics that the management team uses in making many key decisions and understanding how the core business and its results of operations may look in the future. The company further believes that providing this information allows its investors greater transparency and a better understanding of its core financial performance. In addition, the instruments governing the company's indebtedness use EBITDA (with additional adjustments) to measure its compliance with covenants such as interest coverage, leverage and debt incurrence.
Non-GAAP financial measures are not in accordance with or an alternative for GAAP. Adjusted EBITDA and Free Cash Flow should not be considered in isolation from or as a substitute for financial information presented in accordance with GAAP, and may be different from Adjusted EBITDA or Free Cash Flow presented by other companies.
About Casella Waste Systems, Inc. Casella Waste Systems, Inc., headquartered in Rutland, Vermont, provides solid waste management services consisting of collection, transfer, disposal, and recycling services in the northeastern United States. For further information, contact Ned Coletta, vice president of finance and investor relations at (802) 772-2239, or Ed Johnson, chief financial officer at (802) 772-2241, or visit the company's website at http://www.casella.com.
Conference call to discuss quarter The Company will host a conference call to discuss these results on Thursday, March 1, 2012 at 10:00 a.m. ET. Individuals interested in participating in the call should dial (877) 548-9590 or (720) 545-0037 at least 10 minutes before start time. The call will also be webcast; to listen, participants should visit Casella Waste Systems' website at http://ir.casella.com and follow the appropriate link to the webcast. A replay of the call will be available on the company's website, or by calling (855) 859-2056 or (404) 537-3406 (Conference ID 52843471) until 11:59 p.m. ET on Thursday, March 8, 2012.
Safe Harbor Statement Certain matters discussed in this press release are "forward-looking statements" intended to qualify for the safe harbors from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements can generally be identified as such by the context of the statements, including words such as "believe," "expect," "anticipate," "plan," "may," "will," "would," "intend," "estimate," "guidance" and other similar expressions, whether in the negative or affirmative. These forward-looking statements are based on current expectations, estimates, forecasts and projections about the industry and markets in which we operate and management's beliefs and assumptions. We cannot guarantee that we actually will achieve the plans, intentions, expectations or guidance disclosed in the forward-looking statements made. Such forward-looking statements, and all phases of our operations, involve a number of risks and uncertainties, any one or more of which could cause actual results to differ materially from those described in our forward-looking statements. Such risks and uncertainties include or relate to, among other things: current economic conditions that have adversely affected and may continue to adversely affect our revenues and our operating margin; we may be unable to reduce costs or increase pricing or volumes sufficiently to achieve estimated Adjusted EBITDA and other targets; landfill operations and permit status may be affected by factors outside our control; we may be required to incur capital expenditures in excess of our estimates; fluctuations in energy pricing or the commodity pricing of our recyclables may make it more difficult for us to predict our results of operations or meet our estimates; and we may incur environmental charges or asset impairments in the future. There are a number of other important risks and uncertainties that could cause our actual results to differ materially from those indicated by such forward-looking statements. These additional risks and uncertainties include, without limitation, those detailed in Item 1A, "Risk Factors" in our Form 10-K for the year ended April 30, 2011.
We undertake no obligation to update publicly any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.
CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except amounts per share) Three Months Ended Nine Months Ended ------------------------ ------------------------ January 31, January 31, January 31, January 31, 2012 2011 2012 2011 ----------- ----------- ----------- ----------- Revenues $ 114,578 $ 111,627 $ 371,637 $ 356,515 Operating expenses: Cost of operations 81,398 76,933 253,248 237,584 General and administration 13,933 14,832 46,202 46,446 Depreciation and amortization 14,827 13,573 44,394 44,776 Legal settlement - - 1,359 - Development project charge - - 131 - Gain on sale of assets - - - (3,502) ----------- ----------- ----------- ----------- 110,158 105,338 345,334 325,304 ----------- ----------- ----------- ----------- Operating income 4,420 6,289 26,303 31,211 Other expense/(income), net: Interest expense, net 11,508 11,648 33,865 35,032 Loss (gain) from equity method investments 6,383 (102) 10,163 2,536 Impairment of equity method investment 10,680 - 10,680 - Loss on debt modification - 115 - 115 Other income (117) (78) (549) (490) ----------- ----------- ----------- ----------- 28,454 11,583 54,159 37,193 ----------- ----------- ----------- ----------- Loss from continuing operations before income taxes and discontinued operations (24,034) (5,294) (27,856) (5,982) Provision for income taxes 601 1,079 1,330 2,139 ----------- ----------- ----------- ----------- Loss from continuing operations before discontinued operations (24,635) (6,373) (29,186) (8,121) Discontinued operations: Income (loss) from discontinued operations, net of income taxes (1) - 1,376 - (316) (Loss) gain on disposal of discontinued operations, net of income taxes (1) - (1,368) 725 (1,984) ----------- ----------- ----------- ----------- Net loss attributable to common stockholders $ (24,635) $ (6,365) $ (28,461) $ (10,421) =========== =========== =========== =========== Common stock and common stock equivalent shares outstanding, assuming full dilution 26,822 26,115 26,715 26,026 =========== =========== =========== =========== Net loss per common share attributable to common stockholders $ (0.92) $ (0.24) $ (1.07) $ (0.40) =========== =========== =========== =========== Adjusted EBITDA (2) $ 22,175 $ 22,408 $ 81,369 $ 80,985 =========== =========== =========== ===========
CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) January 31, April 30, ASSETS 2012 2011 ------------- ------------- CURRENT ASSETS: Cash and cash equivalents $ 1,131 $ 1,817 Restricted cash 76 76 Accounts receivable - trade, net of allowance for doubtful accounts 48,032 54,914 Other current assets 15,556 15,598 ------------- ------------- Total current assets 64,795 72,405 Property, plant and equipment, net of accumulated depreciation 461,904 453,361 Goodwill 101,773 101,204 Intangible assets, net 3,139 2,455 Restricted assets 400 334 Notes receivable - related party/employee 721 1,297 Investments in unconsolidated entities 21,753 38,263 Other non-current assets 19,884 21,262 ------------- ------------- Total assets $ 674,369 $ 690,581 ============= ============= LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Current maturities of long-term debt and capital leases $ 1,213 $ 1,217 Current maturities of financing lease obligations 332 316 Accounts payable 45,252 42,499 Other accrued liabilities 37,393 39,889 ------------- ------------- Total current liabilities 84,190 83,921 Long-term debt and capital leases, less current maturities 470,837 461,418 Financing lease obligations, less current maturities 1,904 2,156 Other long-term liabilities 51,078 49,099 Total Casella Waste Systems, Inc. and Subsidiaries stockholders' equity 64,916 93,987 Noncontrolling interest 1,444 - ------------- ------------- Total stockholders' equity 66,360 93,987 Total liabilities and stockholders' equity $ 674,369 $ 690,581 ============= =============
CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) Nine Months Ended ------------------------ January 31, January 31, 2012 2011 ----------- ----------- Cash Flows from Operating Activities: Net loss attributable to common stockholders $ (28,461) $ (10,421) Loss from discontinued operations, net of income taxes - 316 (Gain) loss on disposal of discontinued operations, net of income taxes (725) 1,984 Adjustments to reconcile net loss to net cash provided by operating activities - Gain on sale of assets - (3,502) Gain on sale of property and equipment (902) (399) Depreciation and amortization 44,394 44,776 Depletion of landfill operating lease obligations 6,570 6,013 Interest accretion on landfill and environmental remediation liabilities 2,613 2,487 Development project charge 131 - Amortization of premium on senior subordinated notes - (584) Amortization of discount on term loan and second lien notes 712 683 Loss from equity method investments 10,163 2,536 Impairment of equity method investment 10,680 - Loss on debt modification - 115 Stock-based compensation 1,307 2,052 Excess tax benefit on the vesting of share based awards (254) (122) Deferred income taxes 1,548 1,827 Changes in assets and liabilities, net of effects of acquisitions and divestitures 1,966 (1,903) Net Cash Provided by Operating Activities 49,742 45,858 ----------- ----------- Cash Flows from Investing Activities: Acquisitions, net of cash acquired (2,102) - Additions to property, plant and equipment attributable to acquisitions (168) - Additions to property, plant and equipment - growth (9,833) (1,175) - maintenance (39,279) (40,268) Payments on landfill operating lease contracts (6,052) (4,977) Proceeds from sale of assets - 7,533 Proceeds from sale of property and equipment 1,337 631 Investments in unconsolidated entities (4,146) - ----------- ----------- Net Cash Used In Investing Activities (60,243) (38,256) ----------- ----------- Cash Flows from Financing Activities: Proceeds from long-term borrowings 127,900 134,100 Principal payments on long-term debt (119,433) (136,349) Payments of financing costs (142) (340) Proceeds from exercise of share based awards 337 412 Excess tax benefit on the vesting of share based awards 254 122 Contributions from noncontrolling interest holder 174 - ----------- ----------- Net Cash Provided By (Used In) Financing Activities 9,090 (2,055) ----------- ----------- Cash Provided By (Used In) Discontinued Operations 725 (2,051) ----------- ----------- Net increase in cash and cash equivalents (686) 3,496 Cash and cash equivalents, beginning of period 1,817 2,035 ----------- ----------- Cash and cash equivalents, end of period $ 1,131 $ 5,531 =========== =========== Supplemental Disclosures: Cash interest $ 31,952 $ 32,124 Cash income taxes, net of refunds $ 5,314 $ 142
CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (In thousands)
Note 1: Discontinued Operations On January 23, 2011, we entered into a purchase and sale agreement and related agreements to sell non-integrated recycling assets and select intellectual property assets to a new company (the "Purchaser") formed by Pegasus Capital Advisors, L.P. and Intersection LLC for $130,400 in gross proceeds. Pursuant to these agreements, we divested non-integrated recycling assets located outside our core operating regions of New York, Massachusetts, Vermont, New Hampshire, Maine and northern Pennsylvania, including 17 Material Recovery Facilities ("MRFs"), one transfer station and certain related intellectual property assets. Following the transaction, we retained four integrated MRFs located in our core operating regions. As a part of the disposition, we also entered into a ten-year commodities marketing agreement with the Purchaser to market 100% of the tonnage from three of our remaining integrated MRFs.
We completed the transaction on March 1, 2011 for $134,195 in gross cash proceeds. This included an estimated $3,795 working capital and other purchase price adjustment, which was subject to further adjustment, as defined in the purchase and sale agreement. The final working capital adjustment, along with additional legal expenses related to the transaction, of $646 was recorded to gain (loss) on disposal of discontinued operations, net of income taxes in the first quarter of fiscal year 2012.
In the second quarter of fiscal year 2012, we recorded an additional working capital adjustment of $79 to gain (loss) on disposal of discontinued operations, net of income taxes, which related to our subsequent collection of receivable balances that were released to us for collection by the Purchaser.
During the third quarter of fiscal year 2011, we also completed the sale of the assets of the Trilogy Glass business for cash proceeds of $1,840.
The operating results of these operations, which relate only to prior fiscal year periods, have been reclassified from continuing to discontinued operations in the accompanying unaudited consolidated financial statements. Revenues and loss before income tax provision attributable to discontinued operations for the three and nine months ended January 31, 2011 were $20,159, $1,369, $56,122, and ($323), respectively.
We allocate interest expense to discontinued operations. We have also eliminated certain immaterial inter-company activity associated with discontinued operations.
Note 2: Non - GAAP Financial Measures In addition to disclosing financial results prepared in accordance with Generally Accepted Accounting Principles (GAAP), we also disclose earnings before interest, taxes, depreciation and amortization, adjusted for accretion, depletion of landfill operating lease obligations, gain on sale of assets, development project charge write-off, as well as legal settlement charges (Adjusted EBITDA) which is a non-GAAP measure. We also disclose Free Cash Flow, which is defined as net cash provided by operating activities, less capital expenditures attributable to growth and maintenance, less payments on landfill operating leases, less assets acquired through financing leases, plus proceeds from the sale of assets and property and equipment, plus contributions from the noncontrolling interest holder, which is a non-GAAP measure. Adjusted EBITDA is reconciled to net income (loss), while Free Cash Flow is reconciled to net cash provided by operating activities.
We present Adjusted EBITDA and Free Cash Flow because we consider them important supplemental measures of our performance and believe they are frequently used by securities analysts, investors and other interested parties in the evaluation of our results. Management uses these non-GAAP measures to further understand our "core operating performance." We believe our "core operating performance" represents our on-going performance in the ordinary course of operations. We believe that providing Adjusted EBITDA and Free Cash Flow to investors, in addition to corresponding income statement and cash flow statement measures, provides investors the benefit of viewing our performance using the same financial metrics that the management team uses in making many key decisions and understanding how the core business and its results of operations may look in the future. We further believe that providing this information allows our investors greater transparency and a better understanding of our core financial performance. In addition, the instruments governing our indebtedness use EBITDA (with additional adjustments) to measure our compliance with covenants such as interest coverage, leverage and debt incurrence.
Non-GAAP financial measures are not in accordance with, or an alternative for, GAAP in the U.S. Adjusted EBITDA and Free Cash Flow should not be considered in isolation from or as a substitute for financial information presented in accordance with GAAP in the U.S., and may be different from Adjusted EBITDA or Free Cash Flow presented by other companies.
Following is a reconciliation of Adjusted EBITDA to Net Loss Attributable to Common Stockholders: Three Months Ended Nine Months Ended ------------------------ ------------------------ January 31, January 31, January 31, January 31, 2012 2011 2012 2011 ----------- ----------- ----------- ----------- Net Loss Attributable to Common Stockholders $ (24,635) $ (6,365) $ (28,461) $ (10,421) (Income) loss from discontinued operations, net of income taxes - (1,376) - 316 Loss (gain) on disposal of discontinued operations, net of income taxes - 1,368 (725) 1,984 Provision for income taxes 601 1,079 1,330 2,139 Interest expense, net 11,508 11,648 33,865 35,032 Depreciation and amortization 14,827 13,573 44,394 44,776 Other expense (income), net 16,946 (65) 20,293 2,161 Legal settlement - - 1,359 - Development project charge - - 131 - Gain on sale of assets - - - (3,502) Depletion of landfill operating lease obligations 2,055 1,714 6,570 6,013 Interest accretion on landfill and environmental remediation liabilities 873 832 2,613 2,487 ----------- ----------- ----------- ----------- Adjusted EBITDA (2) $ 22,175 $ 22,408 $ 81,369 $ 80,985 =========== =========== =========== =========== Following is a reconciliation of Free Cash Flow to Net Cash Provided by Operating Activities: Three Months Ended Nine Months Ended ------------------------ ------------------------ January 31, January 31, January 31, January 31, 2012 2011 2012 2011 ----------- ----------- ----------- ----------- Net Cash Provided by Operating Activities $ 8,264 $ 11,702 $ 49,742 $ 45,858 Capital expenditures - growth and maintenance (13,310) (10,669) (49,112) (41,443) Payments on landfill operating lease contracts (2,738) (2,727) (6,052) (4,977) Proceeds from sale of assets and property and equipment 167 76 1,337 8,164 Contributions from noncontrolling interest holder 174 - 174 - ----------- ----------- ----------- ----------- Free Cash Flow (2) $ (7,443) $ (1,618) $ (3,911) $ 7,602 =========== =========== =========== ===========
CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES SUPPLEMENTAL DATA TABLES (Unaudited) (In thousands) Amounts of our total revenues attributable to services provided for the three and nine months ended January 31, 2012 and 2011 are as follows: Three Months Ended January 31, ------------------------------------------ % of % of Total Total 2012 Revenue 2011 Revenue ---------- --------- ---------- --------- Collection $ 48,875 42.7% $ 48,068 43.1% Disposal 30,220 26.4% 26,889 24.1% Power generation 3,182 2.8% 3,891 3.5% Processing and organics 12,231 10.7% 12,035 10.8% ---------- --------- ---------- --------- Solid waste operations 94,508 82.6% 90,883 81.5% Major accounts 9,198 7.9% 9,906 8.8% Recycling 10,872 9.5% 10,838 9.7% ---------- --------- ---------- --------- Total revenues $ 114,578 100.0% $ 111,627 100.0% ========== ========= ========== ========= Nine Months Ended January 31, ------------------------------------------ % of % of Total Total 2012 Revenue 2011 Revenue ---------- --------- ---------- --------- Collection $ 157,265 42.3% $ 152,628 42.8% Disposal 96,645 26.0% 93,548 26.2% Power generation 9,415 2.5% 9,848 2.8% Processing and organics 40,961 11.1% 38,255 10.7% ---------- --------- ---------- --------- Solid waste operations 304,286 81.9% 294,279 82.5% Major accounts 29,756 8.0% 30,447 8.6% Recycling 37,595 10.1% 31,789 8.9% ---------- --------- ---------- --------- Total revenues $ 371,637 100.0% $ 356,515 100.0% ========== ========= ========== ========= Components of revenue growth for the three months ended January 31, 2012 compared to the three months ended January 31, 2011 are as follows: % of % of Solid % of Related Waste Total Amount Business Operations Company --------- --------- ---------- --------- Solid Waste Operations: Collection $ 1,013 2.1% 1.1% 0.9% Disposal (318) -1.2% -0.3% -0.3% --------- ---------- --------- Solid Waste Yield 695 0.8% 0.6% Collection (678) -0.8% -0.6% Disposal 2,792 3.1% 2.5% Processing and organics 95 0.1% 0.1% --------- ---------- --------- Solid Waste Volume 2,209 2.4% 2.0% Commodity price & volume (631) -0.7% -0.6% Acquisitions & divestitures 1,329 1.5% 1.2% Closed landfill 23 0.0% 0.0% --------- ---------- --------- Total Solid Waste 3,625 4.0% 3.2% --------- ========== ========= Major Accounts (708) -0.6% --------- ========= Recycling Operations: % of Recycling Operations ---------- Commodity price (1,404) -13.0% -1.3% Commodity volume 1,438 13.3% 1.3% --------- ---------- --------- Total Recycling 34 0.3% 0.0% --------- ========== ========= Total Company $ 2,951 2.6% ========= ========= Solid Waste Internalization Rates by Region: Three Months Ended Nine Months Ended January 31, January 31, -------------------- -------------------- 2012 2011 2012 2011 --------- --------- --------- --------- Eastern region 51.9% 58.0% 55.4% 54.4% Western region 77.5% 72.2% 76.8% 74.6% Solid waste internalization 65.3% 65.6% 66.7% 65.2%
CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES SUPPLEMENTAL DATA TABLES (Unaudited) (In thousands) GreenFiber Financial Statistics - as reported (1): Three Months Ended Nine Months Ended January 31, January 31, -------------------- -------------------- 2012 2011 2012 2011 --------- --------- --------- --------- Revenues $ 23,460 $ 28,470 $ 61,317 $ 66,488 Net (loss) income (12,818) 205 (20,382) (5,071) Cash flow (used in) provided by operations (2,971) 434 (5,229) (2,604) Net working capital changes (2,602) (2,324) (1,877) (5,016) Adjusted EBITDA $ (369) $ 2,758 $ (3,352) $ 2,412 As a percentage of revenues: Net (loss) income -54.6% 0.7% -33.2% -7.6% Adjusted EBITDA -1.6% 9.7% -5.5% 3.6% (1) We hold a 50% interest in US Green Fiber, LLC ("GreenFiber"), a joint venture that manufactures, markets and sells cellulose insulation made from recycled fiber. Components of Growth and Maintenance Capital Expenditures (1): Three Months Ended Nine Months Ended January 31, January 31, --------------------- --------------------- 2012 2011 2012 2011 ---------- ---------- ---------- ---------- Growth capital expenditures: Landfill development $ 414 $ 182 $ 658 $ 409 Landfill gas to energy project 208 - 1,367 - MRF equipment upgrades 97 - 3,104 - Other 2,704 4 4,704 766 ---------- ---------- ---------- ---------- Total Growth Capital Expenditures 3,423 186 9,833 1,175 ---------- ---------- ---------- ---------- Maintenance capital expenditures: Vehicles, machinery / equipment and containers $ 5,164 $ 4,390 $ 15,472 $ 14,677 Landfill construction & equipment 3,845 5,040 20,614 22,870 Facilities 711 704 2,701 1,852 Other 167 349 492 869 ---------- ---------- ---------- ---------- Total Maintenance Capital Expenditures 9,887 10,483 39,279 40,268 ---------- ---------- ---------- ---------- Total Capital Expenditures $ 13,310 $ 10,669 $ 49,112 $ 41,443 ========== ========== ========== ========== (1) Our capital expenditures are broadly defined as pertaining to either growth, maintenance or acquisition activities. Growth capital expenditures are defined as costs related to development of new airspace, permit expansions, and new recycling contracts along with incremental costs of equipment and infrastructure added to further such activities. Growth capital expenditures include the cost of equipment added directly as a result of organic business growth as well as expenditures associated with increasing infrastructure to increase throughput at transfer stations and recycling facilities. Maintenance capital expenditures are defined as landfill cell construction costs not related to expansion airspace, costs for normal permit renewals, and replacement costs for equipment due to age or obsolescence.
Contact Information Ned Coletta Vice President of Finance and Investor Relations (802) 772-2239 Ed Johnson Chief Financial Officer (802) 772-2241 http://www.casella.com
1 Year Casella Waste Systems Chart |
1 Month Casella Waste Systems Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions