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Casella Waste Systems – CWST – Made significant progress in fiscal year 2012 on operational and strategic fronts

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Casella Waste Systems, Inc. (NASDAQ: CWST), a regional solid waste, recycling and resource management services company, reported financial results for its fourth quarter and 2012 fiscal year, and gave guidance for its 2013 fiscal year.

CWST – 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.

“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.

CWST – Fiscal Year 2012 Financial Results

CWST 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.
  • Positive growth of 0.8 percent in solid waste volumes.
  • Adjusted EBITDA was $101.2 million for the fiscal year, up $1.9 million from last year.

For the fiscal year ended April 30, 2012, revenues were $480.8 million, up $14.7 million or 3.2 percent over fiscal year 2011. The current fiscal year includes a $40.7 million non-cash asset impairment charge, $1.4 million legal settlement charges, a $0.1 million development project charge, a $0.3 million loss on debt modification, the company’s 50 percent share of US GreenFiber LLC’s $10.2 million non-cash goodwill impairment charge, and a $10.7 million non-cash impairment of equity method investment charge to write down the book value of the US GreenFiber LLC investment. Fiscal year 2011 also included various unusual and one-time items, including a $43.6 million gain on the disposal of discontinued operations net of income taxes.

About Casella Waste Systems, Inc. CWST

Casella Waste Systems, Inc., (CWST) headquartered in Rutland, Vermont, provides solid waste management services consisting of collection, transfer, disposal, and recycling services in the northeastern United States.

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edliston
Post Written By: Ed Liston
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.

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Ed Liston

Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing.

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