Casella Waste Systems Inc. Announces Unaudited Consolidated Earnings Results for First Quarter Ended July 31, 2014; Provides Earnings Guidance for Transition Period Ending December 31, 2014
August 28, 2014 at 01:35 am IST
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Casella Waste Systems Inc. announced unaudited consolidated earnings results for first quarter ended July 31, 2014. For the quarter, the company reported revenues of $141,387,000, operating income of $9,338,000, income from continuing operations before income taxes and discontinued operations of $136,000, loss from continuing operations before discontinued operations of $154,000, net loss attributable to common stockholders of $290,000 or $0.01 per basic and diluted share, adjusted EBITDA of $29,942,000, net cash provided by operating activities of $13,581,000, acquisition related additions to property, plant and equipment of $45,000, adjusted operating income of $9,608,000 compared to the revenues of $128,558,000, operating income of $9,737,000, income from continuing operations before income taxes and discontinued operations of $205,000, loss from continuing operations before discontinued operations of $114,000, net loss attributable to common stockholders of $191,000 adjusted EBITDA of $28,734,000, net cash provided by operating activities of $19,526,000, acquisition related additions to property, plant and equipment of $1,072,000, adjusted operating income of $9,864,000 for the same quarter a year ago. Revenue was up 10% from year ago levels, with revenue growth mainly driven by higher disposal volumes, higher solid waste collection pricing, customer solutions growth, and acquisition activity.
After a solid start and better visibility, the company reaffirmed its operating guidance for the 8-month transition period ending December 31, 2014. The company expected revenues between $356.0 million and $366.0 million, as compared to $340.1 million for the 8-month period ended December 31, 2013. Adjusted EBITDA between $71.0 million and $75.0 million, as compared to $72.1 million for the 8-month period ended December 31, 2013. Capital Expenditures between $53.0 million and $57.0 million (including between $13.0 million and $17.0 million of capital associated with new contracts and infrastructure development), payments on operating leases of roughly $5.0 million, and capping, closure and environmental remediation payments of roughly $9.0 million.
Casella Waste Systems, Inc. is a regional, vertically integrated solid waste services company. The Company manages its solid waste operations on a geographic basis through three regional operating segments: the Eastern, Western and Mid-Atlantic regions. It manages its resource renewal operations through the Resource Solutions operating segment, which leverages its core competencies in materials processing, industrial recycling, organics and resource management service offerings to deliver a solution for its commercial, municipal, institutional and industrial customers. It operates approximately 64 solid waste collection operations, 71 transfer stations, 29 recycling and processing facilities, eight Subtitle D landfills, three landfill gas-to-energy facilities and one landfill permitted to accept construction and demolition materials. It provides integrated solid waste services in Vermont, New Hampshire, New York, Massachusetts, Connecticut, Maine, Pennsylvania, Delaware and Maryland.
Casella Waste Systems Inc. Announces Unaudited Consolidated Earnings Results for First Quarter Ended July 31, 2014; Provides Earnings Guidance for Transition Period Ending December 31, 2014